---

---

---

---

---

☒  Form 20-F

☐  Form 40-F

		Page
PART I – FINANCIAL INFORMATION
Item 1	Financial Statements	8
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4	Controls and Procedures	76
PART II – OTHER INFORMATION
Item 1	Legal Proceedings	76
Item 1A	Risk Factors	77
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	78
Item 3	Defaults Upon Senior Securities	78
Item 4	Mine Safety Disclosures	78
Item 5	Other Information	78
Item 6	Exhibits	78
Signature		80

•

references to “2019 Notes” refer to the 7.000% Senior Notes due 2019 in an aggregate principal amount of $255 million issued on November 17, 2014, as further described in “Item 5.B—Operating and Financial Review and Prospects—Liquidity and Capital Resources—Sources of Liquidity—2019 Notes” in our Annual Report;

•

references to “2020 Green Private Placement” refer to the €290 million (approximately $340 million) senior secured notes maturing in June 20, 2026 which were issued under a senior secured note purchase agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;

•	references to “AAGES” refer to the joint venture between Algonquin and Abengoa to invest in the development and construction of clean energy and water infrastructure contracted assets;

•	references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, unless the context otherwise requires;

•

references to “Abengoa ROFO Agreement” refer to the agreement we entered into with Abengoa on June 13, 2014, as amended and restated on December 9, 2014, that provides us a right of first offer to purchase any of the present or future contracted assets in renewable energy, efficient natural gas, electric transmission and water of Abengoa that are in operation, and any other renewable energy, efficient natural gas, electric transmission and water asset that is expected to generate contracted revenue and that Abengoa has transferred to an investment vehicle that are located in the United States, Canada, Mexico, Chile, Peru, Uruguay, Brazil, Colombia and the European Union, and four additional assets in other selected regions, including a pipeline of specified assets that we expect to evaluate for future acquisition, for which Abengoa will provide us a right of first offer to purchase if offered for sale by Abengoa or an investment vehicle to which Abengoa has transferred them;

•

references to “ACBH” refer to Abengoa Concessões Brasil Holding, a subsidiary holding company of Abengoa that was engaged in the development, construction, investment and management of concessions in Brazil, comprised mostly of transmission lines and which is currently undergoing a restructuring process in Brazil;

•	references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;

•	references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power & Utilities Corp. together with its subsidiaries;

•

references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in our Annual Report;

•	references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2019, filed with the SEC on February 28, 2020;

•	references to “ASI Operations” refer to ASI Operations LLC;

•	references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly owned subsidiary of Atlantica;

•	references to “ATN” refer to ATN S.A., the operational electric transmission asset in Peru, which is part of the Guaranteed Transmission System;

•	references to “ATS” refer to ABY Transmision Sur S.A.;

•	references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;

•	references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U;

•	references to “cash available for distribution” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses;

•	references to “CESCE” refer to Compañia Española de Seguros de Credito a la Exportacion, S.A. the Spanish Company of Export Credit Insurance;

•	references to “Chile PV I” refer to the solar PV plant of 55 MW located in Chile, which represents the first investment closed through the Chilean renewable energy platform in the second quarter of 2020 together with local financial partners;

•	references to “COD” refer to the commercial operation date of the applicable facility;

•

references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of September 30, 2020 and 2019 and for the nine-month period ended September 30, 2020 and 2019, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;

•	references to “EMEA” refer to Europe, Middle East and Africa;

•	references to “EPC” refer to engineering, procurement and construction;

•

references to “ESG-linked Financial Guarantee Line” refer to the financial guarantee line with ING Bank N.V. of up to approximately $39 million signed in June 2019 as further described in “Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources — Liquidity and Capital Resources —Sources of Liquidity—ESG-linked Financial Guarantee Line”;

•	references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market;

•	references to “EU” refer to the European Union;

•	references to “Exchange Act” refer to the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder;

•	references to “Federal Financing Bank” refer to a U.S. government corporation by that name;

•	references to “Further Adjusted EBITDA” have the meaning set forth in “Key Metrics” in the section below;

•

references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due on 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a senior, unsecured basis, by Atlantica, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Exchangeable Notes”;

•

references to “Green Project Finance” refer to green project financing agreement entered into between Logrosan, the sub-holding company of Solaben 1/6 and Solaben 2/3, as borrower, and ING Bank, B.V. and Banco Santander S.A., as lenders, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Project Finance”;

•

references to “gross capacity” refer to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by our percentage of ownership interest in such facility as of the date of this quarterly report;

•	references to “GWh” refer to gigawatt hour;

•	references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;

•	references to “IFRS as issued by the IASB” refer to International Financial Reporting Standards as issued by the International Accounting Standards Board;

•	references to “ITC” refer to investment tax credits;

•	references to “JIBAR” refer to Johannesburg Interbank Average Rate;

•	references to “Liberty” refer to Liberty Interactive Corporation;

•

references to “Liberty Ownership Interest in Solana” refer to Class A membership interests of ASO Holdings Company LLC (the holding company of Arizona Solar One LLC, owner of the 250 MW net (280 MW gross) solar electric generation facility located in Maricopa County, Arizona, identified as Solana plant), owned by Liberty and sold to us on August 17, 2020;

•	references to “LIBOR” refer to London Interbank Offered Rate;

•	references to “Logrosan” refer to Logrosan Solar Inversiones, S.A.;

•	references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in, Monterrey, Mexico;

•	references to “Multinational Investment Guarantee Agency” refer to Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which offers political insurance and credit enhancement guarantees;

•	references to “MW” refer to megawatts;

•	references to “MWh” refer to megawatt hour;

•

references to “Note Issuance Facility 2017” refer to the senior secured note facility dated February 10, 2017, and amended on March 28, 2017, of €275 million (approximately $322 million), with Elavon Financial Services DAC, UK Branch, as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2017”;

•

references to “Note Issuance Facility 2019” refer to the senior unsecured note facility dated April 30, 2019, and amended on May 14, 2019 and October 23, 2020, of $300 million, with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2019”;

•

references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, of €140 million(approximately $164 million), with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes to be issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;

•	references to “operation” refer to the status of projects that have reached COD (as defined above);

•	references to “Pemex” refer to Petróleos Mexicanos;

•	references to “PG&E” refer to PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company collectively;

•	references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;

•	references to “PTS” refer to Pemex Transportation System;

•

references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 and amended on January 24, 2019, August 2, 2019, December 17, 2019 and August 28, 2020, providing for a senior secured revolving credit facility in an aggregate principal amount of $425 million, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;

•	references to “Rioglass” refer to Rioglass Solar Holding, S.A.;

•	references to “ROFO” refer to a right of first offer;

•	references to “Solaben Luxembourg” refer to Solaben Luxembourg S.A;

•	references to “Tenes” refer to the water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;

•	references to “U.K.” refer to the United Kingdom;

•	references to “U.S.” or “United States” refer to the United States of America; and

•	references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc or Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context otherwise requires.

•	the condition of the debt and equity capital markets and our ability to borrow additional funds and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness going forward;

•	the ability of our counterparties, including Pemex and PG&E, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;

•	government regulation, including compliance with regulatory and permit requirements and changes in tax laws, market rules, rates, tariffs, environmental laws and policies affecting renewable energy;

•	changes in tax laws and regulations;

•	risks relating to our activities in areas subject to economic, social and political uncertainties;

•	our ability to finance and consummate new acquisitions on favorable terms or to close outstanding acquisitions, including PTS;

•	risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;

•	potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;

•	risks related to our reliance on third-party contractors or suppliers;

•	risks related to our ability to maintain appropriate insurance over our assets;

•	risks related to our exposure in the labor market;

•	potential issues arising with our operators’ employees including disagreement with employees’ unions and subcontractors;

•	risks related to extreme weather events related to climate change could damage our assets or result in significant liabilities and cause an increase in our operation and maintenance costs;

•	the effects of litigation and other legal proceedings (including bankruptcy) against us and our subsidiaries;

•	price fluctuations, revocation and termination provisions in our off-take agreements and power purchase agreements;

•	our electricity generation, our projections thereof and factors affecting production, including those related to the COVID-19 outbreak;

•	risks related to our relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy;

•	risks related to our relationship with our shareholders;

•	potential impact of the COVID-19 outbreak on our business, financial condition, results of operations and cash flows;

•	reputational and financial damage caused by our off-taker PG&E and Pemex; and

•	other factors discussed in our Annual Report under “Item 3.D—Key Information—Risk Factors”.

						As of September 30,				As of December 31,
		Note (1)				2020				2019
Assets
Non-current assets
Contracted concessional assets			6				8,080,645				8,161,129
Investments carried under the equity method			7				116,746				139,925
Financial investments			8				66,875				91,587
Deferred tax assets							147,968				147,966
Total non-current assets							8,412,234				8,540,607
Current assets
Inventories							23,170				20,268
Trade and other receivables			12				411,265				317,568
Financial investments			8				195,549				218,577
Cash and cash equivalents			15				788,895				562,795
Total current assets							1,418,879				1,119,208
Total assets							9,831,113				9,659,815

(1)	Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.

						As of September 30,				As of December 31,
		Note (1)				2020				2019
Equity and liabilities
Equity attributable to the Company
Share capital			13				10,160				10,160
Parent company reserves			13				1,774,813				1,900,800
Other reserves			9				81,503				73,797
Accumulated currency translation differences							(103,590	)			(90,824	)
Accumulated deficit			13				(324,248	)			(385,457	)
Non-controlling interest			13				203,409				206,380
Total equity							1,642,047				1,714,856
Non-current liabilities
Long-term corporate debt			14				935,665				695,085
Long-term project debt			15				4,638,584				4,069,909
Grants and other liabilities			16				1,229,230				1,641,752
Related parties			11				6,499				17,115
Derivative liabilities			9				322,130				298,744
Deferred tax liabilities							272,484				248,996
Total non-current liabilities							7,404,592				6,971,601
Current liabilities
Short-term corporate debt			14				24,016				28,706
Short-term project debt			15				642,590				782,439
Trade payables and other current liabilities			17				76,107				128,062
Income and other tax payables							41,761				34,151
Total current liabilities							784,474				973,358
Total equity and liabilities							9,831,113				9,659,815

(1)	Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.

		Note (1)				For the nine-month period ended September 30,
						2020				2019
Revenue			4				768,734				798,163
Other operating income			20				75,902				73,700
Employee benefit expenses							(37,430	)			(20,277	)
Depreciation, amortization, and impairment charges			4				(302,166	)			(234,889	)
Other operating expenses			20				(197,635	)			(200,582	)
Operating profit							307,405				416,115
Financial income			19				6,413				2,853
Financial expense			19				(289,439	)			(310,233	)
Net exchange differences							(1,482	)			2,801
Other financial income/(expense), net			19				62,597				(58	)
Financial expense, net							(221,911	)			(304,637	)
Share of profit/(loss) of associates carried under the equity method							(2,248	)			3,881
Profit before income tax							83,246				115,359
Income tax			18				(25,079	)			(46,979	)
Profit for the period							58,167				68,380
Loss/(profit) attributable to non-controlling interests							3,042				(7,548	)
Profit for the period attributable to the Company							61,209				60,832
Weighted average number of ordinary shares outstanding (thousands) - basic			21				101,602				100,882
Weighted average number of ordinary shares outstanding (thousands) - diluted			21				102,499				100,882
Basic and diluted earnings per share (U.S. dollar per share)			21				0.60				0.60

(1)	Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.

		For the nine-month period ended September 30,
		2020				2019
Profit for the period			58,167				68,380
Items that may be subject to transfer to income statement
Change in fair value of cash flow hedges			(33,159	)			(119,338	)
Currency translation differences			(18,884	)			(43,613	)
Tax effect			7,858				29,060
Net income/(expenses) recognized directly in equity			(44,185	)			(133,891	)
Cash flow hedges			43,792				41,062
Tax effect			(10,948	)			(10,266	)
Transfers to income statement			32,844				30,796
Other comprehensive income/(loss)			(11,341	)			(103,095	)
Total comprehensive income/(loss) for the period			46,826				(34,715	)
Total comprehensive (income)/loss attributable to non-controlling interest			9,323				(1,683	)
Total comprehensive income/(loss) attributable to the Company			56,149				(36,398	)

		Share Capital				Parent company reserves				Other reserves				Accumulated deficit				Accumulated currency translation differences				Total equity attributable to the Company				Non- controlling interest				Total equity
Balance as of December 31, 2018			10,022				2,029,940				95,011				(449,274	)			(68,315	)			1,617,384				138,728				1,756,112
Profit for the nine -month period after taxes			—				—				—				60,832				—				60,832				7,548				68,380
Change in fair value of cash flow hedges			—				—				(77,972	)			1,682				—				(76,290	)			(1,986	)			(78,276	)
Currency translation differences			—				—				—				—				(39,738	)			(39,738	)			(3,875	)			(43,613	)
Tax effect			—				—				18,798				—				—				18,798				(4	)			18,794
Other comprehensive income			—				—				(59,174	)			1,682				(39,738	)			(97,230	)			(5,865	)			(103,095	)
Total comprehensive income			—				—				(59,174	)			62,514				(39,738	)			(36,398	)			1,683				(34,715	)
Capital reduction			—				—				—				—				—				—				(2,688	)			(2,688	)
Capital increase (Note 13)			138				29,862				—				—				—				30,000				—				30,000
Changes in the scope (Note 7)			—				—				—				—				—				—				92,303				92,303
Dividend distribution (declared)			—				(117,345	)			—				—				—				(117,345	)			(26,622	)			(143,967	)
Balance as of September 30, 2019			10,160				1,942,457				35,837				(386,760	)			(108,053	)			1,493,641				203,404				1,697,045

		Share Capital				Parent company reserves				Other reserves				Accumulated deficit				Accumulated currency translation differences				Total equity attributable to the Company				Non- controlling interest				Total equity
Balance as of December 31, 2019			10,160				1,900,800				73,797				(385,457	)			(90,824	)			1,508,476				206,380				1,714,856
Profit for the nine -month period after taxes			-				-				-				61,209				-				61,209				(3,042	)			58,167
Change in fair value of cash flow hedges			-				-				10,850				-				-				10,850				(217	)			10,633
Currency translation differences			-				-				-				-				(12,766	)			(12,766	)			(6,118	)			(18,884	)
Tax effect			-				-				(3,144	)			-				-				(3,144	)			54				(3,090	)
Other comprehensive income			-				-				7,706				-				(12,766	)			(5,060	)			(6,281	)			(11,341	)
Total comprehensive income			-				-				7,706				61,209				(12,766	)			56,149				(9,323	)			46,826
Change in the scope (Note 5)			-				-				-				-				-				-				25,079				25,079
Dividend distribution (declared)			-				(125,987	)			-				-				-				(125,987	)			(18,727	)			(144,714	)
Balance as of September 30, 2020			10,160				1,774,813				81,503				(324,248	)			(103,590	)			1,438,638				203,409				1,642,047

		Note (1)				For the nine-month period ended September 30,
						2020				2019
I. Profit for the period							58,167				68,380
Financial expense and non-monetary adjustments							536,579				552,775
II. Profit for the period adjusted by financial expense and non-monetary adjustments							594,746				621,155
III. Variations in working capital							(128,926	)			(132,051	)
Net interest and income tax paid							(162,578	)			(167,668	)
A. Net cash provided by operating activities							303,242				321,436
Investment in contracted concessional assets*							3,819				14,704
Other non-current assets/liabilities							(14,387	)			(35,974	)
Acquisitions and other financial instruments			7				8,943				(153,176	)
Dividends received from entities under the equity method			7				20,140				26,945
B. Net cash provided by/(used in) investing activities							18,515				(147,501	)
Proceeds from Project & Corporate debt			14&15				1,277,596				326,591
Repayment of Project & Corporate debt			14&15				(959,566	)			(456,020	)
Dividends paid to Company´s shareholders			13				(125,986	)			(117,346	)
Dividends paid to non-controlling interest							(20,994	)			(24,082	)
Purchase of Liberty´s equity interests in Solana (Note 16)			16				(266,849	)				-
Proceeds for capital increase			13				-				30,000
Proceeds from non-controlling interest			7				-				92,303
C. Net cash provided by/(used in) financing activities							(95,799	)			(148,554	)
Net increase/(decrease) in cash and cash equivalents							225,958				25,381
Cash and cash equivalents at beginning of the period							562,795				631,542
Translation differences in cash or cash equivalent							142				(15,195	)
Cash and cash equivalents at end of the period							788,895				641,728

(1)	Notes 1 to 22 are an integral part of the consolidated condensed interim financial statements.

Note 1.- Nature of the business	16
Note 2.- Basis of preparation	20
Note 3.- Financial risk management	22
Note 4.- Financial information by segment	23
Note 5.- Business combinations	29
Note 6.- Contracted concessional assets	30
Note 7.- Investments carried under the equity method	32
Note 8.- Financial Investments	33
Note 9.- Derivative financial instruments	34
Note 10.- Fair Value of financial instruments	34
Note 11.- Related parties	35
Note 12.- Trade and other receivables	36
Note 13.- Equity	36
Note 14.- Corporate debt	37
Note 15.- Project debt	39
Note 16.- Grants and other liabilities	41
Note 17.-Trade payables and other current liabilities	42
Note 18.- Income tax	42
Note 19.- Financial income and expenses	43
Note 20.- Other operating income and expenses	44
Note 21.- Earnings per share	44
Note 22.- Subsequent events	44

-

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 a 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 Company’s initial contribution was approximately $4 million.

-

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 advance payment of $19.9 million. Closing of the acquisition was subject to conditions precedent which were not fulfilled. In accordance with the terms of the share purchase agreement, the advance 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 to be received from the asset. In October 2019, the Company received a first payment of $7.8 million through the cash sweep mechanism. 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. The aggregate amount owed at that date, including interest accrued, was $14.0 million. This new loan agreement is expected to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends to be received from the Tenes asset. The new agreement signed with Abengoa provides Atlantica with a majority at the board of directors of Befesa Agua Tenes together with a series of decision rights at the Tenes level, and a call option over the shares of Befesa Agua Tenes at a call price of $1, among others.

-

On August 17, 2020, the Company closed the acquisition of Liberty’s equity interest in Solana. Liberty was the tax equity investor in the Solana project. Total equity investment is expected to be approximately $290 million of which $272 million has already been paid. Total price includes a deferred payment and a performance earn-out based on the average annual net production of the asset in the four calendar years with the highest annual net production during the five calendar years of 2020 through 2024.

Assets	Type	Ownership	Location	Currency(9)	Capacity (Gross)	Counterparty Credit Ratings(10)	COD*	Contract Years Left(14)
Solana	Renewable (Solar)	100%	Arizona (USA)	USD	280 MW	A-/A2/A-	2013	24
Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	BB-/WR/BB	2014	20
Chile PV I	Renewable (Solar)	35%(8)	Chile	USD	55 MW	N/A	2016	N/A
Solaben 2 & 3	Renewable (Solar)	70%(1)	Spain	Euro	2x50 MW	A/Baa1/A-	2012	18/17
Solacor 1 & 2	Renewable (Solar)	87%(2)	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
Seville PV	Renewable (Solar)	80%(6)	Spain	Euro	1 MW	A/Baa1/A-	2006	16
Kaxu	Renewable (Solar)	51%(3)	South Africa	Rand	100 MW	BB-/Ba1/ BB(11)	2015	15
Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(12)	2014	14

Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(12)	2014	15

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
ACT	Efficient natural gas	100%	Mexico	USD	300 MW	BBB/ Ba2/ BB-	2013	13

Monterrey	Efficient natural gas	30%	Mexico	USD	142 MW	Not rated	2018	19
ATN (13)	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%(4)	Algeria	USD	3.5 M ft3/day	Not rated	2009	14
Honaine	Water	25.5%(5)	Algeria	USD	7 M ft3/ day	Not rated	2012	18
Tenes	Water	51%(7)	Algeria	USD	7 M ft3/ day	Not rated	2015	20

-

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 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 revenue 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.

-

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.

-

IAS 1 (Amendment). Classification of liabilities. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under IFRS-IASB.

-

IAS 37. Amendments regarding the costs to include when assessing whether a contract is onerous. 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 4, IFRS 7, IFRS 16, IFRS 9 and IAS 39. Amendments regarding replacement issues in the context of the IBOR reform. This amendment is mandatory for annual periods beginning on or after January 1, 2021 under IFRS-IASB.

-

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.

•	Contracted concessional agreements.

•	Impairment of contracted concessional assets.

•	Assessment of control.

•	Derivative financial instruments and fair value estimates.

•	Income taxes and recoverable amount of deferred tax assets.

•	North America

•	South America

•

EMEA

•	Renewable energy

•	Efficient natural gas

•	Electric transmission lines

•

Water

		Revenue								Adjusted EBITDA
		For the nine-month period ended September 30,								For the nine-month period ended September 30,
		($ in thousands)
Geography		2020				2019				2020				2019
North America			267,688				273,913				233,201				254,492
South America			112,019				105,760				89,749				87,757
EMEA			389,027				418,490				286,622				308,755
Total			768,734				798,163				609,572				651,004

		Revenue								Adjusted EBITDA
		For the nine-month period ended September 30,								For the nine-month period ended September 30,
		($ in thousands)
Business sector		2020				2019				2020				2019
Renewable energy			579,230				609,828				456,420				493,311
Efficient natural gas			80,118				92,891				72,412				81,668
Electric transmission lines			79,229				77,024				64,039				65,133
Water			30,157				18,420				16,701				10,892
Total			768,734				798,163				609,572				651,004

		For the nine-month period ended September 30, ($ in thousands)
		2020				2019
Profit/(Loss) attributable to the Company		$	61,209				60,832
(Loss)/Profit attributable to non-controlling interests			(3,042	)			7,548
Income tax			25,079				46,979
Share of (profits)/losses of associates			2,248				(3,881	)
Financial expense, net			221,911				304,637
Depreciation, amortization, and impairment charges			302,166				234,889
Total segment Adjusted EBITDA		$	609,572				651,004

		North America				South America				EMEA				Balance as of September 30, 2020
		($ in thousands)
Assets allocated
Contracted concessional assets			3,112,095				1,223,888				3,744,662				8,080,645
Investments carried under the equity method			79,959				-				39,787				116,746
Current financial investments			125,821				27,637				41,202				194,660
Cash and cash equivalents (project companies)			230,616				85,003				286,362				601,980
Subtotal allocated			3,545,491				1,336,528				4,112,013				8,994,031
Unallocated assets
Other non-current assets															214,843
Other current assets (including cash and cash equivalents at holding company level)															622,239
Subtotal unallocated															837,082
Total assets															9,831,113

		North America				South America				EMEA				Balance as of September 30, 2020
		($ in thousands)
Liabilities allocated
Long-term and short-term project debt			1,669,969				919,248				2,691,957				5,281,174
Grants and other liabilities			1,088,322				11,404				129,504				1,229,230
Subtotal allocated			2,758,291				930,652				2,821,461				6,510,404
Unallocated liabilities
Long-term and short-term corporate debt															959,681
Other non-current liabilities															601,113
Other current liabilities															117,868
Subtotal unallocated															1,678,662
Total liabilities															8,189,066
Equity unallocated															1,642,047
Total liabilities and equity unallocated															3,320,709
Total liabilities and equity															9,831,113

		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

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of September 30, 2020
		($ in thousands)
Assets allocated
Contracted concessional assets			6,538,840				514,998				848,749				178,058				8,080,645
Investments carried under the equity method			63,302				16,379				-				37,065				116,746
Current financial investments			2,068				123,836				27,619				41,138				194,660
Cash and cash equivalents (project companies)			489,896				30,072				63,241				18,771				601,980
Subtotal allocated			7,094,106				685,285				939,609				275,032				8,994,031
Unallocated assets
Other non-current assets																			214,843
Other current assets  (including cash and cash equivalents at holding company level)																			622,239
Subtotal unallocated																			837,082
Total assets																			9,831,113

		Renewable energy				Efficient natural gas				Electric transmission lines				Water				Balance as of September 30, 2020
		($ in thousands)
Liabilities allocated
Long-term and short-term project debt			4,007,975				510,587				642,519				120,093				5,281,174
Grants and other liabilities			1,221,684				82				6,108				1,356				1,229,230
Subtotal allocated			5,229,659				510,669				648,627				121,449				6,510,404
Unallocated liabilities
Long-term and short-term corporate debt																			959,681
Other non-current liabilities																			601,113
Other current liabilities																			117,868
Subtotal unallocated																			1,678,662
Total liabilities																			8,189,066
Equity unallocated																			1,642,047
Total liabilities and equity unallocated																			3,320,709
Total liabilities and equity																			9,831,113

		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

		For the nine-month period ended September 30,
Depreciation, amortization and impairment by geography		2020				2019
		($ in thousands)
North America			(162,803	)			(88,647	)
South America			(26,624	)			(35,553	)
EMEA			(112,739	)			(110,689	)
Total			(302,166	)			(234,889	)

		For the nine-month period ended September 30,
Depreciation, amortization and impairment by business sectors		2020				2019
		($ in thousands)
Renewable energy			(253,617	)			(215,941	)
Efficient natural gas			(23,616	)			784
Electric transmission lines			(24,236	)			(20,093	)
Water			(697	)			361
Total			(302,166	)			(234,889	)

		Asset Acquisition for the nine-month period ended September 30, 2020
Concessional assets			162,489
Other non-current assets			931
Cash & cash equivalents			17,646
Other current assets			29,445
Non-current Project debt			(150,087	)
Current Project debt			(8,357	)
Other current and non-current liabilities			(4,378	)
Non-controlling interests			(25,079	)
Asset acquisition - purchase price			(22,610	)
Net result of the asset acquisition			-

		Asset Acquisition for the year ended December 31, 2019
Concessional assets			28,738
Current assets			1,503
Deferred tax liabilities			(2,539	)
Other current and non-current liabilities			(1,512	)
Asset acquisition - purchase price			(26,190	)
Net result of the asset acquisition			-

		Balance as of September 30, 2020				Balance as of December 31, 2019
		($ in thousands)
Contracted concessional assets cost			10,576,508				10,384,597
Amortization and impairment			(2,495,863	)			(2,223,468	)
Total			8,080,645				8,161,129

-

an increased amortization charge from September 1st, 2020, considering the reduction in the residual useful life of the plants. The impact is approximately $5 million as of September 30, 2020, recorded within the line “Depreciation, amortization and impairment charges” in the profit and loss statement.

-

an increase in the discounted value of the dismantling provision, as the dismantling of the plants would occur earlier. The provision increased by approximately $12 million as of September 30, 2020 (Note 16).

		Balance as of September 30, 2020				Balance as of December 31, 2019
		($ in thousands)
Evacuación Valdecaballeros, S.L.			947				2,348
Myah Bahr Honaine, S.P.A.(*)			37,064				45,222
Pectonex, R.F. Proprietary Limited			1,547				1,391
ABY Infraestructuras, S.L.			21				11
Ca Ku A1, S.A.P.I. de CV (PTS)			-				-
Evacuación Villanueva del Rey, S.L			-				-
Windlectric Inc (**)			60,614				73,693
Pemcorp SAPI de CV (***)			16,379				17,179
Other renewable energy joint ventures (****)			174				81
Total			116,746				139,925

		Balance as of September 30, 2020				Balance as of December 31, 2019
		($ in thousands)
Fair Value through OCI (Investment in Ten West link)			12,896				9,874
Fair Value through Profit and Loss (Investment in Rioglass)			2,617				7,000
Derivative assets (Note 9)			1,493				3,182
Other receivable accounts at amortized cost			49,869				71,531
Total non-current financial investments			66,875				91,587
Contracted concessional financial assets			175,042				160,624
Derivative assets (Note 9)			888				2,048
Other receivable accounts at amortized cost			19,619				55,905
Total current financial investments			195,549				218,577

		Balance as of September 30, 2020								Balance as of December 31, 2019
($ in thousands)		Assets				Liabilities				Assets				Liabilities
Interest rate cash flow hedges			1,270				313,416				1,619				298,744
Foreign exchange derivative instruments			1,111				-				3,610				-
Notes conversion option (Note 14)			-				8,714				-				-
Total			2,381				322,130				5,230				298,744

-

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 conversion option of notes issued in July 2020 (Note 14), which fair value is liability of $9 million as of September 30, 2020.

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Credit receivables (current)			22,942				13,350
Total current receivables with related parties			22,942				13,350
Credit receivables (non-current)			6,264				21,355
Total non-current receivables with related parties			6,264				21,355
Credit payables (current)			14,238				23,979
Total current payables with related parties			14,238				23,979
Credit payables (non-current)			6,499				17,115
Total non-current payables with related parties			6,499				17,115

		For the nine-month period ended September,
		2020				2019
		($ in thousands)
Financial income			1,493				391
Financial expenses			(119	)			(150	)

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Trade receivables			322,231				242,008
Tax receivables			50,190				50,901
Prepayments			25,977				5,150
Other accounts receivable			12,867				19,508
Total			411,265				317,568

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Non-current			935,665				695,085
Current			24,016				28,706
Total Corporate Debt			959,681				723,791

		Remainder of 2020				Between January and September 2021				Between October and December 2021				2022				2023				2024				Subsequent years				Total
										($ in thousands)
2017 Credit Facility			5				-				10,705				-				-				-				-				10,710
Note Issuance Facility 2019			-				-				-				-				-				-				326,384				326,384
Commercial Paper			18,745				4,080				-				-				-				-				-				22,825
2020 Green Private Placement			241				-				-				-				-				-				336,521				336,762
Note Issuance Facility 2020			-				-				-				-				-				-				159,933				159,933
Green Exchangeable Notes			945				-				-				-				-				-				102,122				103,067
Total			19,936				4,080				10,705				-				-				-				924,960				959,681

		2020				2021				2022				2023				2024				Subsequent years				Total
New Revolving Credit Facility			701				-				81,164				-				-				-				81,865
Note Issuance Facility 2017			84				-				101,317				100,513				100,413				-				302,327
2017 Credit Facility			4				10,085				-				-				-				-				10,089
Notes Issuance Facility 2019			-				7,938				-				-				-				293,655				301,593
Commercial Paper			27,917				-				-				-				-				-				27,917
Total			28,706				18,023				182,481				100,513				100,413				293,655				723,791

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Non-current			4,638,584				4,069,909
Current			642,590				782,439
Total Project debt			5,281,174				4,852,348

-

business combinations, being the acquisition of Chile PV I and Tenes for a total amount of $158 million (Note 5).

-

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

-

a non-recourse project debt refinancing of Helioenergy assets by adding a new long dated tranche of debt from an institutional investor closed on July 10, 2020, providing with a net refinancing proceeds (net “recap”) of approximately $43 million.

-

a non-recourse, project debt financing closed on July 14, 2020 for approximately €326 million in relation to Helios, with institutional investors, which 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. The accumulated impact of the change in fair value of the interest rate swaps recorded in Other reserves and any difference between the nominal amount of the debt repaid and the amortized cost of the debt have been transferred to the profit and loss in line “Other financial income/(expense), net” on transaction date for a total amount of $72 million (Note 19).

-

the higher value of debt denominated in Euro given the increase in the exchange rate of the Euro against the U.S. dollar since December 31, 2019.

Remainder of 2020
Payment of interests accrued as of September 30, 2020				Nominal repayment				Between January and September 2021				Between October and December 2021				2022				2023				2024				Subsequent Years				Total
($ in thousands)
	60,216				153,392				124,337				153,001				320,011				345,565				360,277				3,764,374				5,281,174

2020							2021				2022				2023				2024				Subsequent years				Total
Interest Repayment			Nominal repayment
12,799				256,620				262,787				293,642				319,962				335,067				3,371,724				4,852,348

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Grants			1,043,410				1,087,553
Other Liabilities			185,820				554,199
Grant and other non-current liabilities			1,229,230				1,641,752

		Balance as of September 30,				Balance as of December 31,
		2020				2019
		($ in thousands)
Trade accounts payable			45,804				52,062
Down payments from clients			473				565
Liberty (Note 16)			-				41,032
Other accounts payable			29,830				34,403
Total			76,107				128,062

		For the nine-month period ended September 30,
Financial income		2020				2019
		($ in thousands)
Interest income from loans and credits			6,125				2,522
Interest rates benefits derivatives: cash flow hedges			288				331
Total			6,413				2,853

		For the nine-month period ended September 30,
Financial expenses		2020				2019
Expenses due to interest:		($ in thousands)
- Loans from credit entities			(186,769	)			(196,350	)
- Other debts			(56,578	)			(69,744	)
Interest rates losses derivatives: cash flow hedges			(46,092	)			(44,139	)
Total			(289,439	)			(310,233	)

		For the nine-month period ended September 30,
Other financial income / (expenses)		2020				2019
		($ in thousands)
Other financial income			162,984				11,412
Other financial losses			(100,387	)			(11,470	)
Total			62,597				(58	)

Other Operating income		For the nine-month period ended September 30,
		2020				2019
		($ in thousands)
Grants (Note 16)			44,256				44,366
Income from various services and insurance proceeds			31,646				29,334
Total			75,902				73,700

Other Operating expenses		For the nine-month period ended September 30,
		2020				2019
		($ in thousands)
Raw materials and consumables used			(4,919	)			(7,893	)
Leases and fees			(2,388	)			(1,501	)
Operation and maintenance			(77,133	)			(94,573	)
Independent professional services			(28,509	)			(28,934	)
Supplies			(20,433	)			(18,929	)
Insurance			(27,990	)			(18,192	)
Levies and duties			(30,523	)			(25,830	)
Other expenses			(5,740	)			(4,730	)
Total			(197,635	)			(200,582	)

Item		For the nine-month period ended September 30,
		2020				2019
		($ in thousands)
Profit/ (loss) from continuing operations attributable to Atlantica.			61,209				60,832
Average number of ordinary shares outstanding (thousands) - basic			101,602				100,882
Average number of ordinary shares outstanding (thousands) - diluted			102,499				100,882
Earnings per share from continuing operations (U.S. dollar per share) - basic and diluted			0.60				0.60
Earnings per share from profit/(loss) for the period (U.S. dollar per share) - basic and diluted			0.60				0.60

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

		Nine-month period ended September 30,
Revenue by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America		$	267.7				34.8	%		$	273.9				34.3	%
South America			112.0				14.6	%			105.8				13.3	%
EMEA			389.0				50.6	%			418.5				52.4	%
Total revenue		$	768.7				100	%		$	798.2				100.0	%

		Nine-month period ended September 30,
Revenue by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy		$	579.2				75.4	%		$	609.8				76.4	%
Efficient natural gas power			80.1				10.4	%			92.9				11.6	%
Electric transmission lines			79.2				10.3	%			77.0				9.7	%
Water			30.2				3.9	%			18.5				2.3	%
Total revenue		$	768.7				100	%		$	798.2				100	%

		Nine-month period ended September 30,
Adjusted EBITDA by geography		2020								2019
		$ in millions				Adjusted EBITDA Margin (2)				$ in millions				Adjusted EBITDA Margin (2)
North America		$	233.2				87.1	%		$	254.5				92.9	%
South America			89.8				80.2	%			87.8				83.0	%
EMEA			286.6				73.7	%			308.7				73.8	%
Total Adjusted EBITDA(1)		$	609.6				79.3	%		$	651.0				81.6	%

		Nine-month period ended September 30,
Adjusted EBITDA by business sector		2020								2019
		$ in millions				Adjusted EBITDA Margin (2)				$ in millions				Adjusted EBITDA Margin (2)
Renewable energy		$	456.4				78.8	%		$	493.3				80.9	%
Efficient natural gas power			72.4				90.4	%			81.7				87.9	%
Electric transmission lines			64.1				80.9	%			65.1				84.5	%
Water			16.7				55.3	%			10.9				58.9	%
Total Adjusted EBITDA(1)		$	609.6				79.3	%		$	651.0				81.6	%

(1)

Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest 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 financial statements. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results.

(2)	Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.

		Volume sold and availability levels Nine-month period ended September 30,
Key performance indicator		2020				2019
Renewable energy
MW in operation(1)			1,551				1,496
GWh produced(2)			2,608				2,700
Efficient natural gas power
MW in operation(3)			343				343
GWh produced(4)			1,932				1,481
Availability (%)(4)(5)			102.4	%			92.8	%
Electric transmission lines
Miles in operation			1,166				1,152
Availability (%)(6)			99.9	%			100.0	%
Water
Mft3 in operation(1)			17.5				10.5
Availability (%)(6)			101.6	%			101.6	%

(1)	Represents total installed capacity in assets owned at the end of the period, regardless of our percentage of ownership in each of the assets.

(2)	Includes curtailment in wind assets for which we receive compensation.

(3)	Includes 43MW corresponding to our 30% share of Monterrey since August 2, 2019.

(4)	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.

(5)	Electric availability refers to operational MW over contracted MW.

(6)	Availability refers to actual availability divided by contracted availability.

		Nine-month period ended September 30,
		2020				2019				% Variation
		($ in millions)
Revenue		$	768.7			$	798.2				(3.7	)	%
Other operating income			75.9				73.7				3.0		%
Employee benefit expenses			(37.4	)			(20.3	)			84.2		%
Depreciation, amortization, and impairment charges			(302.2	)			(234.8	)			28.7		%
Other operating expenses			(197.6	)			(200.6	)			(1.5	)	%
Operating profit		$	307.4			$	416.2				(26.1	)	%
Financial income			6.4				2.8				128.6		%
Financial expense			(289.4	)			(310.2	)			(6.7	)	%
Net exchange differences			(1.5	)			2.8				(153.6	)	%
Other financial income/(expense), net			62.6				(0.1	)			627.0		%
Financial expense, net		$	(221.9	)		$	(304.7	)			(27.2	)	%
Share of profit/(loss) of associates carried under the equity method			(2.2	)			3.9				(156.4	)	%
Profit before income tax		$	83.3			$	115.4				(27.8	)	%
Income tax			(25.1	)			(47.0	)			(46.6	)	%
Profit for the period		$	58.2			$	68.4				(14.9	)	%
(Profit)/loss attributable to non-controlling interest			3.0				(7.6	)			139.5		%
Profit for the period attributable to the parent company		$	61.2			$	60.8				0.7		%
Weighted average number of ordinary shares outstanding (thousands) - basic			101,602				100,882
Weighted average number of ordinary shares outstanding (thousands) - diluted			102,499				100,882
Basic and diluted earnings per share attributable to the parent company (U.S. dollar per share)			0.60				0.60
Dividend paid per share(1)			1.24				1.16

(1)

On February 26, 2020, May 6, 2020 and July 31, 2020, our board of directors approved a dividend of $0.41, $0.41 and $0.42 per share corresponding to the fourth quarter of 2019, the first quarter of 2020 and the second quarter of 2020, respectively, which were paid on March 23, 2020, June 15, 2020, and September 15, 2020 respectively. On February 26, 2019, May 7, 2019 and August 2, 2019, our board of directors approved dividends of $0.37, $0.39 and $0.40 per share, corresponding to the fourth quarter of 2018, the first quarter of 2019 and the second quarter of 2019, respectively, which were paid on March 22, 2019, June 14, 2019 and September 13, 2019, respectively.

		Nine-month period ended September 30,
Other operating income		2020				2019
		($ in millions)
Grants		$	44.2			$	44.4
Income from various services			31.7				29.3
Total		$	75.9			$	73.7

		Nine-month period ended September 30,
Other operating expenses		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Leases and fees		$	(2.4	)			3.1	%		$	(1.5	)			0.2	%
Operation and maintenance			(77.1	)			10.0	%			(94.6	)			11.9	%
Independent professional services			(28.5	)			3.7	%			(28.9	)			3.6	%
Supplies			(20.4	)			2.7	%			(19.0	)			2.4	%
Insurance			(28.0	)			3.6	%			(18.2	)			2.3	%
Levies and duties			(30.5	)			4.0	%			(25.8	)			3.2	%
Other expenses			(5.7	)			0.7	%			(4.7	)			0.6	%
Raw Materials			(5.0	)			0.7	%			(7.9	)			1.0	%
Total		$	(197.6	)			25.7	%		$	(200.6	)			25.1	%

		Nine-month period ended September 30,
Financial income and financial expense		2020				2019
		$ in millions
Financial income			6.4				2.8
Financial expense			(289.4	)			(310.2	)
Net exchange differences			(1.5	)			2.8
Other financial income/(expense), net			62.6				(0.1	)
Financial expense, net			(221.9	)			(304.7	)

		Nine-month period ended September 30,
Financial expense		2020				2019
		($ in millions)
Interest expense:
—Loans from credit entities		$	(186.8	)		$	(196.4	)
—Other debts			(56.6	)			(69.7	)
Interest rates losses derivatives: cash flow hedges			(46.0	)			(44.1	)
Total		$	(289.4	)		$	(310.2	)

		Nine-month period ended September 30,
Other financial income /(expense), net		2020				2019
		($ in millions)
Other financial income		$	163.0			$	11.4
Other financial expense			(100.4	)			(11.5	)
Total		$	62.6			$	(0.1	)

•	North America;

•	South America; and

•

EMEA.

•	Renewable energy, which includes our activities related to the production of electricity from concentrating solar power and wind plants;

•	Efficient natural gas, which includes our activities related to the production of electricity and steam from natural gas;

•	Electric transmission, which includes our activities related to the operation of electric transmission lines and gas compression and transportation; and

•	Water, which includes our activities related to desalination plants.

		Nine-month period ended September 30,
Revenue by geography		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
North America		$	267.7				34.8	%		$	273.9				34.3	%
South America			112.0				14.6	%			105.8				13.3	%
EMEA			389.0				50.6	%			418.5				52.4	%
Total revenue		$	768.7				100	%		$	798.2				100	%

		Nine-month period ended September 30,
Adjusted EBITDA by geography		2020								2019
		$ in millions				Adjusted EBITDA Margin (2)				$ in millions				Adjusted EBITDA Margin (2)
North America		$	233.2				87.1	%		$	254.5				92.9	%
South America			89.8				80.2	%			87.8				83.0	%
EMEA			286.6				73.7	%			308.7				73.8	%
Total Adjusted EBITDA(1)		$	609.6				79.3	%		$	651.0				81.6	%

(1)

Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest 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 our financial statements. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB, and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2— Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Metrics.”

(2)	Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.

		Volume produced/availability
		Nine- Month period ended September 30,
Volume by geography		2020				2019
North America (GWh) (1)			3,048				2,586
North America availability(1)(2)			102.4	%			92.8	%
South America (GWh) (3)			472				383
South America availability(4)			99.9	%			100.0	%
EMEA (GWh)			1,019				1,212
EMEA availability(4)			101.6	%			101.6	%

(1)	GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul in ACT held in Q1 and Q2 2019, as scheduled, which reduced electric production as per the contract.

(2)	Electric availability refers to operational MW over contracted MW with Pemex. Major maintenance overhaul held in ACT in Q1 and Q2 2019, as scheduled, which reduced electric availability as per the contract.

(3)	Includes curtailment in wind assets for which we receive compensation.

(4)	Availability refers to actual availability divided by contracted availability.

		Nine-month period ended September 30,
Revenue by business sector		2020								2019
		$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy		$	579.2				75.4	%		$	609.8				76.4	%
Efficient natural gas power			80.1				10.4	%			92.9				11.6	%
Electric transmission lines			79.2				10.3	%			77.0				9.7	%
Water			30.2				3.9	%			18.5				2.3	%
Total revenue		$	768.7				100	%		$	798.2				100.0	%

		Nine-month period ended September 30,
Adjusted EBITDA by business sector		2020								2019
		$ in millions				Adjusted EBITDA Margin (2)				$ in millions				Adjusted EBITDA Margin (2)
Renewable energy		$	456.4				78.8	%		$	493.3				80.9	%
Efficient natural gas power			72.4				90.4	%			81.7				87.9	%
Electric transmission lines			64.1				80.9	%			65.1				84.5	%
Water			16.7				55.3	%			10.9				58.9	%
Total Adjusted EBITDA(1)		$	609.6				79.3	%		$	651.0				81.6	%

(1)

Adjusted EBITDA is calculated as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest 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 our financial statements. Adjusted EBITDA is not a measure of performance under IFRS as issued by the IASB, and you should not consider Adjusted EBITDA as an alternative to operating income or profits or as a measure of our operating performance, cash flows from operating, investing and financing activities or as a measure of our ability to meet our cash needs or any other measures of performance under generally accepted accounting principles. We believe that Adjusted EBITDA is a useful indicator of our ability to incur and service our indebtedness and can assist securities analysts, investors and other parties to evaluate us. Adjusted EBITDA and similar measures are used by different companies for different purposes and are often calculated in ways that reflect the circumstances of those companies. Adjusted EBITDA may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See “Item 2— Management’s Discussion and Analysis of Financial Condition and Results of Operations —Key Metrics.”

(2)	Adjusted EBITDA Margin is calculated as Adjusted EBITDA for each geography and business sector divided by revenue for each geography and business sector.

		Volume produced/availability
		Year ended September 30,
Volume by business sector		2020				2019
Renewable energy (GWh) (1)				2,608				2,700
Efficient natural gas Power (GWh) (2)				1,932				1,481
Efficient natural gas Power availability(3)				102.4	%			92.8	%
Electric transmission availability(4)				99.9	%			100	%
Water availability(4)				101.6	%			101.6	%

(1)	Includes curtailment in wind assets for which we receive compensation.

(2)	GWh produced includes 30% production from Monterrey since August 2019. Major maintenance overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced electric production, as per the contract.

(3)	Electric availability refers to operational MW over contracted MW with Pemex. Major overhaul held in Q1 and Q2 2019, as scheduled, which reduced the electric availability as per the contract with Pemex.

(4)	Availability refers to actual availability divided by contracted availability.

•	debt service requirements on our existing and future debt;

•	cash dividends to investors; and

•	investments and acquisitions of new assets, companies and operations (see “Item 4.B—Business Overview—Our Business Strategy” in our Annual Report).

•	On February 26, 2019, our board of directors approved a dividend of $0.37 per share. The dividend was paid on March 22, 2019, to shareholders of record as of March 12, 2019.

•	On May 7, 2019, our board of directors approved a dividend of $0.39 per share. The dividend was paid on June 14, 2019, to shareholders of record as of June 3, 2019.

•	On August 2, 2019 our board of directors approved a dividend of $0.40 per share. The dividend was paid on September 13, 2019 to shareholders of record as of August 30, 2019.

•	On November 5, 2019 our board of directors approved a dividend of $0.41 per share. The dividend was paid on December 13, 2019 to shareholders of record as of November 29, 2019.

•	On February 26, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on March 23, 2020, to shareholders of record as of March 12, 2020.

•	On May 6, 2020, our board of directors approved a dividend of $0.41 per share. The dividend was paid on June 15, 2020, to shareholders of record as of June 1, 2020.

•	On July 31, 2020, our board of directors approved a dividend of $0.42 per share. The dividend was paid on September 15, 2020, to shareholders of record as of August 31, 2020.

•	On November 4, 2020, our board of directors approved a dividend of $0.42 per share. The dividend is expected to be paid on December 15, 2020, to shareholders of record as of November 30, 2020.

Acquisitions

		Nine-month period ended September 30,
		2020				2019
		($ in millions)
Gross cash flows from operating activities
Profit for the period		$	58.2			$	68.4
Financial expense and non-monetary adjustments			536.5				552.8
Profit for the period adjusted by financial expense and non-monetary adjustments		$	594.7			$	621.2
Variations in working capital			(128.9	)			(132.1	)
Net interest and income tax paid			(162.6	)		$	(167.7	)
Total net cash provided by operating activities		$	303.2			$	321.4
Net cash provided by/(used in) investing activities(1)		$	18.6			$	(147.5	)
Net cash provided by/(used in) financing activities		$	(95.8	)		$	(148.5	)
Net increase/(decrease) in cash and cash equivalents			226.0				25.4
Cash and cash equivalents at the beginning of the period			562.8				631.5
Translation differences in cash or cash equivalents			0.1				(15.2	)
Cash and cash equivalents at the end of the period		$	788.9			$	641.7

(1)	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 from Abengoa by Solana further to Abengoa’s obligation as EPC Contractor.

•	Project debt in euro: between 81% and 100% of the notional amount, maturities until 2030 and average guaranteed strike interest rates of between 0.00% and 4.87% and

•	Project debt in U.S. dollars: between 70% and 100% of the notional amount, maturities until 2034 and average guaranteed strike interest rates of between 1.98% and 5.27%.

Item 1A.

Risk Factors

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4.

Mine Safety Disclosures

Item 5.

Other Information

Exhibit No.		Description
4.25		Fourth Amendment to Credit and Guaranty Agreement, dated August 28, 2020
4.26		Amendment No. 2 to Note Issuance Facility Agreement, dated October 23, 2020

	ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
Date: November 6, 2020	By:	/s/ Santiago Seage
		Name: Santiago Seage
		Title:   Chief Executive Officer