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REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Title of each class	Trading Symbol		Name of each exchange on which registered
Ordinary Shares, nominal value $0.10 per share	AY		NASDAQ Global Select Market

Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐
		Emerging growth company ☐

U.S. GAAP ☐

International Financial Reporting Standards as issued by the International Accounting Standards Board ☒

Other ☐

		Page
CURRENCY PRESENTATION AND DEFINITIONS		6
PRESENTATION OF FINANCIAL INFORMATION		9
PRESENTATION OF INDUSTRY AND MARKET DATA		10
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	11
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	11
ITEM 3.	KEY INFORMATION	11
B.	Capitalization and Indebtedness	11
C.	Reasons for the Offer and Use of Proceeds	11
D.	Risk Factors	11
ITEM 4.	INFORMATION ON THE COMPANY	41
A.	History and Development of the Company	41
B.	Business Overview	43
C.	Organizational Structure	75
D.	Property, Plant and Equipment	75
ITEM 4A.	UNRESOLVED STAFF COMMENTS	75
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	76
A.	Operating Results	76
B.	Liquidity and Capital Resources	92
C.	Research and Development	101
D.	Trend Information	101
E.	Off-Balance Sheet Arrangements	101
G.	Safe Harbor	105
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	106
A.	Directors and Senior Management	106
B.	Compensation	109
C.	Board Practices	119
D.	Employees	121
E.	Share Ownership	121
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	122
A.	Major Shareholders	122
B.	Related Party Transactions	123
C.	Interests of Experts and Counsel	126
ITEM 8.	FINANCIAL INFORMATION	126
A.	Consolidated Statements and Other Financial Information.	126
B.	Significant Changes	128
ITEM 9.	THE OFFER AND LISTING	128
A.	Offering and Listing Details.	128
B.	Plan of Distribution	129
C.	Markets	129
D.	Selling Shareholders	129
E.	Dilution	129
F.	Expenses of the Issue	129
ITEM 10.	ADDITIONAL INFORMATION	129
A.	Share Capital	129
B.	Memorandum and Articles of Association	129
C.	Material Contracts	129
D.	Exchange Controls	129
E.	Taxation	129
F.	Dividends and Paying Agents	133
G.	Statement by Experts	133
H.	Documents on Display	133
I.	Subsidiaries Information	133
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	134

ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	135
A.	Debt Securities	135
B.	Warrants and Rights	135
C.	Other Securities	135
D.	American Depositary Shares	136
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	136
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	136
ITEM 15.	CONTROLS AND PROCEDURES	136
ITEM 16.	[RESERVED]	137
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	137
ITEM 16B.	CODE OF ETHICS	137
ITEM 16C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	137
ITEM 16D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	139
ITEM 16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	139
ITEM 16F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	139
ITEM 16G.	CORPORATE GOVERNANCE	139
ITEM 16H.	MINE SAFETY DISCLOSURE	139
ITEM 17.	FINANCIAL STATEMENTS	139
ITEM 18.	FINANCIAL STATEMENTS	139
ITEM 19.	EXHIBITS	140

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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;

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

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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;

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changes in tax laws and regulations;

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

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

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

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

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

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

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risks related to our exposure in the labor market;

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

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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;

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

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

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

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our targets or expectations with respect to Adjusted EBITDA derived from low-carbon footprint assets;

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risks related to our relationship with Abengoa, our former largest shareholder and currently one of our operation and maintenance suppliers, including bankruptcy and particularly the potential impact of Abengoa S.A.’s insolvency filing and Abenewco1, S.A.’s potential insolvency filing;

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risks related to our relationship with our shareholders, including Algonquin, our major shareholder;

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

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

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sale of electricity to the Mexican market;

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guidance related to amount of Adjusted EBITDA from low carbon footprint assets and

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other factors discussed under “Risk Factors”.

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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—Liquidity and Capital Resources—Financing Arrangements—2019 Notes”;

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references to “2020 Green Private Placement” refer to the €290 million (approximately $354 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 5.B—Liquidity and Capital Resources—Financing Arrangements—2020 Green Private Placement;

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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;

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references to “AAGES ROFO Agreement” refer to the agreement we entered into with AAGES on March 5, 2018, which became effective upon completion of the Share Sale, that provides us a right of first offer to purchase any of the AAGES ROFO Assets, as amended and restated from time to time;

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references to “Abengoa” refer to Abengoa, S.A., together with its subsidiaries, or Abenewco1, S.A. together with its subsidiaries, unless the context otherwise requires;

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references to “ACS” refer to ACS Group;

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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;

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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;

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references to “Algonquin ROFO Agreement” refer to the agreement we entered into with Algonquin on March 5, 2018, which became effective upon completion of the Share Sale, under which Algonquin granted us a right of first offer to purchase any of the assets offered for sale located outside of the United States or Canada as amended from time to time. See “Item 7.B—Related Party Transactions—Algonquin drop down agreement and Right of First Offer on assets outside the United States or Canada”;

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references to “Amherst Island Partnership” or AIP refer to the holding company of Windlectric Inc;

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references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in this annual report;

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

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references to “Atlantica” refer to Atlantica Sustainable Infrastructure plc and, where the context requires, Atlantica Sustainable Infrastructure plc together with its consolidated subsidiaries;

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

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

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

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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;

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

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

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references to “Calgary District Heating” refer to the district heating asset in Canada, which we agreed to acquire in the fourth quarter of 2020 for a total equity investment of approximately $20 million, subject to conditions precedent and regulatory approvals;

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references to “Chile PV 1” refer to the solar PV plant of 55 MW located in Chile;

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references to “Chile PV 2” refer to the solar PV plant of 40 MW located in Chile;

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references to “CNMC” refer to Comision Nacional de los Mercados y de la Competencia, the Spanish state-owned regulator;

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

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references to “Coso” refer to the 135 MW geothermal plant located in California, which we agreed to acquire in December 2020, subject to customary conditions.;

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references to “DOE” refer to the U.S. Department of Energy;

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references to “DTC” refer to The Depository Trust Company;

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

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references to “EPACT” refer to the Energy Policy Act of 2005;

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

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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;

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references to “EU” refer to the European Union;

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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;

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

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references to “Fitch” refer to Fitch Ratings Inc.;

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references to “FPA” refer to the U.S. Federal Power Act;

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references to “Adjusted EBITDA” have the meaning set forth in “Presentation of Financial Information—Non-GAAP Financial Measures” in the section below;

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references to “Green Project Finance” refer to the 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”;

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references to “gross capacity” refers 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 annual report;

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references to “GWh” refer to gigawatt hour;

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

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

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references to “IPO” refer to our initial public offering of ordinary shares in June 2014;

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references to “IRC” refer to the Internal Revenue Code of 1986;

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references to “ITC” refer to investment tax credits;

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

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references to “La Sierpe” refer to the 20MW solar asset in Colombia to be acquired from Algonquin. by mid-2021, subject to customary conditions;

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

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

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references to “Lost time injury rate” refer to the total number of recordable accidents with leave (lost time injury) recorded in the last 12 months per two hundred thousand worked hours;

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references to “LTIP” refer to the long-term incentive plans approved by the Board of Directors.

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references to “MACRS” refer to the Modified Accelerated Cost Recovery System;

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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;

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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;

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references to “MW” refer to megawatts;

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references to “MWh” refer to megawatt hour;

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references to “Moody’s” refer to Moody’s Investor Service Inc.;

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references to “NEPA” refer to the National Environment Policy Act;

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references to “NOL” refer to net operating loss;

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references to “Note Issuance Facility 2017” refer to the senior secured note facility dated February 10, 2017, of €275 million (approximately $336 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;

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references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, of €140 million (approximately $171 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;

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references to “O&M” refer to operation and maintenance services provided at our various facilities;

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

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references to “Pemex” refer to Petróleos Mexicanos;

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references to “PFIC” refer to passive foreign investment company within the meaning of Section 1297 of the IRC;

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

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

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references to “PTC” refer to production tax credits;

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references to “PTS” refer to Pemex Transportation System;

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references to “Registrar” refer to The Bank of New York Mellon;

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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;

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

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

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references to “ROFO agreements” refer to the AAGES ROFO Agreement and Algonquin ROFO Agreement;

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references to “RPS” refer to renewable portfolio standards adopted by 29 U.S. states and the District of Columbia that require a regulated retail electric utility to procure a specific percentage of its total electricity delivered to retail customers in the respective state from eligible renewable generation resources, such as solar or wind generation facilities, by a specific date;

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references to “RRRE” refer to the Specific Remuneration System Register in Spain;

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references to “Share Sale” refer to the sale by Abengoa to Algonquin of 25% of our ordinary shares pursuant to an agreement for the sale that was entered into in November 2017;

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references to the “Shareholders’ Agreement” refer to the agreement by and among Algonquin Power & Utilities Corp., Abengoa-Algonquin Global Energy Solutions and Atlantica Sustainable Infrastructure plc, dated March 5, 2018, as amended, which became effective upon completion of the Share Sale;

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

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references to “Solnova 1, 3 & 4” refer to a 150 MW concentrating solar power facility wholly owned by Atlantica Sustainable Infrastructure, located in the municipality of Sanlucar la Mayor, Spain;

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references to “S&P” refer to S&P Global Rating;

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

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references to “Total-Record Incident” refer to the total number of recordable accidents with and without leave (lost time injury) recorded in the last 12 months per two hundred thousand worked hours;

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

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reference to “U.S.” or “United States” refer to the United States of America;

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

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they do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

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they do not reflect changes in, or cash requirements for, our working capital needs;

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they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;

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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 does not reflect any cash requirements that would be required for such replacements; and

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the fact that other companies in our industry may calculate Adjusted EBITDA differently than we do, which limits their usefulness as comparative measures.

I.

Risks Related to Our Business and Our Assets

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Rising temperatures are also increasing the frequency and intensity of droughts and risk of fire. For example, in California, the size and ferocity of fires has increased significantly in the past 20 years, which have also been very hot and dry years. California wildfires have been especially catastrophic, causing human fatalities and significant material losses. Our transmission lines, including transmission lines and substations which are part of our solar assets, could cause fires. Therefore, they could create significant liabilities if the fire damaged third parties.

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Severe floods could damage our plants, especially our transmission lines or our generation assets. If an unexpected flood runs close to an existing transmission tower it could cause the fall of one or more transmission towers. Similarly, floods can damage the solar field in our solar plants.

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Severe winds could cause damage in the solar fields at our solar assets. In 2016, the solar field of Solana was damaged by a wind micro-burst and similar events could happen in the future in our assets.

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Severe droughts could result in water restrictions or in a deterioration to the properties of water. Droughts may affect the cooling capacity of our power projects. A deterioration of the quality of the water would have an impact on chemical costs in our water treatment plants within our generation facilities.

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Changes in temperature extremes could also affect the water quality in desalination plants, causing an increase of the chemical products consumption and generating a risk of growth of algae and mollusks within the facilities.

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Storms with intense lightning activity could damage our plants, especially our wind assets. Our wind farms in Uruguay have already experienced some damage in the past and our assets could be affected again.

II.

Risks Related to the COVID-19 Pandemic

III.

Risks Related to Our Relationship with Algonquin and Abengoa

IV.

Risks Related to Our Indebtedness

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increasing our vulnerability to general economic and industry conditions;

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requiring a substantial portion of our cash flow from operations to be dedicated to the payment of principal and interest on our indebtedness, therefore reducing our ability to pay dividends to holders of our shares or to use our cash flow to fund our operations, capital expenditures and future business opportunities;

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limiting our ability to enter into long-term power sales, fuel purchases and swaps which require credit support;

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limiting our ability to fund operations or future investments and acquisitions;

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restricting our ability to make certain distributions with respect to our shares and the ability of our subsidiaries to make certain distributions to us, in light of restricted payment and other financial covenants in our credit facilities and other financing agreements;

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exposing us to the risk of increased interest rates because a portion of some of our borrowings (below 10% as of December 31, 2020 after giving effect to hedging agreements) are at variable rates of interest;

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limiting our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, investments and acquisitions and general corporate or other purposes, and limiting our ability to post collateral to obtain such financing; and

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limiting our ability to adjust to changing market conditions and placing us at a disadvantage compared to our competitors who have less debt.

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general economic and capital market conditions;

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credit availability from banks and other financial institutions;

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investor confidence in us and Algonquin as our largest shareholder

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our financial performance, cash flow generation and the financial performance of our subsidiaries;

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our level of indebtedness and compliance with covenants in debt agreements;

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maintenance of acceptable project and corporate credit ratings or credit quality; and

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tax and securities laws that may impact raising capital.

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reducing our receipt of dividends, fees, interest payments, loans and other sources of cash, since the project company will typically be prohibited from distributing cash to us and our subsidiaries until the event of default is cured or waived;

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default under our other debt instruments;

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causing us to record a loss in the event the lender forecloses on the assets of the project company; and

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the loss or impairment of investors’ and project finance lenders’ confidence in us.

V.

Risks Related to Our Growth Strategy

VI.

Risks Related to the Markets in Which We Operate

VII.

Risks Related to Regulation

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public opposition will not result in delays, modifications to or cancellation of any project or license;

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laws or regulations will not change or be interpreted in a manner that increases our costs of compliance or require new investments and may have a material adverse effect on our business, financial condition, results of operations and cash flows, including preventing us from operating an asset if we are not in compliance; or

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governmental authorities will approve our environmental impact studies where required to implement proposed changes to operational projects.

VIII.

Risks Related to Ownership of Our Shares

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operational performance of our assets;

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potential capital expenditure requirements in our assets in the case there were technical problems environmental or regulatory requirements not covered by the EPC contractor guarantee or O&M contractor guarantee or by insurance;

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our debt service requirements and other liabilities;

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fluctuations in our working capital needs;

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fluctuations in foreign exchange rates;

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the level of our operating and general and administrative expenses,

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seasonal variations in revenues generated by the business;

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restrictions contained in our debt agreements (including our project-level financing);

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our ability to borrow funds, including intercompany loans;

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changes in our revenues and/or cash generation in our assets due to delays in collections from our off-takers, legal disputes regarding contact terms, adjustments contemplated in existing regulation or changes in regulation or taxes in the countries in which we operate, or adverse weather conditions;

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potential restrictions on payment of dividends arising from cross-default provisions with Abengoa in our Kaxu project financing agreements; and

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other business risks affecting our cash levels.

IX.

Risks Related to Taxation

X.

General Risk Factors

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	23
Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	BB-/WR/BB	2014	19
Chile PV 1	Renewable (Solar)	35%(8)	Chile	USD	55 MW	N/A	2016	N/A
Chile PV 2	Renewable (Solar)	35%(8)	Chile	USD	40 MW	N/A	2017	N/A
Solaben 2 & 3	Renewable (Solar)	70%(1)	Spain	Euro	2x50 MW	A/Baa1/A-	2012	17/17
Solacor 1 & 2	Renewable (Solar)	87%(2)	Spain	Euro	2x50 MW	A/Baa1/A-	2012	16/16
PS10 & PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A/Baa1/A-	2007& 2009	11/13
Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2011	16/16
Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2012	16/17
Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A/Baa1/A-	2010	14/14/15
Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2013	18/18
Seville PV	Renewable (Solar)	80%(6)	Spain	Euro	1 MW	A/Baa1/A-	2006	15
Kaxu	Renewable (Solar)	51%(3)	South Africa	Rand	100 MW	BB/Ba2/ BB-(11)	2015	14
Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(12)	2014	13
Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-(12)	2014	14
Melowind	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB/Baa2/BBB-	2015	15
Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB+/A3/BBB+	2012	12
ACT	Efficient natural gas	100%	Mexico	USD	300 MW	BBB/ Ba2/ BB-	2013	12
Monterrey	Efficient natural gas	30%	Mexico	USD	142 MW	Not rated	2018	18
ATN (13)	Transmission line	100%	Peru	USD	379 miles	BBB+/A3/BBB+	2011	20
ATS	Transmission line	100%	Peru	USD	569 miles	BBB+/A3/BBB+	2014	23
ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	12
Quadra 1 & 2	Transmission line	100%	Chile	USD	49 miles/ 32 miles	Not rated	2014	14/14
Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB+/Baa1/ A-	2007	17

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	13
Honaine	Water	25.5%(5)	Algeria	USD	7 M ft3/ day	Not rated	2012	17
Tenes	Water	51%(7)	Algeria	USD	7 M ft3/ day	Not rated	2015	19

(10)	Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch.

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40% through a swap set at approximately 3.7% for the duration of the loans.

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60% through a cap set at approximately 1% until 2025.

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From January 2026 40% through a cap with approximately 3.75% strike for the duration of the loans.

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53% through a swap set at approximately 3.20% for the life of the financing.

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28% through a cap with a 3.25% strike for the life of the financing.

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In addition, we contracted caps with a 1% strike covering 19.3% of the principal of Solacor 1 and 18.2% of the principal of Solacor 2. Both caps hedge the interest rate through 2025.

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30% for both loans through a swap set at approximately 4.07%

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70% for both loans through a cap set at approximately 1% until 2025

-

From January 2026 70% through a cap with a 4.25% strike for PS10 and 4.5% for PS20

-

a 15-year loan agreement of €218.5 million with a syndicate of banks. The interest rate for the loans is a floating rate based on six-month EURIBOR plus a margin of 2.25% until December 2025 and 2.50% until maturity. The banking tranche is 97% hedged through a swap set at approximately 3.8% strike and 3% hedged through a cap with a 1% strike.

-

a 17-year, fully amortizing loan agreement with an institutional investor for a €45 million with a fixed interest rate of 4.37%. In July 2020, we added a new $43 million notional amount long dated tranche of debt from the same institutional investor with 15-year maturity and with a fixed interest rate of 3.00%.

-

78% through a swap set at approximately 4.76% strike for the life of the debt.

-

22% through a cap with a 1% strike covering the principal through 2025.

-

23% through a swap set at approximately 4.34% strike for the life of the debt.

-

77% through a cap with a 1% strike covering the principal through 2025.

-

83% through a swap set at approximately 4.87% strike for the life of the debt.

-

17% through a cap with a 1% strike covering the principal through 2025.

-

Tranche A is a $36.0 million loan with maturity in 2034 and a floating interest rate of six-month LIBOR plus 2.9%, 81% hedged with a swap set at approximately 3.29% strike.

-

Tranche B is a $33.5 million loan with maturity in 2032 and a floating interest rate of six-month LIBOR plus 2.65%, 81% hedged with a swap set at approximately 3.16% strike.

-

Subordinated tranche for $8.1 million with maturity in 2034 and a floating interest rate of six-month LIBOR plus 5.5%.

-

1st tranche, currently repaid, had a principal amount of $15 million with interest of 3.84% per year.

-

2nd tranche has a principal amount of $50 million with a 15-year term with quarterly amortization and bears interest at a rate of 6.15% per year.

-

3rd tranche has a principal amount of $45 million with a 26-year term and bears interest at a rate of 7.53% per year. The third tranche has a 15-year grace period for principal repayments.

-

4th tranche has a principal amount of $10 million with a 15-year term and bears interest at a rate of 6.88% per year.

•

Cogeneration. The electricity produced is used to supply power to the establishments associated with the cogeneration process and/or the shareholders of the cogeneration company;

•

Self-Supply Generation. The electricity produced is used for the self-supply purposes of the holder of the relevant self-supply power generation permit and/or its shareholders;

•

Independent Power Production. All the electricity produced is delivered to CFE;

•

Small-Scale Production. The electricity produced does not exceed 30 MW and is used for export purposes or the supply of all power output is sold to CFE;

•

Exports. The electricity produced is exported in its entirety and

•

Imports for Independent Consumption. The import of power is used for self-supply purposes.

•

Political Constitution of the United Mexican States (Constitución Política de los Estados Unidos Mexicanos).

•

Electric Industry Law (Ley de la Industria Eléctrica).

•

Regulation of the Electric Industry Law (Reglamento de la Ley de la Industria Eléctrica)

•

Energy Regulatory Bodies Law (Ley de los Órganos Reguladores Coordinados en Materia Energética).

•

Energy Transition Law (Ley de Transición Energética).

•

Federal Electricity Commission Law (Ley de la Comisión Federal de Electricidad).

•

Regulations of the Federal Electricity Commission Law (Reglamento de la Ley de la Comisión Federal de Electricidad).

•

Terms for the strict legal segregation of the Federal Electricity Commission (Términos para la estricta separación legal de la Comisión Federal de Electricidad).

•

Geothermal Energy Law (Ley de Energía Geotérmica).

•

Guidelines that regulate the criteria for granting clean energy certificates (Lineamientos que establecen los criterios para el otorgamiento de certificados de energía limpia) which have been recently amended and which relevant implications will be further mentioned below.

•

Guidelines of the Market (Bases del Mercado Eléctrico).

•

Network’s Code (Código de Red).

•

General Administrative Provisions that establish the terms for the operation of the Register of Qualified Users (Disposiciones administrativas de carácter general que establecen los términos para la operación y funcionamiento del registro de Usuarios Calificados).

•

Resolution by means of which the Energy Regulatory Commission issues the general administrative provisions that establish the general conditions for the provision of the energy supply (Resolución por la que la Comisión Reguladora de Energía expide las Disposiciones administrativas de carácter general que establecen las condiciones generales para la prestación del suministro eléctrico).

•

Mechanism to request the modification of the permits granted under the Electricity Public Service Law for generation permits, as well as the criteria under which the permit holders of such regime may execute an interconnection contract while the Wholesale Electricity Market becomes effective (Mecanismo para solicitar la modificación de los permisos otorgados bajo la Ley del Servicio Público de Energía Eléctrica por permisos con carácter único de generación, así como los criterios bajo los cuales los permisionarios de dicho régimen podrán celebrar un contrato de interconexión en tanto entra en operación el mercado eléctrico mayorista).

•

General administrative provisions for the operation of the certificate procurement system and the compliance with the clean energy obligations (Disposiciones administrativas de carácter general para el funcionamiento del sistema de gestión de certificados y cumplimiento de obligaciones de energías limpias).

•

General administrative provisions that establish the minimum requirement to be met by suppliers and qualified users participating in the Electricity Market to acquire energy demand in terms of article 12, section XXI, of the Electricity Industry Law (Disposiciones administrativas de carácter general que establecen el Requisito mínimo que deberán cumplir los suministradores y los usuarios calificados participantes del mercado para adquirir potencia en términos del artículo 12, fracción XXI, de la Ley de la Industria Eléctrica).

•

General administrative provisions regarding open access and provision of services in the National Transmission Network and the General Distribution Networks (Disposiciones administrativas de carácter general en materia de acceso abierto y prestación de los servicios en la Red Nacional de Transmisión y las Redes Generales de Distribución de Energía Eléctrica).

•

General administrative provisions that establish the requirements and minimum amounts of electricity coverage contracts that suppliers must hold regarding electric power, energy demand and clean energy certificates that they will supply to the represented load centers and their verification (Disposiciones administrativas de carácter general que establecen los requisitos y montos mínimos de contratos de cobertura eléctrica que los suministradores deberán celebrar relativos a la energía eléctrica, potencia y certificados de energía limpia que suministrarán a los centros de carga que representen y su verificación).

•

Policy on Reliability, Safety, Continuity and Quality on the National Electric System (Política de Confiabilidad, Seguridad, Continuidad y Calidad en el Sistema Eléctrico Nacional).

•

Decree to guarantee the Efficiency, Quality, Reliability, Continuity and Safety of the NationalElectric System, due to the recognition of the epidemic of the SARS-CoV2 virus disease (COVID-19) (Decreto para garantizar la Eficiencia, Calidad, Confiabilidad, Continuidad ySeguridad del Sistema Eléctrico Nacional, con motivo del reconocimiento de la epidemia de la enfermedad por el virus SARS-CoV2 (COVID-19)).

•

Resolution by means of which CFE announced the new wheeling tariffs to owners of Legacy Interconnection Agreements with renewable energy sources (Resolución por medio de la cual CFE dio a conocer las nuevas tarifas de transmisión a los titulares de Contratos de Interconexión Legados con fuentes de energía renovable).

•

Priority off-take. Producers of electricity from renewable sources have priority over conventional generators in transmitting to off takers the energy they produce under equal market conditions, without prejudice to the requirements relating to the maintenance of the reliability and safety of the national electricity system and based on transparent and non-discriminatory criteria, in terms to be determined by the Government in a regulatory manner.

•

Priority of access and connection to transmission and distribution networks. Without prejudice to the security of supply and the efficient development of the system, producers of electricity from renewable energy sources have priority in obtaining access and connecting to the grid, subject to the terms set forth in the regulations, on the basis of objective, transparent and non-discriminatory criteria.

•

Entitlement to a specific payment scheme: In the case of existing facilities for the production of energy from renewable energy sources for which the specific remuneration system is recognized it is stablished a remuneration system based on the necessary participation in the market of these facilities, complemented by market income with a specific regulated remuneration that allows these technologies to compete on an equal conditions with the rest of the technologies on the market. This specific complementary remuneration will be sufficient to reach the minimum level necessary to cover the costs and enables them to compete on a level playing field with the other, non-renewable technologies on the market while achieving a reasonable return on investment. In case of new facilities, the Government can establish a specific remuneration and the granting of it would be via auction.

•

Offer to sell the energy they produce through the market operator even when they have not entered into a bilateral or forward contract and are consequently excluded from the bidding system managed by the market operator.

•

Maintain the plant’s planned production capacity. Power lines, which include connections with the transmission or distribution network and transformers are considered part of the production facility.

•

Having, prior to the beginning of discharge into the grid, the equipment for measuring electrical energy.

•

The facilities must be registered in the Administrative Register of Electrical Energy Production Facilities under the Ministry of Industry.

•

Voltage dips: all facilities or groupings of photovoltaic facilities with an installed power greater than 2 MW, in accordance with the definition of grouping, shall be obliged to comply with the requirements for responding to voltage dips established by means of the corresponding operating procedure.

•

Control centers: all facilities with installed power greater than 5 MW, and those with installed power less than or equal to 5 MW but which form part of a grouping of the same subgroup of article 2 whose total sum of installed powers is greater than 5 MW, must be attached to a generation control center.

•

Send of telemetric measurements: all facilities producing from renewable energy sources, cogeneration and waste with installed capacity greater than 1 MW, or less than or equal to 1 MW but which form part of a grouping of the same subgroup whose total installed capacity is greater than 1 MW, must send telemetric measurements to the system operator in real time.

•

Prior Administrative authorization (Autorización Administrativa Previa), which refers to the preliminary project of the installation as a technical document that will be processed, where appropriate, together with the environmental impact study.

•

Approval of the execution project (Autorización Administrativa de Construcción), which refers to the specific project of the facility and allows its owner to construct or establish it.

•

Operating permit (Autorización Administrativa de Explotación), which, once the project has been executed, allows the facilities to be energized and to proceed with their commercial exploitation.

a)

A remuneration per unit of installed power, which shall be called investment remuneration (Rinv) and shall be expressed in €/MW. To determine this parameter, the standard value of the initial investment resulting from the competitive tendering procedure established to grant the specific remuneration system to each installation will be considered. For the calculation of the annual income from the remuneration for the investment of an installation, the remuneration for the investment (Rinv) of the associated typical installation shall be multiplied by the power entitled to the specific remuneration system, without prejudice to the correction according to the number of equivalent hours of operation.

b)

A remuneration for the operation (Ro) which shall be calculated in accordance with the provisions of Article 17 of the Royal Decree 413/2014, expressed in €/MWh. In order to calculate the income from the remuneration for the operation of an installation, the remuneration for the operation (Ro) of the associated typical installation shall be multiplied, for each settlement period, by the energy sold on the production market in any of its forms of contracting in said period, attributable to the fraction of power entitled to a specific remuneration system, without prejudice to the correction based on the number of equivalent hours of operation.

•

Net investment value. This consists of a standard amount per MW for each type of plant, calculated by the method set out in Royal Decree 413/2014, which is the amount invested in the plant and not depreciated as of July 14, 2013.

•

Useful life of the plant. For solar thermal plants this is 25 years and for photovoltaic plants this is 30 years.

•

Return on investment. Considering the net asset value determined on the basis of a standard cost per MW built, an amount is set per unit of power, which enables investment costs that cannot be recovered through the pool price to be recouped over the useful life of the plant.

•

Operating remuneration. An amount is set per unit of power and hour that, added to the pool price, enables the producer to recoup all the plant’s operating and maintenance costs. Operating expenses include the cost of land, electricity, gas and water bills, management, security, corrective and preventive maintenance, representation costs, the Spanish tax on special immovable properties, insurance, applicable generation charges and a generation tax which is equal to 7% of total revenue.

•

Maximum number of operating hours. A maximum number of hours is set for which each plant type can receive the operating remuneration

•

Operating threshold. Plants must operate for more than a set number of hours per year to receive the return on investment and operating remuneration.

•

Minimum operating hours. Plants that cross the operating threshold but operate for fewer hours than the annual minimum hours receive a lower remuneration.

•

Appropriate profit for this specific type of renewable electricity generation and electricity generation as a whole, considering the financial condition of the Spanish electricity system and Spanish prevailing economic conditions; and

•

Borrowing costs for electricity generation companies using renewable energy sources with regulated payment systems, which are efficient and well run, within Europe.

	Useful Life		Return on Investment 2020-2022 (euros/MW)				Operating Remuneration 2021 (euros/GWh)				Maximum Hours				Minimum Hours				Operating Threshold
Solaben 2	25 years			398,174				41,635				2,016				1,210				706
Solaben 3	25 years			398,174				41,635				2,016				1,210				706
Solacor 1	25 years			398,174				41,635				2,016				1,210				706
Solacor 2	25 years			398,174				41,635				2,016				1,210				706
PS 10	25 years			550,263				63,907				1,848				1,109				647
PS 20	25 years			407,269				58,070				1,848				1,109				647
Helioenergy 1	25 years			393,071				41,444				2,016				1,210				706
Helioenergy 2	25 years			393,071				41,444				2,016				1,210				706
Helios 1	25 years			407,037				41,635				2,016				1,210				706
Helios 2	25 years			407,037				41,635				2,016				1,210				706
Solnova 1	25 years			413,423				42,332				2,016				1,210				706
Solnova 3	25 years			413,423				42,332				2,016				1,210				706
Solnova 4	25 years			413,423				42,332				2,016				1,210				706
Solaben 1	25 years			403,599				41,838				2,016				1,210				706
Solaben 6	25 years			403,599				41,838				2,016				1,210				706
Seville PV	30 years			709,200				28,982				2,061				1,237				721

•

40% of the tax base before the amortization or depreciation and before the offset of tax loss carryforwards for taxpayers (subject to requirements to keep up employment levels); or

•

20% of the tax base before the amortization or depreciation and before the offset of tax loss carryforwards for taxpayers (without employment requirements).

D.	Property, Plant and Equipment

	Year ended December 31,
	2020								2019								2018
	$ in millions				% of revenue				$ in millions				% of revenue				$ in millions				% of revenue
North America		$	330.9				32.6	%		$	333.0				32.9	%		$	357.2				34.2	%
South America			151.5				15.0	%			142.2				14.1	%			123.2				11.8	%
EMEA			530.9				52.4	%			536.3				53.0	%			563.4				54.0	%
Total revenue		$	1,013.3				100.0	%		$	1,011.5				100.0	%		$	1,043.8				100	%

	Year ended December 31,
	2020								2019								2018
	$ in millions				% of revenue				$ in millions				% of revenue				$ in millions				% of revenue
Renewable Energy		$	753.1				74.3	%		$	761.1				75.2	%		$	793.5				76.0	%
Efficient Natural Gas			111.0				11.0	%			122.3				12.1	%			130.8				12.5	%
Electric Transmission			106.1				10.5	%			103.5				10.2	%			96.0				9.2	%
Water			43.1				4.2	%			24.6				2.4	%			23.5				2.3	%
Total revenue		$	1,013.3				100.0	%		$	1,011.5				100.0	%		$	1,043.8				100	%

	Year ended December 31,
	2020								2019								2018
	$ in millions				% of revenue				$ in millions				% of revenue				$ in millions				% of revenue
North America		$	272.9				82.5	%		$	305.1				91.6	%		$	308.8				86.4	%
South America			120.0				79.2	%			115.3				81.1	%			100.2				81.3	%
EMEA			388.7				73.1	%			390.8				72.9	%			441.6				78.4	%
Adjusted EBITDA(1)		$	781.6				77.1	%		$	811.2				80.2	%		$	850.6				81.5	%

	Year ended December 31,
	2020								2019								2018
	$ in millions				% of revenue				$ in millions				% of revenue				$ in millions				% of revenue
Renewable Energy		$	575.6			$	76.4	%		$	603.7			$	79.3	%		$	664.4				83.7	%
Efficient Natural Gas			97.9				88.2	%			107.5				87.9	%			93.9				71.8	%
Electric Transmission			84.6				79.7	%			85.6				82.7	%			78.4				81.7	%
Water			23.5				54.5	%			14.4				58.5	%			13.9				59.1	%
Adjusted EBITDA(1)		$	781.6			$	77.1	%		$	811.2			$	80.2	%		$	850.6				81.5	%

		Year ended December 31,
		2020				2019				2018
		($ in millions)
Profit/(loss) for the year attributable to the parent company		$	11.9			$	62.1			$	41.6
Profit/(loss) attributable to non-controlling interest from continued operations			4.9				12.5				13.7
Income tax expense			24.9				30.9				42.6
Share of (profit)/loss of associates carried under the equity method			(0.5	)			(7.5	)			(5.2	)
Financial expense, net			331.8				402.3				395.2
Operating profit /(loss)		$	373.0			$	500.4			$	487.9
Depreciation, amortization and impairment charges			408.6				310.8				362.7
Adjusted EBITDA		$	781.6			$	811.2			$	850.6

	Year ended December 31,
	2020					2019				2018
	($ in millions)
Net cash flow provided by operating activities		$	438.2			$	363.5			$	401.0
Net interest /taxes paid			287.2				299.5				333.5
Variations in working capital			33.2				113.4				18.4
Other non-cash adjustments and other			23.0				34.8				97.7
Adjusted EBITDA		$	781.6			$	811.2			$	850.6

•

MW in operation in the case of Renewable Energy and Efficient Natural Gas assets, miles in operation in the case of Electric Transmission and Mft3 in operation in the case of Water assets are indicators which provide information about the installed capacity or size of our portfolio of assets.

•

Production measured in GWh in our Renewable Energy and Efficient Natural Gas assets provides information about the performance of these assets.

•

Availability in the case of our Efficient Natural Gas assets, Electric Transmission and Water assets also provides information on the performance of the assets. In these business segments revenues are based on availability, which is the time during which the asset was available to our client totally or partially divided by contracted availability or budgeted availability, as applicable.

		As of and for the year ended December 31,
		2020				2019				2018
Renewable Energy
MW in operation(1)			1,551				1,496				1,496
GWh produced(2)			3,244				3,236				3,058
Efficient Natural Gas
MW in operation(3)			343				343				300
GWh produced(4)			2,574				2,090				2,318
Availability (%)(4)			102.1	%			95.0	%			99.8	%
Electric Transmission
Miles in operation			1,166				1,166				1,152
Availability (%)			100.0	%			100.0	%			99.9	%
Water
Mft3 in operation(1)			17.5				10.5				10.5
Availability (%)			100.1	%			101.2	%			102.0	%

(1)	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.

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

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

(4)	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 2019.

		Year ended December 31,
		2020				2019				2018
		$ in millions
Revenue		$	1,013.3			$	1,011.5			$	1,043.8
Other operating income			99.5				93.8				132.5
Employee benefit expenses			(54.4	)			(32.2	)			(15.1	)
Depreciation, amortization and impairment charges			(408.6	)			(310.8	)			(362.7	)
Other operating expenses			(276.7	)			(261.8	)			(310.6	)
Operating profit/(loss)		$	373.1			$	500.4			$	487.9
Financial income			7.1				4.1				36.4
Financial expense			(378.4	)			(408.0	)			(425.0	)
Net exchange differences			(1.4	)			2.7				1.6
Other financial income/(expense), net			40.9				(1.1	)			(8.2	)
Financial expense, net		$	(331.8	)		$	(402.3	)		$	(395.2	)
Share of profit/(loss) of associates carried under the equity method			0.5				7.4				5.2
Profit/(loss) before income tax		$	41.8			$	105.6			$	97.9
Income tax expense			(24.9	)			(30.9	)			(42.6	)
Profit/(loss) for the year		$	16.9			$	74.6			$	55.3
Profit/(loss) attributable to non-controlling interests			(4.9	)			(12.5	)			(13.7	)
Profit / (loss) for the year attributable to the parent company		$	12.0			$	62.1			$	41.6

	Year ended December 31,
	2020					2019
Other operating income	$ in millions
Grants		$	59.0			$	59.1
Income from various services			40.5				34.7
Total		$	99.5			$	93.8

		Year ended December 31,
		2020								2019
Other operating expenses		$ in millions				% of revenue				$ in millions				% of revenue
Raw Materials		$	7.8				0.8	%		$	9.7				1.0	%
Leases and fees			2.6				0.3	%			1.9				0.2	%
Operation and maintenance			110.9				10.9	%			116.0				11.5	%
Independent professional services			40.2				4.0	%			41.6				4.1	%
Supplies			27.9				2.8	%			25.8				2.6	%
Insurance			37.6				3.7	%			24.0				2.4	%
Levies and duties			39.8				3.9	%			34.8				3.4	%
Other expenses			9.9				1.0	%			8.0				0.8	%
Total		$	276.7				27.3	%		$	261.8				26.0	%

			Year ended December 31,
Financial income and financial expense			2020			2019
			$ in millions
Financial income		$	7.1			$	4.1
Financial expense			(378.4	)			(408.0	)
Net exchange differences			(1.4	)			2.7
Other financial income/(expense), net			40.9				(1.1	)
Financial expense, net		$	(331.8	)		$	(402.3	)

		Year ended December 31,
Financial expense		2020			2019
		$ in millions
Expenses due to interest:
Loans with credit entities		$	(246.7	)		$	(259.4	)
Other debts			(69.6	)			(89.3	)
Interest rates losses derivatives: cash flow hedges			(62.1	)			(59.3	)
Total		$	(378.4	)		$	(408.0	)

			Year ended December 31,
Other financial income/(expense), net			2020			2019
			$ in millions
Other financial income		$	162.3			$	14.2
Other financial losses			(121.4	)			(15.3	)
Total		$	40.9			$	(1.1	)

		For the year ended December 31,
		2020				2019
		$ in millions
Consolidated income before taxes			41.8				105.6
Average statutory tax rate			25	%			25	%
Corporate income tax at average statutory tax rate			(10.4	)			(26.4	)
Income tax of associates, net			0.1				1.8
Differences in statutory tax rates			(0.1	)			(7.1	)
Unrecognized NOLs and deferred tax assets			(37.1	)			(14.2	)
Purchase of Liberty´s equity interest in Solana			36.4				-
Other Permanent Differences			(8.9	)			11.2
Other non-taxable income/(expense)			(4.7	)			3.7
Corporate income tax			(24.9	)			(31,0	)

			Year ended December 31,
			2020						2019
Revenue by geography			$ in millions		% of revenue				$ in millions				% of revenue
North America		$	330.9				32.6	%		$	333.0				32.9	%
South America			151.5				15.0	%			142.2				14.1	%
EMEA			530.9				52.4	%			536.3				53.0	%
Total revenue		$	1,013.3				100.0	%		$	1,011.5				100.0	%

			Year ended December 31,
			2020						2019
Adjusted EBITDA by geography			$ in millions		% of revenue				$ in millions				% of revenue
North America		$	272.9				82.5	%		$	305.1				91.6	%
South America			120.0				79.2	%			115.3				81.1	%
EMEA			388.7				73.1	%			390.8				72.9	%
Adjusted EBITDA(1)		$	781.6				77.1	%		$	811.2				80.2	%

	Volume produced/availability
	Year ended December 31,
Volume by geography	2020					2019
North America (GWh) (1)			3,908				3,397
North America availability(1)			102.1	%			95.0	%
South America (GWh) (2)			667				516
South America availability			100.0	%			100.0	%
EMEA (GWh)			1,243				1,413
EMEA availability			100.1	%			101.2	%

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

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

	Year ended December 31,
	2020								2019
Revenue by business sector	$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy		$	753.1				74.3	%		$	761.1				75.2	%
Efficient natural gas			111.0				11.0	%			122.3				12.1	%
Electric transmission lines			106.1				10.5	%			103.5				10.2	%
Water			43.1				4.2	%			24.6				2.4	%
Total revenue		$	1,013.3				100.0	%		$	1,011.5				100.0	%

	Year ended December 31,
	2020								2019
Adjusted EBITDA by business sector	$ in millions				% of revenue				$ in millions				% of revenue
Renewable energy		$	575.6				76.4	%		$	603.7				79.3	%
Efficient natural gas			97.9				88.2	%			107.5				87.9	%
Electric transmission lines			84.6				79.7	%			85.6				82.7	%
Water			23.5				54.5	%			14.4				58.5	%
Adjusted EBITDA(1)		$	781.6				77.1	%		$	811.2				80.2	%

	Volume produced/availability
	Year ended December 31,
Volume by business sector	2020				2019
Renewable energy (GWh) (1)			3,244				3,235
Efficient natural gas Power (GWh) (2)			2,574				2,090
Efficient natural gas Power availability(3)			102.1	%			95.0	%
Electric transmission availability			100.0	%			100.0	%
Water availability			100.1	%			101.2	%

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

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

(3)	Major overhaul held in Q1 and Q2 2019 in ACT, as scheduled, which reduced the electric availability as per the contract with Pemex

•

debt service requirements on our existing and future debt;

•

cash dividends to investors; and

•

acquisitions of new companies, investments and operations (see “Item 4.B—Business Overview—Our Business Strategy”).

		Year ended December 31,
		2020				2019
		$ in millions
Corporate Liquidity
Cash and cash equivalents at Atlantica Sustainable Infrastructure, plc, excluding subsidiaries		$	335.2			$	66.0
Revolving Credit Facility availability			415.0				341.0
Total Corporate Liquidity		$	750.2			$	407.0
Liquidity at project companies
Restricted Cash (1)			279.8				373.6
Non-restricted cash			253.5				157.9
Total cash at project companies		$	533.3			$	531.5

(1)

Restricted Cash as of December 31, 2019 included cash classified as short-term financial investments for an approximately amount of $34.6 million.

	S&P	Fitch
Atlantica Sustainable Infrastructure Corporate Rating	BB	BB
Senior Secured Debt	BBB-	BBB-
Senior Unsecured Debt	BB	BB+

					Year ended December 31,
						2020				2019
		Maturity			($ in millions)
Revolving Credit Facility		2022					-				81.9
Other Facilities			2021-2025			$	29.7			$	38.0
2019 Note Issuance Facility			2025				344.0				301.6
Green Exchangeable Bond			2025				102.1				-
Green Senior Secured Notes			2026				351.0				-
2020 Note Issuance Facility			2027				166.9				-
2017 Note Issuance Facility		Repaid in April 2020					-				302.3
Total Corporate Debt						$	993.7			$	723.8
Total Project Debt						$	5,237.6			$	4,852.3

A)

Corporate debt agreements

B)

Project debt refinancing

A)

Debt service

Repayment schedule by geography		Total				2021				2022				2023				2024				2025				Subsequent years
		$ in millions
North America		$	1,623.3				80.1				90.9				97.5				98.7				107.2				1,148.9
South America			902.5				40.1				33.8				37.1				40.4				43.1				708.0
EMEA			2,711.8				192.2				203.6				221.2				232.4				358.5	(1)			1,503.8
Total project debt		$	5,237.6				312.4				328.4				355.8				371.5				508.8				3,360.7
Corporate debt		$	993.7				23.6				0.0				2.0				2.0				448.1				517.9
Total		$	6,231.3				336.0				328.4				357.8				373.5				956.9				3,878.6

(1)

Includes the outstanding amount of the Green Project Finance from the sub-holding company of Solaben 1 & 6 and Solaben 2 & 3. This facility is 25% progressively amortized over its 5-year term and the remaining 75% is expected to be refinanced before maturity.

Repayment schedule by business sector		Total				2021				2022				2023				2024				2025				Subsequent years
		$ in millions
Renewable energy		$	3,992.5				241.2				257.5				279.2				298.8				431.8	(1)			2,484.1
Efficient natural gas			504.3				32.9				36.9				39.9				37.6				42.3				314.7
Electric transmission			625.2				25.6				21.3				23.5				24.1				26.1				504.6
Water			115.6				12.7				12.7				13.2				11.0				8.7				57.3
Total project debt		$	5,237.6				312.4				328.4				355.8				371.5				508.8				3,360.7
Corporate debt		$	993.7				23.6				0.0				2.0				2.0				448.1				517.9
Total		$	6,231.3				336.0				328.4				357.8				373.5				956.9				3,878.6

(1)	Includes Green Project Finance from Logrosan Solar Inversiones S.A. the subsidiary-holding company of Solaben 1 & 6 and Solaben 2 & 3. This facility is 25% progressively amortized over its 5-year term and the remaining 75% is expected to be refinanced at maturity.

B)

Contractual obligations

	Total					Up to one year				Between one and three years				Between three and five years				Subsequent years
	$ in millions
Purchase commitments			1,709.7				93.8				160.2				172.8				1,282.9
Accrued interest estimate during the useful life of loans			2,309.6				286.7				541.6				468.1				1,013.2

C)

Cash dividends to investors

Declared		Record Date		Payment Date		$ per share
February 26, 2020		March 12, 2020		March 23, 2020			0.41
May 6, 2020		June 1, 2020		June 15, 2020			0.41
July 31, 2020		August 31, 2020		September 15, 2020			0.42
November 4, 2020		November 30, 2020		December 15, 2020			0.42
February 26, 2021		March 12, 2021		March 22, 2021			0.42

D)

Acquisitions

		Year ended December 31,
		2020				2019				2018
		$ in millions
Gross cash flows from operating activities
Profit/(loss) for the year		$	16.9			$	74.6			$	55.3
Adjustments to reconcile after-tax profit to net cash generated by operating activities			741.8				701.9				697.6
Profit for the year adjusted by non-monetary items		$	758.7			$	776.5			$	752.9
Net interest/taxes paid			(287.3	)			(299.5	)			(333.5	)
Variations in working capital			(33.2	)			(113.4	)			(18.4	)
Total net cash flow provided by/ (used in) operating activities		$	438.2			$	363.6			$	401.0
Net cash flows from investing activities
Acquisitions of subsidiaries and entities under equity method			2.5				(173.4	)			(70.6	)
Investments in contracted concessional assets(1)			(1.4	)			22.0				68.0
Distributions from entities under the equity method			22.2				30.5				4.4
Other non-current assets/liabilities			(29.2	)			2.7				(16.7	)
Total net cash flows (used in)/ provided by investing activities		$	(5.9	)		$	(118.2	)		$	(14.9	)
Net cash flows used in financing activities		$	(137.3	)		$	(310.2	)		$	(405.2	)
Net increase / (decrease) in cash and cash equivalents			295.0				(64.8	)			(19.1	)
Cash, cash equivalents and bank overdraft at beginning of the year			562.8				631.5				669.4
Translation differences cash or cash equivalents			10.7				(3.9	)			(18.8	)
Cash and cash equivalents at the end of the period		$	868.5			$	562.8			$	631.5

-

Revenues from the updated annual revenue for the contracted concession, as well as operation and maintenance services are recognized in each period according to IFRS 15 “Revenue from contracts with customers”

-

Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period.

-

the Probability of Default (“PD”) is an estimate of the likelihood of default over a given time horizon. We calculate PD based on Credit Default Swaps spreads (“CDS”);

-

the Exposure at Default (“EAD”) is an estimate of the exposure at a future default date;

-

the Loss Given Default (“LGD”) is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that we would expect to receive. It is expressed as a percentage of the EAD.

Operating segment		Discount rate Post tax
EMEA			3% - 5	%
North America			4% - 5	%
South America			5% - 7	%

-

There are sufficient taxable temporary differences relating to the same tax authority, and the same taxable entity is expected to reverse either in the same period as the expected reversal of the deductible temporary difference or in periods into which a tax loss arising from the deferred tax asset can be carried back or forward.

-

It is probable that the taxable entity will have sufficient taxable profit, relating to the same tax authority and the same taxable entity, in the same period as the reversal of the deductible temporary difference (or in the periods into which a tax loss arising from the deferred tax asset can be carried back or forward).

-

Tax planning opportunities are available to the entity that will create taxable profit in appropriate periods.

Name		Position		Year of birth
William Aziz		Director, Independent		1956
Arun Banskota		Director		1961
Brenda Eprile		Director, Independent		1954
Debora Del Favero		Director, Independent		1964
Michael Forsayeth		Director, Independent		1954
Santiago Seage		Chief Executive Officer and Director		1969
George Trisic		Director		1960
Michael Woollcombe		Director and Chair of the Board, independent		1968