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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  March 1, 2021

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).

     2020 Earnings PresentationMarch 1, 2021 
 
 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 3.D—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, 2020, 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 value, 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 CAFD per share growth strategy and targets, CAFD estimates per currency, geography and sector, including as a result of 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; dividends; and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report for the fiscal year ended December 31, 2020 filed on Form 20-F.The CAFD and other guidance incorporated into this presentation are estimates as of March 1, 2021. These estimates are based on assumptions believed to be reasonable as of the date Atlantica published its 2020 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    +$300M in equity investments closed in 2020      ~$280M new equity investments already agreed for 20212      Mid-term CAFD per share growth target set at 5-8%      $200.7 million CAFD in 2020, 5.5% year-over-year growth    CAFD per share calculated using the number of shares as of March 1, 2021.See page 15 for further details.    Strong ESG Ratings      2021 CAFD target guidance established at $220M-$240M ($1.99-$2.17 per share1)   
 
 Sustainable Infrastructure  1. Financial Results 
 
   US $ in millions     2020    2019    ∆ Reported    Revenue    1,013.3    1,011.5    0.2%    Adjusted EBITDA incl. unconsolidated affiliates1    796.1    821.6    (3.1)%     Margin2    79%    81%        CAFD    200.7    190.3    +5.5%        216            Additional Cash Generation from project debt refinancings in the period  Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 39). 
 
 HIGHLIGHTSStrong Cash Flow Generation  2020. Million USD.   Amounts obtained from our annual consolidated financial statements for the year ended December 31, 2020, and from the reconciliation presented in page 37. 
 
 WATER  2020  2019  ∆  43.1  24.6  +75%  31.5  22.6  +39%  73%  92%    RENEWABLES  2020  2019  ∆  753.1  761.1  (1)%  576.3  604.1  (5)%  77%  79%    EFFICIENT NATURAL GAS  2020  2019  ∆  111.0  122.3  (9)%  101.0  109.2  (8)%  91%  89%    TRANSMISSION& TRANSPORT.  2020  2019  ∆  106.1  103.5  +3%  87.3  85.7  +2%  82%  83%    By Sector  US $ in millions  Revenue  Adjusted EBITDA incl. unconsolidated affiliates1  Margin2  EMEA  NORTH AMERICA    2020  2019  ∆  330.9  333.0  (1)%  279.4  307.2  (9)%  84%  92%    SOUTH AMERICA  2020  2019  ∆  530.9  536.3  (1)%  396.7  399.0  (1)%  75%  74%      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 37).Adjusted EBITDA Margin including unconsolidated affiliates is defined as Adjusted EBITDA including unconsolidated affiliates divided by revenue (see reconciliation on page 39).  2020  2019  ∆  151.5  142.2  +7%  120.0  115.3  +4%  79%  81%            HIGHLIGHTSPerformance by Sector and Region 
 
 Includes curtailment in wind assets for which we receive compensation.Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets.Major maintenance overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced production and electric availability as per the contract. GWh produced includes 30% of the production from Monterrey since August 2, 2019.Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.Includes 43MW corresponding to our 30% share in Monterrey since August 2, 2019.  WATER  RENEWABLES  TRANSMISSION & TRANSPORTATION          EFFICIENT NATURAL GAS      2020    2019  Availability4  100.1%    101.2%  Mft3 in operation2  17.5    10.5    2020    2019  GWh produced1  3,244    3,236  MW in operation2  1,551    1,496    2020    2019  GWh produced3  2,574    2,090  Availability3,4  102.1%    95.0%  MW in operation5  343    343    2020    2019  Availability4  100.0%    100.0%  Miles in operation  1,166    1,166  KEY OPERATIONAL METRICSSteady Operational Performance       
 
 Adjusted EBITDA including unconsolidated affiliates includes our share in EBITDA of unconsolidated affiliates (see reconciliation on page 37).Includes proceeds for $3.3 million and $22.2 million in 2020 and 2019 respectively, related to the amounts received by Solana in relation to the consent with the DOE. Consolidated cash as of December 31, 2020 increased by $305.7 million vs December 31, 2019 including FX translation differences of $10.7 million.  US $ in millions   2020    2019  Adjusted EBITDA incl. unconsolidated affiliates1  796.1    821.6  Share in Adjusted EBITDA of unconsolidated affiliates  (14.5)    (10.4)  Net interest and income tax paid  (287.2)    (299.5)  Variations in working capital   (33.2)    (113.4)  Non-monetary adjustments and other  (23.0)    (34.7)  OPERATING CASH FLOW  438.2    363.6                  INVESTING CASH FLOW2  (5.9)    (118.2)  FINANCING CASH FLOW   (137.3)    (310.2)  Net change in consolidated cash3  295.0    (64.8)  CASH FLOWOperating Cash Flow    +20.5% 
 
 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 2020 CAFD before corporate debt service.  US $ in millions  As of Dec. 31,2020    As of Dec. 31,2019  Corporate Net Debt2  658.5    657.8  Project Net Debt3  4,704.3    4,355.6    NET DEBTCorporate Leverage      Corporate net debt / CAFD pre corporate debt service4  3.0x    2.8x 
 
   Support local communities during COVID-19Issued a Board Diversity Policy2 of 4 Board committees chaired by womenIncluded in Bloomberg Gender Equality Index  87.5% EBITDA from low carbon footprint assetsMaintained very low GHG Emissions: 0.17 CO2/MWh 5.4 million of tons of CO2 avoided (vs. 4.7 in 2020)3Carbon pricing to evaluate investments  Occupational Health and Safety  Continued improvement in our main KPIs:1.0 TRIR1 (vs. 1.2 in 2019)0.3 LTIR2 (vs. 0.3 in 2019)Committed to maintaining a zero- accident culture  Occupational Health and Safety  Majority of Independent Directors with diverse perspectives and expertiseBoard committees comprised only by independent membersNew ESG-related policies  Total Recordable Incident Rate (TRIR) represents the total number of recordable accidents with and without leave (lost time injury) recorded in the last 12 months per 200,000 worked hours.Lost Time Injury Rate (LTIR) represents the total number of recordable accidents with leave (lost time injury) recorded in the last 12 months per 200,000 worked hours. Calculated considering GHG emissions Scope 1 and 2 and energy generation of our power generation assets, both electric and thermal energy. The GHG Equivalences Calculator uses the Avoided Emissions and Generation Tool (AVERT) U.S. national weighted average CO2 marginal emissions rate to convert reductions of Kilowatt-hours into avoided units of carbon dioxide emissions.    Climate Change and GHG Emissions      Diversity and Community Engagement  Corporate Governance  ESG FOCUSFocused on ESG Priorities 
 
 ESG FOCUSStrong ESG Ratings in 2021  Renewable Power Production  #1 out of 67  Utilities  #1 out of 574  Global Universe   #21 out of 13,568    Risk score of 7.6, improved versus 2020“Negligible risk of experiencing material financial impacts” 1 from ESG factors“Strong management of material ESG issues”1  “Leadership: Implementing current best practices”1    #1 Globally in Renewable Power and Utilities (ESG Risk Rating)  “A-” Rating     100 Most Sustainable Corporations in the World  12th Globally, 2nd in Power  According to Sustainalytics ESG Risk Rating Summary Report dated February 22, 2021 and CDP Score Report - Climate Change 2020. For further information please see both reports on our website.  Feb. 2021  Jan. 2021  Jan. 2021 
 
 Sustainable Infrastructure  Sustainable Infrastructure  2. 2021 Outlook 
 
 2020 HIGHLIGHTSOver $300M in Investments Closed in 2020    ü  Solana tax equity investor buyout1  $290M    ü  Chile PV 1 acquisition through the Renewable Energy Platform  $4M    ü  Others (Ten West Link, Tenes)  $8M  $302M  Total Equity Investments  Total equity investment is expected to be up to $290 million of which $272 million has already been paid.  
 
 2021 INVESTMENTSApprox. $280M Agreed by Q1 2021  ~$280MTotal  $170M1  $20M  $20M  $50M  $20M  Total investment is expected to be approximately $170 million, including approximately $130 million in equity value and $40 million expected to be invested in reducing project debt. 
 
 2021 INVESTMENTSCoso  Increases presence in Renewables in the USContracted revenues~19 years average PPA lifeTerminal value post PPA  Acquisition of a 135 MW Contracted Renewable Energy Plant in California  Third largest geothermal plant in the USProven track record, in-house O&M and asset managementProvides baseload renewable energy to the California ISOClosing expected in H1 2021$170 million investment1  INVESTMENT HIGHLIGHTS  Investment grade offtakers12.4x EV/EBITDASynergies with existing assets in the Southwest  Total investment is expected to be approximately $170 million, including approximately $130 million in equity value and $40 million expected to be invested in reducing project debt. 
 
   La Sierpe, PV asset in Colombia to be Acquired from Algonquin  2  Agreement with Algonquin to potentially co-invest in 2 additional assets in Colombia with ~30 MW combined capacity  ~20 MW solar plant In construction by AAGES, Algonquin’s international Joint Venture  ~$20M expected equity investment15-year PPA in placeClosing after COD, expected by mid-2021  2021 INVESTMENTSCalgary District Heating, La Sierpe and Chile PV 2    Calgary District Heating  1    3  Chile PV 2  OECD Investment Grade countryAttractive growth prospects for renewables  First Investment in Colombia 
 
 Dividends Paid1 - US$ per share  Sum of the dividends per share paid to shareholders in each quarter of the year.  DIVIDENDGrowing Dividend Per Share 
 
 820  220  860  240  2021 TARGETS2021E Target Guidance  2021E Guidance1  Range in $ Millions  Adjusted EBITDA incl. unconsolidated affiliates  Assumes the closing of the acquisitions previously announced and contributions from investments not yet disclosed. See “Disclaimer – Forward Looking Statements”. See reconciliation of 2021E Guidance on page 40.  CAFD   -  - 
 
 Growth Beyond 2021 
 
 40  100  150    Construction of new assets, in many cases co-investing with partners.Early-stage 1GW development pipeline in renewables       Organic  Development  1  2  Third Party Acquisitions  Expansion of assets  20  30  30  50  50  50  2021E  2022E  2023E  Invest in existing assets  MID-TERM TARGETS$300M Equity Investment per Year  Smaller proprietary situations  190  120  70  Competitive processes   Total  >300  300  300  Note: Targeted equity investments shown above are estimates. These targeted equity investments are subject to change depending on the different circumstances such as, but not limited to, project opportunities, timing, status of negotiations, access to capital markets, etc. The targeted equity investments may vary from category to category depending on such circumstances. Atlantica does 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. Atlantica does not guarantee the timing nor size of the investments or if it will make any investments at all. Also, the projects and capacities represented in this slide are estimates. They include early-stage projects, projects in which we participate with other partners and projects under our ROFO Agreements. Development activities always involve a rate of failure. We cannot guarantee that any of these projects will materialize.  3 
 
 Organic  Escalation factorsOperational improvementsExpansion of existing assetsInvest more in existing assets (i.e., over $400M with partners)  2-3%   Development  Partnerships:AAGES/ AlgonquinOther partnersIn-house  2-3%  MID-TERM TARGETSOur Growth Strategy  1  2  Third Party Acquisitions  1-2%  Smaller proprietary situationsBilateral/ Competitive processes   CAFD per share Growth Target until 2024  5-8%    3  Note: Atlantica has targeted a CAFD per share Compound Annual Growth Rate in the range of 5% to 8% in the upcoming 4 years, from the fourth quarter of 2020 until the year 2024.  
 
 Sustainable Infrastructure  Update pics  4. Appendix 
 
 LIQUIDITY AND DEBT MATURITIES SUMMARYHealthy Balance Sheet and Strong Liquidity    Strong Liquidity and No Significant Corporate Debt Maturities in the Short-term  >$750 million  @ 31/12/20  Corporate Liquidity  ~5.1 years average maturity1 of current corporate debt  RCF’s maturity in December 2022. Total limit of $425.0 million, of which $415.0 million are available as of Dec. 31, 2020~$750 million available liquidity, out of which $335.2 million is corporate cash as of Dec. 31, 2020  Corporate Debt Maturities1  Corporate Debt Maturites as of December 31, 2020, presented for their accounting amounts.  2  2 
 
 CORPORATE DEBT DETAILSCorporate Debt as of December 31, 2020No significant maturities in the short term  Exchange rates as of December 31, 2020 (EUR/USD = 1.2216).Amounts include principal amounts outstanding, unless stated otherwise.As of December 31, 2020, there was no amount drawn from our RCF. Total RCF limit of $425 million with $415 million available.Other facilities include the commercial paper program issued in October 2020, accrued interest payable and other debts.  US $ in millions1    Maturity    Amounts2  Credit Facilities  (Revolving CF)3  2022    -    (Other facilities)4  2021 – 2025    29.7  2019 NIFA5(€ denominated)    2025    344.0  Green Exchangeable Bond6    2025    102.1  Green Senior Secured Notes    2026    351.0  2020 NIFA7 (€ denominated)    2027    166.9  Total        993.7  (5) 2019 NIFA means Note Issuance Facility Agreement. 2019 NIFA refers to the senior unsecured 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. 
 
 Includes cash classified in short-term financial investments as of December 31, 2019. Exchange rates as of December 31, 2020 (EUR/USD = 1.2216) 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 Dec. 312020    As of Dec. 312019  Corporate cash at Atlantica  335.2    66.0  Existing available revolver capacity  415.0    341.0  Total Corporate Liquidity  750.2    407.0          Cash at project companies1  533.3    531.5   - Restricted3  279.8    373.6   - Other  253.5    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, 2020.   (2) Regulation term in the case of Spain and Chile TL3.    PPAs with predefined prices for ~17 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 
 
 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    ~$1.9B planned debt reduction in the next 5 years  FINANCING Self-Amortizing Project Debt Structure1  Project debt amortization schedule as of December 31, 2020. 
 
     2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20  3Q20  4Q20  2020  Revenues    1,043,822    221,452   283,338  293,373  213,289  1,011,452    210,403   255,344  302,987  244,526  1,013,260  Adj. EBITDA incl. unconsolidated affiliates    858,717    181,106  229,352  247,668  163,429  821,555    165,962  214,107  240,958  175,096  796,123  Adj. EBITDA margin (%)    82.3%    81.8%  80.9%  84.4%  76.6%  81.2%    78.9%  83.9%  79.5%  71.6%  78.6%  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (8,110)    (2,017)  (2,043)  (3,062)  (3,229)  (10,351)    (3,553)  (3,959)  (3,943)  (3,013)  (14,468)  Adjusted EBITDA    850,607    179,089  227,309  244,606  160,200  811,204    162,409  210,148  237,015  172,083  781,655  Dividends from unconsolidated affiliates    4,432    -   -  26,945  3,498  30,443    5,120   5,262  9,758  2,106  22,246  Non-monetary items    (99,280)    (14,632)  (7,729)  (10,288)  (4,783)  (37,432)    (4,334)  (3,683)  (5,327)  (8,289)  (21,633)  Net interest and income tax paid    (333,537)    (13,925)  (129,405)  (24,339)  (131,845)  (299,514)    (11,436)  (119,517)  (31,625)  (124,661)  (287,239)  Principal amortization of indebtedness net of new indebtedness at projects    (229,647)    (15,176)  (93,935)  (22,115)  (123,568)  (254,794)    (14,898)  (75,301)  (18,963)  (151,260)  (260,422)  Deposits into/withdrawals from debt service accounts4    (41,197)    21,461  25,564  (52,463)  4,721  (717)    32,921  17,605  8,844  27,807  87,177  Change in non-restricted cash at project companies4    22,352    (61,445)  69,866  (58,847)  119,707  69,281    (50,467)  31,257  (94,192)  34,784  (78,618)  Dividends paid to non-controlling interests    (9,745)    -  (5,105)  (18,978)  (5,156)  (29,239)    (4,915)  (9,246)  (6,833)  (1,950)  (22,944)  Changes in other assets and liabilities    7,562    (50,253)  (37,183)  (38,792)  27,271  (98,957)    (66,842)  (6,808)  (46,724)  100,843   (19,531)                                Cash Available For Distribution (CAFD)    171,547    45,119  49,382  45,729  50,045  190,275    47,558  49,717  51,953  51,463  200,691                                Dividends declared1    139,302    39,625   40,641  41,657  41,657  163,579    41,657   42,673  42,673  46,491  173,494  # of shares2    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  110,691,722  n/a  DPS (in $ per share)    1.39     0.39  0.40  0.41  0.41  1.61     0.41  0.42  0.42  0.42  1.67  Project debt    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  5,237.6  5,237.6  Project cash    (524.8)                                  (546.7)  (469.0)  (568.5)  (496.8)  (496.8)    (535.3)  (510.1)  (602.2)  (533.3)  (533.3)  Net project debt    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  4,704.3  4,704.3  Corporate debt    684.1    697.5  689.6  686.4  723.8  723.8    807.3  837.0  959.7  993.7  993.7  Corporate cash    (106.7)    (107.9)  (107.0)  (73.2)  (66.0)  (66.0)    (154.9)  (278.7)  (186.7)  (335.2)  (335.2)  Net corporate debt    577.4    589.7  582.6  613.2  657.8  657.8    652.4  558.3  773.0  658.5  658.5                                Total net debt    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  5,362.9  5,362.8  Net Corporate Debt/CAFD pre corporate interests3    2.7x    2.5x  2.5x  2.7x  2.9x  2.9x    2.4x  2.3x  3.3x  3.0x  3.0x  HISTORICAL FINANCIAL REVIEWKey Financials by Quarter  Debt details  Key Financials  US $ in thousands  Dividends are paid to shareholders in the quarter after they are declared.Number of shares outstanding on the record date corresponding to each dividend.Ratios presented are the ratios shown on each earnings presentation.  (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.  US $ in millions 
 
 HISTORICAL FINANCIAL REVIEWSegment Financials by Quarter     2         2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20  3Q20  4Q20  2020  by Geography                                   NORTH AMERICA        357,177    60,441   104,095  109,378  59,052  332,965    59,283  98,648   109,757  63,233  330,921  SOUTH AMERICA        123,214    33,493  35,597  36,671  36,447  142,207    35,654  39,375   36,990  39,441  151,460  EMEA         563,431    127,518  143,646  147,325  117,790  536,280    115,466  117,321   156,240  141,852  530,879  by Business Sector                                   RENEWABLES         793,557    156,817  223,269  229,742  151,261  761,090    150,793  193,881   234,556  173,859  753,089  EFFICIENT NAT. GAS         130,799    34,009  27,689  31,193  29,390  122,281    26,403  25,629   28,086  30,912  111,030  TRANSMISSION & TRANSP.        95,998    24,867  26,231  25,926  26,429  103,453    26,608  26,787   25,834  26,813  106,042  WATER         23,468    5,759  6,149  6,511  6,209  24,629    6,599  9,047   14,511  12,942  43,099  Total Revenue         1,043,822    221,452  283,338  293,373  213,289  1,011,452    210,403  255,344  302,987  244,526  1,013,260                                            2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20  3Q20  4Q20  2020  by Geography                                   NORTH AMERICA         308,748    50,870  96,293  108,198  51,881  307,242    52,661  89,954   95,879  40,871   279,365          86.4%    84.2%  92.5%  98.9%  88.8%  92.3%    88.8%  91.2%  87.4%  64.6%  84.4%  SOUTH AMERICA1         100,233    28,212  29,252  30,293  27,589  115,346    28,422  31,380   29,947  30,275  120,024          81.3%    84.2%  82.2%  82.6%  75.6%  81.1%    79.7%  79.7%  81.0%  76.8%  79.2%  EMEA         449,736    102,024  103,807  109,177  83,959  398,968    84,879  92,773  115,132   103,950  396,734          79.8%    80.0%  72.3%  74.1%  71.3%  74.4%    73.5%  79.1%  73.7%  73.3%  74.7%  by Business Sector                                   RENEWABLES         664,429    123,484  177,910  192,168  110,517  604,079    113,670  161,415   181,788  119,412  576,285          83.7%    78.7%  79.7%  83.6%  73.1%  79.4%    75.4%  83.3%  77.5%  68.7%  76.5%  EFFICIENT NAT. GAS         93,858    30,476  23,826  27,983  26,915  109,200    24,462  23,303   27,479  25,762  101,006          71.8%    89.6%  86.1%  89.7%  91.6%  89.3%    92.6%  90.9%  97.8%  83.3%  91.0%  TRANSMISSION & TRANSP.        78,463    21,650  21,936  21,548  20,524  85,658    21,922  22,423   21,702  21,225  87,272          81.7%    87.1%  83.6%  83.1%  77.6%  82.7%    82.4%  83.7%  84.0%  79.2%  82.3%  WATER         21,967    5,496  5,680  5,969  5,473  22,619    5,908  6,966   9,989  8,697  31,560          93.6%    95.4%  92.4%  91.7%  88.1%  91.8%    89.5%  77.0%  68.8%  67.2%  73.2%  Total Adj. EBITDA incl. unconsolidated affiliates1        858,717    181,106  229,352  247,668  163,429  821,556    165,962  214,107   240,958  175,096  796,123          82.3%    81.8%  80.9%  84.4%  76.6%  81.2%    78.9%  83.9%  79,5%  71.6%  78.6%        Revenue  Adj. EBITDA incl. unconsolidated affiliates                Adjusted EBITDA includes our share in EBITDA of unconsolidated affiliates.           US $ in thousands 
 
      2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20   3Q20  4Q20  2020  RENEWABLES3 (GWh)      3,058    581  1,071  1,048  536  3,236    526  957  1,125  636  3,244   (GWh)    2,318    383  483  615  694  2,090    644  624  664  642  2,574   (availability %)       99.8%    87.1%  89.9%  101.5%  101.4%  95.0%    102.4%  100.9%  103.8%  101.2%  102.1%  TRANSMISSION & TRANSP. (availab.%)    99.9%    99.9%  100.0%  99.9%  100.0%  100.0%    99.9%  99.9%  100.0%  100.0%  100.0%  WATER (availability %)    102.0%    99.8%  100.6%  103.6%  100.1%  101.2%    101.8%  102.2%  101.1%  95.4%  100.1%        2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20  3Q20  4Q20  2020  RENEWABLES1 (MW)     1,496    1,496  1,496  1,496  1,496  1,496    1,496  1,551  1,551  1,551  1,551  EFF. NATURAL GAS2 (electric MW)     300    300  300  343  343  343    343  343  343  343  343  TRANSMISSION & TRANSP. (Miles)     1,152    1,152  1,152  1,152  1,166  1,166    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  17.5  17.5  17.5  17.5                  Capacity in operation(at the end of the period)  Production / Availability  5  5  5  Represents total installed capacity in assets owned or consolidated at the end of the year, regardless of our percentage of ownership in each of the assets.Includes 43 MW corresponding to our 30% share in Monterrey since August 2, 2019.Includes curtailment in wind assets for which we receive compensation.Major maintenance overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced production and electric availability as per the contract. GWh produced includes 30% of the production from Monterrey since August 2, 2019.Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  EFFICIENT NATURAL GAS4  HISTORICAL FINANCIAL REVIEWKey Performance Indicators 
 
       2018    1Q19  2Q19  3Q19  4Q19  2019    1Q20  2Q20  3Q20  4Q20  2020                                   US     28.2%    15.2%  39.8%  35.2%  16.3%  26.6%    18.2%  37.5%  35.2%  17.6%  27.1%   Spain     16.9%    12.1%  26.7%  27.2%  6.7%  18.2%    8.0%  22.1%  28.6%  8.3%  16.8%   Kaxu    36.0%    48.7%  27.8%  27.5%  45.4%  37.3%    28.9%  8.6%  26.8%  44.7%  27.3%                                WIND2 Uruguay     37.2%    33.0%  36.3%  40.9%  38.0%  37.2%    34.6%  40.8%  40.6%  42.8%  39.7%  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 2021-2025 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  %  >  72% Renewable14% Efficient Natural Gas11% Transmission & Transport. 3% Water          41% North America36% Europe14% South America 9% RoW          SIZEABLE AND DIVERSIFIED ASSET PORTFOLIOPortfolio Breakdown Based on Estimated CAFD1  69% Renewable15% Transmission & Transport.13% Efficient Natural Gas 3% Water  45% North America35% Europe12% South America8% RoW  Dec-2019: 
 
 As of March 1, 2021   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING 1  YEARS INCONTRACT LEFT  CURRENCY  RENEWABLE ENERGY  Solana    100%  USA (Arizona)  280 MW  APS  A-/A2/A-  23  USD    Mojave    100%  USA (California)  280 MW  PG&E  BB-/WR/BB  19  USD    Solaben 2/3    70%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  17/17  EUR 3    Solacor 1/2    87%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  16/16  EUR 3    PS 10/20    100%  Spain  31 MW  Kingdom of Spain  A/Baa1/A-  11/13  EUR 3    Helioenergy 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  16/16  EUR 3    Helios 1/2    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  16/17  EUR 3    Solnova 1/3/4    100%  Spain  3x50 MW  Kingdom of Spain  A/Baa1/A-  14/14/15  EUR 3    Solaben 1/6    100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  18/18  EUR 3    Seville PV    80%  Spain  1 MW  Kingdom of Spain  A/Baa1/A-  15  EUR    Kaxu    51%  South Africa  100 MW  Eskom  BB/Ba2/BB-2  14  ZAR    Chile PV 1    35%  Chile  55 MW  n/a  n/a  n/a   USD 4    Chile PV 2    35%  Chile  40 MW  n/a  n/a  n/a   USD 4    Palmatir    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  13  USD    Cadonal    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  14  USD    Melowind    100%  Uruguay  50 MW  UTE  BBB/Baa2/BBB-2  15  USD    Mini-Hydro    100%  Peru  4 MW  Peru  BBB+/A3/BBB+  12  USD  EFFICIENT NATURAL GAS  ACT    100%  Mexico  300 MW  Pemex  BBB/Ba2/BB-  12  USD 4    Monterrey    30%  Mexico  142 MW  Industrial Customers  Not rated  18  USD 4  TRANSMISSION & TRANSPORT.  ATN    100%  Peru  379 miles  Peru  BBB+/A3/BBB+  20  USD 4    ATS    100%  Peru  569 miles  Peru  BBB+/A3/BBB+  23  USD 4    ATN 2    100%  Peru  81 miles  Minera Las Bambas  Not rated  12  USD 4    Quadra 1/2    100%  Chile  49 miles / 32 miles  Sierra Gorda  Not rated  14/14  USD 4    Palmucho    100%  Chile  6 miles  Enel Generacion Chile  BBB+/Baa1 /A-  17  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  13  USD 4    Honaine    26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  17  USD 4    Tenes    51%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  19  USD 4          Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of February 26, 2021.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 December 31,          For the twelve-month period ended December 31,           2020     2019      2020     2019                      Profit/(loss) for the period attributable to the Company    $ (49,241)     $ 1,303      $ 11,968    $ 62,135  Profit/(loss) attributable to non-controlling interest    7,948     4,925      4,906    12,473  Income tax    (202)     (16,029)      24,877    30,950  Share of loss/(profit) of associates carried under the equity method    (2,758)     (3,576)      (510)    (7,457)  Financial expense, net    109,899     97,711      331,810    402,348  Operating profit    $ 65,646       $ 84,334      $ 373,051     $ 500,449  Depreciation, amortization, and impairment charges    106,438     75,866      408,604    310,755  Adjusted EBITDA    $ 172,083      $ 160,200      $ 781,655    $ 811,204  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,013     3,229      14,468    10,351  Adjusted EBITDA including unconsolidated affiliates1    $ 175,096      $ 163,429      $ 796,123    $ 821,555  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (3,013)     (3,229)      (14,468)    (10,351)  Dividends from equity method investments    2,106    3,498      22,246    30,443  Non-monetary items    (8,289)     (4,783)      (21,633)    (37,432)  Net interest and income tax paid    (124,661)     (131,845)      (287,239)    (299,514)  Deposits into/ withdrawals from restricted accounts    27,807     (1,692)      87,177    1,719  Change in non-restricted cash at project level     34,784     115,626       (78,618)    70,527  Dividends paid to non-controlling interests    (1,950)     (5,156)      (22,944)    (29,239)  Changes in other assets and liabilities    100,843     37,765      (19,531)    (102,639)  Cash Available For Distribution before Debt Principal Repayments    202,723    173,613      461,113    445,069  Principal amortization of indebtedness    (151,260)     (123,568)      (260,422)    (254,794)   Cash Available For Distribution    $ 51,463      $ 50,045      $ 200,691    $ 190,275 
 
 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 December 31,          For the twelve-month period ended December 31,           2020    2019      2020     2019                      Net cash provided by operating activities    $ 134,978    $ 42,145      $ 438,221     $ 363,581  Net interest and income tax paid     124,661     131,845      287,239    299,514  Variations in working capital     (95,713)     (18,699)      33,212    113,351  Other non-cash adjustments and other    8,157     4,909      22,983    34,758  Adjusted EBITDA    $ 172,083     $ 160,200      $ 781,655     $ 811,204  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    3,013     3,229      14,468    10,351  Adjusted EBITDA including unconsolidated affiliates1    $ 175,096     $ 163,429      $ 796,123     $ 821,555 
 
 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 December 31,        For the twelve-month period ended December 31,           2020    2019    2020    2019                    Revenue    $ 244,526      $ 213,289    $ 1,013,260     $ 1,011,452                    Profit/(loss) for the period attributable to the Company    $ (49,241)      $ 1,303    $ 11,968     $ 62,135  Profit/(loss) attributable to non-controlling interest    7,948     4,925    4,906    12,473  Income tax    (202)     (16,029)    24,877    30,950  Share of loss/(profit) of associates carried under the equity method    (2,758)     (3,576)    (510)    (7,457)  Financial expense, net    109,899     97,711    331,810    402,348  Operating profit    $ 65,646      $ 84,334     $ 373,051     $ 500,449  Operating profit margin    26.8%     39.5%    36.8%     49.5%                     Depreciation, amortization, and impairment charges    43.5%    35.6%    40.3%    30.7%                    Adjusted EBITDA margin     70.4%     75.1%    77.1%     80.2%  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    1.2%    1.5%    1.4%    1.0%  Adjusted EBITDA Margin including unconsolidated affiliates1    71.6%     76.6%    78.6%     81.2% 
 
 RECONCILIATIONReconciliation of 2021 Target Guidance for Adjusted EBITDA including unconsolidated affiliates to CAFD   (in millions of U.S. dollars)    Guidance1       2021E        Adjusted EBITDA including unconsolidated affiliates    820 – 860  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates    (10) – (15)  Dividends from equity method investments    20 – 30  Non-monetary items    (20) – (30)  Net interest and income tax paid    (280) – (300)  Principal amortization of indebtedness    (290) – (310)  Changes in other assets and liabilities and change in available cash at project level    0 – 20  Cash Available For Distribution    220 – 240  The forward-looking measures of 2021 Adjusted EBITDA and CAFD are non-GAAP measures that cannot be reconciled to the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward looking income tax expense, mark-to-market changes in derivatives, profit attributable to non-controlling interest and Share of loss/(profit) of associates carried under the equity method to arrive at net income and which are subtracted therefrom to arrive to CAFD. 
 
 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: March 1, 2021
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer