0001140361-21-016116 | 6-K | XBRL Viewer | Atlantica Sustainable Infrastructure PLC

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2021
Cover [Abstract]
Entity Registrant Name	Atlantica Sustainable Infrastructure plc
Entity Central Index Key	0001601072
Document Type	6-K
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Period End Date	Mar. 31, 2021

Consolidated condensed statements of financial position - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Non-current assets
Contracted concessional assets	$ 7,987,180	$ 8,155,418
Investments carried under the equity method	111,798	116,614
Financial investments	84,420	89,754
Deferred tax assets	146,668	152,290
Total non-current assets	8,330,066	8,514,076
Current assets
Inventories	25,223	23,958
Trade and other receivables	275,675	331,735
Financial investments	196,753	200,084
Cash and cash equivalents	1,058,843	868,501
Assets held for sale	92,089	0
Total current assets	1,648,583	1,424,278
Total assets	9,978,649	9,938,354
Equity attributable to the Company
Share capital	11,080	10,667
Share premium	1,011,743	1,011,743
Capital reserve	965,678	881,745
Other reserves	126,074	96,641
Accumulated currency translation differences	(99,054)	(99,925)
Accumulated deficit	(383,406)	(373,489)
Non-controlling interests	225,759	213,499
Total equity	1,857,874	1,740,881
Non-current liabilities
Long-term corporate debt	939,694	970,077
Long-term project debt	4,519,942	4,925,268
Grants and other liabilities	1,199,685	1,229,767
Derivative liabilities	287,861	328,184
Deferred tax liabilities	265,651	260,923
Total non-current liabilities	7,212,833	7,714,219
Current liabilities
Short-term corporate debt	25,626	23,648
Short-term project debt	680,275	312,346
Trade payables and other current liabilities	91,147	92,557
Income and other tax payables	38,722	54,703
Liabilities directly associated with the assets held for sale	72,172	0
Total current liabilities	907,942	483,254
Total equity and liabilities	$ 9,978,649	$ 9,938,354

Consolidated condensed income statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated income statements [Abstract]
Revenue	$ 235,190	$ 210,403
Other operating income	21,233	29,538
Employee benefit expenses	(14,382)	(11,717)
Depreciation, amortization, and impairment charges	(83,541)	(109,619)
Other operating expenses	(75,270)	(65,815)
Operating profit	83,230	52,790
Financial income	1,112	1,207
Financial expense	(85,146)	(96,008)
Net exchange differences	(188)	(1,621)
Other financial income/(expense), net	2,975	(4,112)
Financial expense, net	(81,247)	(100,534)
Share of profit/(loss) of associates carried under the equity method	960	(668)
Profit / (loss) before income tax from continuing operations	2,943	(48,412)
Income tax	(14,487)	10,147
Loss for the period from continuing operations	(11,544)	(38,265)
Profit for the period from discontinued operations	480	0
Loss for the period	(11,064)	(38,265)
Profit attributable to non-controlling interests	(8,108)	(2,246)
Loss for the period attributable to the Company	$ (19,172)	$ (40,511)
Weighted average number of ordinary shares outstanding (in shares) - basic	110,386	101,602
Weighted average number of ordinary shares outstanding (in shares) - diluted	113,733	101,602
Basic earnings per share (in dollars per share)	$ (0.17)	$ (0.40)
Diluted earnings per share (in dollars per share)	(0.17)	(0.40)
Basic earnings per share from continuing operations (in dollars per share)	(0.18)	(0.40)
Diluted earnings per share from continuing operations (in dollars per share)	$ (0.17)	$ (0.40)

Consolidated condensed statements of comprehensive income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Consolidated statements of comprehensive income [Abstract]
Loss for the period	$ (11,064)	$ (38,265)
Items that may be subject to transfer to income statement
Change in fair value of cash flow hedges	28,004	(54,699)
Currency translation differences	(2,480)	(31,425)
Tax effect	(5,510)	13,594
Net income/(expenses) recognized directly in equity	20,014	(72,530)
Cash flow hedges	14,038	14,529
Tax effect	(3,510)	(3,632)
Transfers to income statement	10,528	10,897
Other comprehensive income/(loss)	30,542	(61,633)
Total comprehensive income/(loss) for the period	19,478	(99,898)
Total comprehensive (income)/loss attributable to non-controlling interests	(8,346)	8,891
Total comprehensive income/(loss) attributable to the Company	$ 11,132	$ (91,007)

Consolidated condensed statements of changes in equity - USD ($) $ in Thousands	Total	Total Equity Attributable to Company [Member]	Share Capital [Member]	Share Premium [Member]	Capital Reserve [Member]	Other Reserves [Member]	Accumulated Currency Translation Differences [Member]	Accumulated Deficit [Member]	Non-controlling Interest [Member]
Balance, beginning of period at Dec. 31, 2019	$ 1,714,856	$ 1,508,476	$ 10,160	$ 1,011,743	$ 889,057	$ 73,797	$ (90,824)	$ (385,457)	$ 206,380
Profit/(loss) for the three -month period after taxes	(38,265)	(40,511)	0	0	0	0	0	(40,511)	2,246
Change in fair value of cash flow hedges	(40,170)	(39,775)	0	0	0	(39,775)	0	0	(395)
Currency translation differences	(31,425)	(20,584)	0	0	0	0	(20,584)	0	(10,841)
Tax effect	9,962	9,863	0	0	0	9,863	0	0	99
Other comprehensive income/(loss)	(61,633)	(50,496)	0	0	0	(29,912)	(20,584)	0	(11,137)
Total comprehensive income/(loss) for the period	(99,898)	(91,007)	0	0	0	(29,912)	(20,584)	(40,511)	(8,891)
Distributions (Note 13)	(45,828)	(41,658)	0	0	(41,658)	0	0	0	(4,170)
Balance, end of period at Mar. 31, 2020	1,569,130	1,375,811	10,160	1,011,743	847,399	43,885	(111,408)	(425,968)	193,319
Balance, beginning of period at Dec. 31, 2020	1,740,881	1,527,382	10,667	1,011,743	881,745	96,641	(99,925)	(373,489)	213,499
Profit/(loss) for the three -month period after taxes	(11,064)	(19,172)	0	0	0	0	0	(19,172)	8,108
Change in fair value of cash flow hedges	42,042	38,285	0	0	0	38,285	0	0	3,757
Currency translation differences	(2,480)	871	0	0	0	0	871	0	(3,351)
Tax effect	(9,020)	(8,852)	0	0	0	(8,852)	0	0	(168)
Other comprehensive income/(loss)	30,542	30,304	0	0	0	29,433	871	0	238
Total comprehensive income/(loss) for the period	19,478	11,132	0	0	0	29,433	871	(19,172)	8,346
Capital increase (Note 13)	130,865	130,865	413	0	130,452	0	0	0	0
Business combinations (Note 5)	8,287	0	0	0	0	0	0	0	8,287
Share-based compensation (Note 13)	9,255	9,255	0	0	0	0	0	9,255	0
Distributions (Note 13)	(50,892)	(46,519)	0	0	(46,519)	0	0	0	(4,373)
Balance, end of period at Mar. 31, 2021	$ 1,857,874	$ 1,632,115	$ 11,080	$ 1,011,743	$ 965,678	$ 126,074	$ (99,054)	$ (383,406)	$ 225,759

Consolidated condensed cash flows statements $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Consolidated cash flows statements [Abstract]
Profit for the period	$ (11,064)	$ (38,265)
Financial expense and non-monetary adjustments	171,472	194,720
Profit for the period adjusted by non-monetary items	160,408	156,455
Changes in working capital	16,963	(59,334)
Net interest and income tax paid	(30,663)	(11,436)
Net cash provided by operating activities	146,708	85,685
Acquisitions of subsidiaries and entities under equity method	(10,744)	0
Investments in contracted concessional assets	(6,341)	0
Distributions from entities under the equity method	8,799	5,120
Other non-current assets/liabilities	1,921	(5,938)
Net cash used in investing activities	(6,365)	(818)
Proceeds from Project debt	0	33,783
Proceeds from Corporate debt	4,048	89,038
Repayment of Project debt	(24,788)	(16,420)
Dividends paid to Company's shareholders	(46,519)	(41,657)
Dividends paid to Non-controlling interest	(4,215)	(4,913)
Capital increase	130,618	0
Net cash provided by financing activities	59,144	59,831
Net increase in cash and cash equivalents	199,487	144,698
Cash and cash equivalents at beginning of the period	868,501	562,795
Translation differences in cash or cash equivalent	(9,145)	(17,321)
Cash and cash equivalents at end of the period	$ 1,058,843	$ 690,172

Nature of the business

3 Months Ended

Mar. 31, 2021

Nature of the business [Abstract]

Nature of the business

Note 1. - Nature of the business

Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company that owns, manages and invests in renewable energy, storage, efficient natural gas, electric transmission lines and water assets focused on North America (the United States, Mexico and Canada), South America (Peru, Chile and Uruguay) and EMEA (Spain, Algeria and South Africa).

Atlantica’s shares began trading on the NASDAQ Global Select Market under the symbol “ABY” on June 13, 2014. The symbol changed to “AY” on November 11, 2017.

Algonquin Power & Utilities Corp. (“Algonquin”) is the largest shareholder of the Company and currently owns a 44.2% stake in Atlantica. Algonquin’s voting rights and rights to appoint directors are limited to 41.5% and the difference between Algonquin´s ownership and 41.5% will vote replicating non-Algonquin’s shareholders’ vote.

During 2020, the Company completed the following acquisitions:

On April 3, 2020, the Company made an initial investment in the creation of a renewable energy platform in Chile, together with financial partners, where it owns approximately a 35% stake and has a strategic investor role. The first investment was the acquisition of a 55 MW solar PV plant in an area with excellent solar resource (“Chile PV 1”). This asset has been in operation since 2016 demonstrating a good operating track record, while selling its production in the Chilean power market. The Company’s initial contribution was approximately $4 million. In addition, on January 6, 2021, the Company closed its second investment through the platform with the acquisition of a 40 MW solar PV plant (“Chile PV 2”). This asset started commercial operation in 2017 and its revenue is partially contracted. The total equity investment for this new asset was approximately $5.0 million. The platform intends to make further investments in renewable energy in Chile and to sign PPAs with credit worthy off-takers.

In January 2019, the Company entered into an agreement with Abengoa (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) under the Abengoa ROFO Agreement for the acquisition of Befesa Agua Tenes, a holding company which owns a 51% stake in Ténès Lilmiyah SpA (“Tenes”), a water desalination plant in Algeria. The Company paid an advance payment of $19.9 million in January 2019. Closing of the acquisition was subject to conditions precedent which were not fulfilled. In accordance with the terms of the share purchase agreement, the advance payment was converted into a secured loan to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends to be received from the asset. In October 2019, the Company received a first payment of $7.8 million through the cash sweep mechanism. On May 31, 2020, the Company entered into a new $4.5 million secured loan agreement with Befesa Agua Tenes, in addition to the initial one granted in 2019. The aggregate amount owed at that date, including interest accrued, was $14.0 million. This new loan agreement is expected to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends to be received from the Tenes asset. The new agreement signed with Abengoa provides Atlantica with a majority at the board of directors of Befesa Agua Tenes and control over the asset.

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

In October 2020, the Company reached an agreement to acquire Calgary District Heating (Calgary District Energy Center), an approximately 55 MWt district heating asset in Canada for a total equity investment of approximately $20 million. Calgary District Heating has been in operation since 2010 and represents the first investment of the Company in this sector, which is recognized as a key measure for cities to reduce emissions by the UN Environment Program. The asset provides heating services to a diverse range of government, institutional and commercial customers in the city of Calgary. Closing is subject to conditions precedent and regulatory approvals and is expected in the second quarter of 2021.

In December 2020, the Company reached an agreement with Algonquin to acquire La Sierpe, a 20 MW solar asset in Colombia for a total equity investment of approximately $20 million. Closing is expected to occur after the asset reaches commercial operation, currently expected to occur by mid-2021. Closing is subject to conditions precedent and regulatory approvals. Additionally, the Company agreed to potentially co-invest with Algonquin in additional solar plants in Colombia with a combined capacity of approximately 30 MW to be developed and built by AAGES, a joint venture between Algonquin and Abengoa designed to invest in the development and construction of contracted clean energy and water infrastructure contracted assets.

In January 2021, the Company closed the acquisition of 42.5% of the equity of Rioglass, a multinational manufacturer of solar components, for $8.4 million, increasing its stake to 57.5%. In addition, the Company has an option to acquire the remaining 42.5% under the same conditions until September 2021, and after that date the seller also has an option to sell the 42.5% under the same conditions. The Company´s current intention is to sell a significant portion of its shares in Rioglass to partners, retaining a minority stake, and has therefore classified the investment as held for sale in these consolidated condensed interim financial statements as of March 31, 2021 (Note 5).

On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW renewable asset in California. Coso is the third largest geothermal plant in the United States and provides base load renewable energy to the California Independent System Operator (“ISO”). It has PPAs signed with three investment grade off-takers, with a 19-year average contract life. The total equity investment was approximately $130 million, and the Company expects to make an additional investment of approximately $40 million to reduce project debt.

In April 2021 the Company reached an agreement with Omers to acquire a 49% interest in a 596 MW portfolio of wind assets in the United States. EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with five year average remaining contract life. The total equity investment is expected to be approximately $196.5 million. Closing is expected to occur in the third quarter of 2021 subject to customary conditions precedent and regulatory approvals.

The following table provides an overview of the main concessional assets the Company owned or had an interest in as of March 31, 2021:

Assets	Type	Ownership	Location	Currency⁽⁹⁾	Capacity (Gross)	Counterparty Credit Ratings⁽¹⁰⁾	COD*	Contract Years Remaining⁽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	17/16

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 Mft3/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

(1)	Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3.

(2)	JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2.

(3)	Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%).

(4)	Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.83%.

(5)	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.

(6)	Instituto para la Diversificación y Ahorro de la Energía (“Idae”), a Spanish state-owned company, holds 20% of the shares in Seville PV.

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

(8)	65% of the shares in Chile PV 1 and Chile PV 2 is indirectly held by financial partners through the renewable energy platform of the Company in Chile.

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

(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.

(11)	Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa.

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

(13)	Including ATN Expansion 1 & 2.

(14)	As of December 31, 2020.

(*)	Commercial Operation Date.

The Kaxu project financing arrangement contains cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. The insolvency filing by the individual company Abengoa S.A. on February 22, 2021 represents a theoretical event of default under the Kaxu project finance agreement. Although the Company does not expect the acceleration of debt to be declared by the credit entities, Kaxu does not have what International Accounting Standards define as an unconditional right to defer the settlement of the debt for at least twelve months, as the cross-default provisions make that right conditional. Therefore, Kaxu total debt (Note 15) has been presented as current in the consolidated condensed interim financial statements of the Company as of March 31, 2021 for an amount of $355 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is currently negotiating a waiver from the creditors and/or contractual modifications to permanently remove the cross-default provision.

Basis of preparation

3 Months Ended

Mar. 31, 2021

Basis of preparation [Abstract]

Basis of preparation

Note 2. - Basis of preparation

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

The Company’s annual consolidated financial statements as of December 31, 2020, were approved by the Board of Directors on February 26, 2021.

These consolidated condensed interim financial statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the three-month period ended March 31, 2021, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2020. Therefore, the consolidated condensed interim financial statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these consolidated condensed interim financial statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2020 included in the 2020 20-F.

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

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

These consolidated condensed interim financial statements were approved by the Board of Directors of the Company on May 4, 2021.

Application of new accounting standards

a)	Standards, interpretations and amendments effective from January 1, 2021 under IFRS-IASB, applied by the Company in the preparation of these condensed interim financial statements:

IFRS 4, IFRS 7, IFRS 16, IFRS 9 and IAS 39. Amendments regarding replacement issues in the context of the IBOR reform. This amendment is mandatory for annual periods beginning on or after January 1, 2021 under IFRS-IASB.

IFRS 16. Amendment to extend the exemption from assessing whether a COVID-19-related rent concession is a lease modification. This amendment is mandatory for annual periods beginning on or after April 1, 2021 under IFRS-IASB.

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

b) Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2022:

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

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

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

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

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

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

IAS 1. Amendment to defer the effective date of the January 2020 amendment. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under IFRS-IASB.

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

IAS 8. Amendment regarding the definition of accounting estimates. This amendment is mandatory for annual periods beginning on or after January 1, 2023 under IFRS-IASB.

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

The Company does not anticipate any significant impact on the consolidated condensed financial statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2022, although it is currently still in the process of evaluating such application.

Use of estimates

Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.

The most critical accounting policies, which require significant management estimates and judgment are as follows:

•	Contracted concessional agreements.

•	Impairment of contracted concessional assets.

•	Assessment of control.

•	Derivative financial instruments and fair value estimates.

•	Income taxes and recoverable amount of deferred tax assets.

As of the date of preparation of these consolidated condensed interim financial statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at March 31, 2021, are expected.

Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the period in which the change occurs.

Financial risk management	3 Months Ended
Financial risk management	Mar. 31, 2021
Financial risk management [Abstract]
Financial risk management	Note 3. - Financial risk management Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures. These consolidated condensed interim financial statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2020 included in the 2020 20-F.

Financial information by segment

3 Months Ended

Mar. 31, 2021

Financial information by segment [Abstract]

Financial information by segment

Note 4. - Financial information by segment

Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of March 31, 2021, the Company had the following business sectors: Renewable energy, Efficient natural gas, Electric transmission lines and Water.

Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interests, profit/(loss) from discontinued operations, income tax, share of profit/(loss) of associates carried under the equity method, finance expense net, depreciation, amortization and impairment charges of entities included in these consolidated condensed interim financial statements.

In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.

In the three-month period ended March 31, 2021, Atlantica had three customers with revenues representing more than 10% of total revenue, two in the renewable energy and one in the efficient natural gas business sectors. In the three-month period ended March 31, 2020, Atlantica had two customers with revenues representing more than 10% of the total revenue, one in the renewable energy and one in the efficient natural gas business sectors.

a)	The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the three-month periods ended March 31, 2021 and 2020:

	Revenue				Adjusted EBITDA
	For the three-month period ended March 31,				For the three-month period ended March 31,
	($ in thousands)
Geography	2021		2020		2021		2020
North America		60,585		59,283		39,244		51,176
South America		38,308		35,654		29,943		28,422
EMEA		136,297		115,466		97,585		82,811
Total		235,190		210,403		166,772		162,409

	Revenue				Adjusted EBITDA
	For the three-month period ended March 31,				For the three-month period ended March 31,
	($ in thousands)
Business sector	2021		2020		2021		2020
Renewable energy		166,691		150,793		115,678		113,491
Efficient natural gas		28,408		26,403		22,318		23,540
Electric transmission lines		26,614		26,608		21,203		21,538
Water		13,477		6,599		7,573		3,840
Total		235,190		210,403		166,772		162,409

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

	For the three-month period ended March 31, ($ in thousands)
	2021			2020
Profit/(Loss) attributable to the Company		(19,172	)		(40,511	)
Profit attributable to non-controlling interests		8,108			2,246
Profit from discontinued operations		(480	)		-
Income tax		14,487			(10,147	)
Share of (profits)/losses of associates		(960	)		668
Financial expense, net		81,247			100,534
Depreciation, amortization, and impairment charges		83,541			109,619
Total segment Adjusted EBITDA		166,772			162,409

b)	The assets and liabilities by operating segments (and business sector) as of March 31, 2021 and December 31, 2020 are as follows:

Assets and liabilities by geography as of March 31, 2021:

	North America		South America		EMEA		Balance as of March 31, 2021
	($ in thousands)
Assets allocated
Contracted concessional assets		3,060,267		1,239,466		3,687,446		7,987,180
Investments carried under the equity method		68,781		-		43,016		111,798
Current financial investments		125,719		27,734		43,300		196,753
Cash and cash equivalents (project companies)		224,960		88,615		310,368		623,943
Subtotal allocated		3,479,727		1,355,815		4,084,130		8,919,674
Unallocated assets
Other non-current assets								231,088
Assets held for sale								92,089
Other current assets (including cash and cash equivalents at holding company level)								735,798
Subtotal unallocated								1,058,975
Total assets								9,978,649

	North America		South America		EMEA		Balance as of March 31, 2021
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		1,634,887		922,444		2,642,886		5,200,217
Grants and other liabilities		1,059,358		11,233		129,094		1,199,685
Subtotal allocated		2,694,245		933,678		2,771,979		6,399,902
Unallocated liabilities
Long-term and short-term corporate debt								965,320
Other non-current liabilities								553,512
Liabilities directly associated with the assets held for sale								72,172
Other current liabilities								129,869
Subtotal unallocated								1,720,873
Total liabilities								8,120,775
Equity unallocated								1,857,874
Total liabilities and equity unallocated								3,578,747
Total liabilities and equity								9,978,649

Assets and liabilities by geography as of December 31, 2020:

	North America		South America		EMEA		Balance as of December 31, 2020
	($ in thousands)
Assets allocated
Contracted concessional assets		3,073,785		1,211,952		3,869,681		8,155,418
Investments carried under the equity method		74,660		-		41,954		116,614
Current financial investments		129,264		27,836		42,984		200,084
Cash and cash equivalents (project companies)		206,344		70,861		255,530		532,735
Subtotal allocated		3,484,053		1,310,649		4,210,149		9,004,851
Unallocated assets
Other non-current assets								242,044
Other current assets (including cash and cash equivalents at holding company level)								691,459
Subtotal unallocated								933,503
Total assets								9,938,354

	North America		South America		EMEA		Balance as of December 31, 2020
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		1,623,284		902,500		2,711,830		5,237,614
Grants and other liabilities		1,078,974		11,355		139,438		1,229,767
Subtotal allocated		2,702,258		913,855		2,851,268		6,467,381
Unallocated liabilities
Long-term and short-term corporate debt								993,725
Other non-current liabilities								589,107
Other current liabilities								147,260
Subtotal unallocated								1,730,092
Total liabilities								8,197,473
Equity unallocated								1,740,881
Total liabilities and equity unallocated								3,470,973
Total liabilities and equity								9,938,354

Assets and liabilities by business sector as of March 31, 2021:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of March 31, 2021
	($ in thousands)
Assets allocated
Contracted concessional assets		6,467,135		510,325		833,527		176,193		7,987,180
Investments carried under the equity method		57,970		13,502		-		40,325		111,798
Current financial investments		2,709		125,550		27,672		40,822		196,753
Cash and cash equivalents (project companies)		446,747		92,661		61,076		23,459		623,943
Subtotal allocated		6,974,561		742,038		922,275		280,799		8,919,674
Unallocated assets
Other non-current assets										231,088
Assets held for sale										92,089
Other current assets (including cash and cash equivalents at holding company level)										735,798
Subtotal unallocated										1,058,975
Total assets										9,978,649

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of March 31, 2021
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		3,960,327		497,904		630,960		111,026		5,200,217
Grants and other liabilities		1,191,307		100		5,882		2,396		1,199,685
Subtotal allocated		5,151,635		498,005		636,842		113,422		6,399,902
Unallocated liabilities
Long-term and short-term corporate debt										965,320
Other non-current liabilities										553,512
Liabilities directly associated with the assets held for sale										72,172
Other current liabilities										129,869
Subtotal unallocated										1,720,873
Total liabilities										8,120,775
Equity unallocated										1,857,874
Total liabilities and equity unallocated										3,578,747
Total liabilities and equity										9,978,649

Assets and liabilities by business sector as of December 31, 2020:

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2020
	($ in thousands)
Assets allocated
Contracted concessional assets		6,632,611		502,285		842,595		177,927		8,155,418
Investments carried under the equity method		61,866		15,514		30		39,204		116,614
Current financial investments		6,530		124,872		27,796		40,886		200,084
Cash and cash equivalents (project companies)		397,465		67,955		46,045		21,270		532,735
Subtotal allocated		7,098,472		710,626		916,466		279,287		9,004,851
Unallocated assets
Other non-current assets										242,044
Other current assets (including cash and cash equivalents at holding company level)										691,459
Subtotal unallocated										933,503
Total assets										9,938,354

	Renewable energy		Efficient natural gas		Electric transmission lines		Water		Balance as of December 31, 2020
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		3,992,512		504,293		625,203		115,606		5,237,614
Grants and other liabilities		1,221,176		108		6,040		2,443		1,229,767
Subtotal allocated		5,213,688		504,401		631,243		118,049		6,467,381
Unallocated liabilities
Long-term and short-term corporate debt										993,725
Other non-current liabilities										589,107
Other current liabilities										147,260
Subtotal unallocated										1,730,092
Total liabilities										8,197,473
Equity unallocated										1,740,881
Total liabilities and equity unallocated										3,470,973
Total liabilities and equity										9,938,354

c)	The amount of depreciation, amortization and impairment charges recognized for the three-month periods ended March 31, 2021 and 2020 are as follows:

	For the three-month period ended March 31,
Depreciation, amortization and impairment by geography	2021			2020
	($ in thousands)
North America		(12,627	)		(57,121	)
South America		(13,811	)		(15,572	)
EMEA		(57,103	)		(36,927	)
Total		(83,541	)		(109,619	)

	For the three-month period ended March 31,
Depreciation, amortization and impairment by business sectors	2021			2020
	($ in thousands)
Renewable energy		(93,571	)		(71,613	)
Efficient natural gas		17,357			(26,202	)
Electric transmission lines		(7,749	)		(10,457	)
Water		422			(1,348	)
Total		(83,541	)		(109,619	)

Business combinations and assets held for sale

3 Months Ended

Mar. 31, 2021

Business combinations and assets held for sale [Abstract]

Business combinations and assets held for sale

Note 5. – Business combinations and assets held for sale

For the three-month period ended March 31, 2021

Business combinations

On January 6, 2021, the Company completed its second investment through its Chilean renewable energy platform in a 40 MW solar PV plant, Chile PV 2, located in Chile, for approximately $5 million. Atlantica has control over Chile PV 2 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 2 has been accounted for in these consolidated condensed interim financial statements in accordance with IFRS 3, Business Combinations, showing 65% of Non-Controlling interests.

On January 8, 2021, the Company completed the purchase of an additional 42.5% stake in Rioglass, a multinational manufacturer of solar components, increasing its stake from 15% to 57.5% and gaining control over the business under IFRS 10, Consolidated Financial Statements. The purchase price paid was $8.4 million, and the Company paid an additional $3.6 million (deductible from the final payment) for an option to acquire the remaining 42.5% under the same conditions until September 2021. After that date, the seller also has an option to sell (Put option) the 42.5% under the same conditions, which is accounted for by the Company as a liability in accordance with IAS 32, Financial Instruments: Presentation, for $5 million as of March 31, 2021. The acquisition of Rioglass has been accounted for in these consolidated condensed interim financial statements in accordance with IFRS 3, Business Combinations.

The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

	Business combinations for the three-month period ended March 31, 2021
	($ in thousands)
Concessional assets		35,095
Deferred tax asset		4,221
Cash & cash equivalents		2,250
Assets held for sale ^(*)		95,036
Other current assets		728
Non-current Project debt		(24,380	)
Current Project debt		(687	)
Liabilities directly associated with the assets held for sale ^(*)		(74,880	)
Other current and non-current liabilities		(4,478	)
Non-controlling interests		(8,287	)
Total net assets acquired at fair value		24,618
Asset acquisition – purchase price paid		(16,680	)
Fair value of previously held 15% stake in Rioglass		(3,048	)
Liability for the Put option held by the seller of Rioglass		(4,890	)
Net result of business combinations		-

(*) The net assets of Rioglass are presented as Assets held for sale at acquisition date (see below).

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

The allocation of the purchase price is provisional as of March 31, 2021 and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of March 31, 2021. The measurement period will not exceed one year from the acquisition dates.

The amount of revenue contributed by the acquisitions performed during the three-month period ended March 31, 2021 to the consolidated condensed interim financial statements of the Company as of March 31, 2021 is $1.4 million, and the amount of profit after tax is $0.9 million.

Assets held for sale

The Company currently intends to sell a significant portion of the shares of Rioglass to partners, retaining a minority stake, and a plan to sell has already been initiated. As a result, the business of Rioglass has been presented as discontinued operations held for sale under IFRS 5, Non-current Assets Held for Sale and Discontinued Operations, in these consolidated condensed interim financial statements as of March 31, 2021 since this transaction falls under the definition and requirements of IFRS 5. If in the future the plan to sell is delayed or canceled, such requirements may no longer be fulfilled, and the Company would account for the business of Rioglass as continuing operations.

The amounts of Assets held for as of March 31, 2021 and December 31, 2020 fully relate to Rioglass, and are as follows:

	Balance as of March 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Assets held for sale		92,089		-
Liabilities directly associated with the assets held for sale		72,172		-
Total Assets held for sale, net		19,917		-

The results after tax of the discontinued operations of Rioglass included in these consolidated condensed interim financial statements since acquisition date amount to a profit of $0.5 million and have been presented separately within a single line of the profit and loss statement in accordance with IFRS 5.

For the year ended December 31, 2020

On April 3, 2020, the Company completed the first investment made through the renewable energy platform it created in Chile with financial partners, which comprised a 55 MW solar PV plant, Chile PV 1, located in Chile for approximately $4 million. Atlantica has control over Chile PV 1 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 1 was accounted for in these consolidated condensed interim financial statements in accordance with IFRS 3, Business Combinations, showing 65% of Non-Controlling interest.

On May 31, 2020, the Company obtained control over the Board of Directors of Befesa Agua Tenes which owns a 51% stake in Tenes, a water desalination plant in Algeria and therefore controls the asset. The total investment, in the form of a secured loan agreement to be reimbursed through a full cash-sweep of all the dividends to be received from the asset, amounted to approximately $19 million as of May 31, 2020. The acquisition was accounted for in these consolidated condensed interim financial statements of Atlantica, in accordance with IFRS 3, Business Combinations, showing 49% of Non-Controlling interests.

The amount of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

	Business combinations for the year-ended December 31, 2020
	($ in thousands)
Contracted concessional assets		170,769
Other non-current assets		356
Cash & cash equivalents		17,646
Other current assets		31,243
Non-current Project debt		(149,585	)
Current Project debt		(8,680	)
Other current and non-current liabilities		(13,831	)
Non-controlling interests		(25,308	)
Total net assets acquired at fair value		22,610
Asset acquisition - purchase price		(22,610	)
Net result of business combinations		-

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

The allocation of the purchase prices is provisional until one year from the acquisition dates. No significant adjustments were made in 2021 to the amounts indicated in the table above during the measurement period.

The amount of revenue contributed by the acquisitions performed during 2020 to the consolidated financial statements of the Company for the year 2020 was $22.5 million, and the amount of profit after tax was $6.3 million. Had the acquisitions been consolidated from January 1, 2020, the consolidated statement of comprehensive income would have included additional revenue of $14.7 million and additional profit after tax of $3.7 million.

Contracted concessional assets

3 Months Ended

Mar. 31, 2021

Contracted concessional assets [Abstract]

Contracted concessional assets

Note 6. - Contracted concessional assets

The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of March 31, 2021 and December 31, 2020 is as follows:

	Financial assets under IFRIC 12			Financial assets under IFRS 16		Intangible assets under IFRIC 12			Intangible assets under IFRS 16 (Lessee)			Other intangible assets under IAS 38			Property, plant and equipment under IAS 16			Balance as of March 31, 2021
	($ in thousands)
Contracted concessional assets cost		923,932			2,884		9,312,437			64,878			13,785			372,722			10,690,638
Amortization and impairment		(69,982	)		-		(2,494,004	)		(10,795	)		(6,569	)		(122,107	)		(2,703,458	)
Total		853,950			2,884		6,818,433			56,170			7,217			250,615			7,987,180

	Financial assets under IFRIC 12			Financial assets under IFRS 16		Intangible assets under IFRIC 12			Intangible assets under IFRS 16 (Lessee)			Other intangible assets under IAS 38			Property, plant and equipment under IAS 16			Balance as of December 31, 2020
	($ in thousands)
Contracted concessional assets cost		936,837			2,941		9,467,309			66,230			13,800			336,920			10,824,037
Amortization and impairment		(87,689	)		-		(2,442,520	)		(10,060	)		(6,111	)		(122,240	)		(2,668,619	)
Total		849,149			2,941		7,024,789			56,170			7,689			214,680			8,155,418

Contracted concessional assets include fixed assets related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IFRS 16, and PS10, PS20, Seville PV, Mini-Hydro, Chile TL3, ATN Expansion 2, Chile PV 1 and Chile PV 2, which are recorded as property plant and equipment in accordance with IAS 16.

The decrease in the contracted concessional assets cost is primarily due to the lower value of the Euro denominated assets since the exchange rate of the Euro decreased against the U.S. dollar since December 31, 2020, partially offset by the business combinations for a total amount of $35 million (Note 5).

No losses from impairment of contracted concessional assets, excluding any change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the three-month periods ended March 31, 2021 and 2020. The impairment provision based on the expected credit losses on contracted concessional financial assets decreased by $18 million in the three-month period ended March 31, 2021 (increase of $30 million in the three-month period ended March 31, 2020), primarily in ACT.

Investments carried under the equity method

3 Months Ended

Mar. 31, 2021

Investments carried under the equity method [Abstract]

Investments carried under the equity method

Note 7. - Investments carried under the equity method

The table below shows the breakdown of the investments held in associates as of March 31, 2021 and December 31, 2020:

	Balance as of March 31, 2021		Balance as of December 31, 2020
	($ in thousands)
Evacuación Valdecaballeros, S.L.		892		976
Myah Bahr Honaine, S.P.A		40,325		39,204
Pectonex, R.F. Proprietary Limited		1,564		1,587
Ca Ku A1, S.A.P.I. de CV (PTS)		-		30
Evacuación Villanueva del Rey, S.L		-		-
Windlectric Inc		55,279		59,116
Pemcorp SAPI de CV		13,502		15,514
Other renewable energy associates		235		286
Total		111,798		116,614

Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these consolidated condensed interim financial statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.

Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, which is accounted for under the equity method in these consolidated condensed interim financial statements.

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

The decrease in investments carried under the equity method as of March 31, 2021, is primarily due to distributions received by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) from Amherst Island Partnership for $4.5 million. A significant portion of the distributions received from Amherst are distributed by the Company to its partner in this project (Note 13).

Financial investments

3 Months Ended

Mar. 31, 2021

Financial investments [Abstract]

Financial investments

Note 8. - Financial investments

The detail of Non-current and Current financial investments as of March 31, 2021 and December 31, 2020 is as follows:

	Balance as of March 31, 2021		Balance as of December 31, 2020
	($ in thousands)
Fair Value through OCI (Investment in Ten West link)		14,459		12,896
Fair Value through Profit and Loss (Investment in Rioglass)		-		2,687
Derivative assets (Note 9)		2,093		1,099
Other receivable accounts at amortized cost		67,868		73,072
Total non-current financial investments		84,420		89,754
Contracted concessional financial assets		178,601		178,198
Derivative assets (Note 9)		1,236		460
Other receivable accounts at amortized cost		16,916		21,426
Total current financial investments		196,753		200,084

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

Investment in Rioglass corresponded to a 15.12% equity interest in Rioglass as of December 31, 2020. The Company gained control over Rioglass on January 8, 2021, and the business is classified as discontinued operations held for sale in these consolidated condensed interim financial statements as of March 31, 2021 (Note 5).

Derivative financial instruments

3 Months Ended

Mar. 31, 2021

Derivative financial instruments [Abstract]

Derivative financial instruments

Note 9. - Derivative financial instruments

The breakdowns of the fair value amount of the derivative financial instruments as of March 31, 2021 and December 31, 2020 are as follows:

	Balance as of March 31, 2021				Balance as of December 31, 2020
	($ in thousands)
	Assets		Liabilities		Assets		Liabilities
Interest rate cash flow hedge		1,795		263,271		898		302,302
Foreign exchange derivatives instruments		1,533		-		661		-
Notes conversion option (Note 14)		-		24,590		-		25,882
Total		3,328		287,861		1,559		328,184

The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.

The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $14.0 million for the three-month period ended March 31, 2021 (loss of $14.5 million for the three-month period ended March 31, 2020).

The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of March 2021 and December 31, 2020 amount to a profit of $126.1 million and $96.6 million, respectively.

Additionally, the Company owns the following derivatives instruments:

currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the distributions from its Spanish assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the Company hedges 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Hedge accounting is not applied to these options

the conversion option of notes issued in July 2020 (Note 14), with a negative fair value of $25 million as of March 31, 2021 recorded as a derivative liability (derivative liability of $26 million as of December 31, 2020).

Fair value of financial instruments	3 Months Ended
Fair value of financial instruments	Mar. 31, 2021
Fair value of financial instruments [Abstract]
Fair value of financial instruments	Note 10. - Fair value of financial instruments Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value: • Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. • Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: Fair value is measured based on unobservable inputs for the asset or liability. As of March 31, 2021, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3. As of December 31, 2020, these consolidated condensed interim financial investments also included the investment in Rioglass (Note 8), which was classified as level 3.

Related parties

3 Months Ended

Mar. 31, 2021

Related parties [Abstract]

Related parties

Note 11. - Related parties

The related parties of the Company are primarily Algonquin and its subsidiaries, non-controlling interests (Note 13), entities accounted for under the equity method (Note 7) as well as the Directors and the Senior Management of the Company.

Details of balances with related parties as of March 31, 2021 and December 31, 2020 are as follows:

	Balance as of March 31,		Balance as of December 31,
	($ in thousands)
	2021		2020

Credit receivables (current)		19,073		23,067
Credit receivables (non-current)		11,582		10,082
Total receivables from related parties		30,655		33,149

Credit payables (current)		18,294		18,477
Credit payables (non-current)		6,594		6,810
Total payables to related parties		24,888		25,287

Current credit receivables as of March 31, 2021 mainly correspond to the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV., Monterrey´s project entity (Note 7) for $15.9 million ($15.5 million as of December 31, 2020).

Non-current credit receivables as of March 31, 2021 and December 31, 2020 correspond to the long-term portion of the loan to Arroyo Netherland II B.V.

Credit payables relate to debts with non-controlling partners in Kaxu, Solaben 2 & 3 and Solacor 1 & 2 for an amount of $20.9 million as of March 31, 2021 ($21.1 million as of December 31, 2020). Current credit payables also include the dividend to be paid by AYES Canada to Algonquin for $4.3 million as of March 31, 2021 ($4.2 million as of December 31, 2020).

The transactions carried out by entities included in these consolidated condensed interim financial statements with related parties, for the three-month periods ended March 31, 2021 and 2020 have been as follows:

	For the three-month period ended March 31,
	2021			2020
	($ in thousands)
Financial income		510			584
Financial expenses		(31	)		(42	)

Trade and other receivables

3 Months Ended

Mar. 31, 2021

Trade and other receivables [Abstract]

Trade and other receivables

Note 12. - Trade and other receivables

Trade and other receivables as of March 31, 2021 and December 31, 2020, consist of the following:

	Balance as of March 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Trade receivables		196,888		258,088
Tax receivables		44,450		50,663
Prepayments		27,115		12,074
Other accounts receivable		7,222		10,910
Total		275,675		331,735

The decrease in trade receivables is primarily due to payments received from Pemex in ACT.

The increase in prepayments is primarily due to the timing of payment of insurance.

As of March 31, 2021, and December 31, 2020, the fair value of trade and other receivables accounts does not differ significantly from its carrying value.

Equity	3 Months Ended
Equity	Mar. 31, 2021
Equity [Abstract]
Equity	Note 13. - Equity As of March 31, 2021, the share capital of the Company amounts to $11,079,774 represented by 110,797,738 ordinary shares fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right. Algonquin owns 44.2% of the shares of the Company and is its largest shareholder as of March 31,2021. On December 11, 2020 the Company closed an underwritten public offering of 5,069,200 ordinary shares, including 661,200 ordinary shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $33 per new share. Gross proceeds were approximately $167 million. Given that the offering was issued through a subsidiary in Jersey, which became wholly owned by the Company at closing, and subsequently liquidated, the premium on issuance was credited to a merger reserve account (Capital reserves), net of issuance costs, for $161 million. Additionally, Algonquin committed to purchase 4,020,860 ordinary shares in a private placement in order to maintain its previous equity ownership of 44.2% in the Company. The private placement closed on January 7, 2021. Gross proceeds were approximately $133 million. During the first quarter of 2021, the Company changed the accounting scheme applied to its existing long-term incentive plans granted to employees from cash-settled to equity-settled in accordance with IFRS 2, Share-based Payment. The liability recognized for the rights vested by the employees under such plans at the date of this change, was reclassified to equity within the line “Accumulated deficit” for approximately $9 million. The settlement in shares was approved by the Board of Directors held on February 26, 2021, and the Company issued 106,016 new shares to its employees during the month of March 2021 to settle a portion of these plans. Atlantica´s reserves as of March 31, 2021 are made up of the share premium account and capital reserves. Other reserves primarily include the change in fair value of cash flow hedges and its tax effect. Accumulated currency translation differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar. Accumulated deficit primarily includes results attributable to Atlantica. Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda , by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, by Algerian Energy Company, SPA in Tenes and by partners of the Company in the Chilean renewable energy platform in Chile PV 1 and Chile PV 2. On February 26, 2021, the Board of Directors declared a dividend of $0.42 per share corresponding to the fourth quarter of 2020. The dividend was paid on March 22, 2021 for a total amount of $46.5 million. In addition, the Company declared dividends to non-controlling interests, primarily to Algonquin for $4.3 million in the three-month period ended March 31, 2021 ($4.1 million in the three-month period ended March 31, 2020). As of March 31, 2021, there was no treasury stock and there have been no transactions with treasury stock during the three-month period then ended.

Corporate debt

3 Months Ended

Mar. 31, 2021

Corporate debt [Abstract]

Corporate debt

Note 14. - Corporate debt

The breakdown of corporate debt as of March 31, 2021 and December 31, 2020 is as follows:

	Balance as of March 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Non-current		939,694		970,077
Current		25,626		23,648
Total Corporate Debt		965,320		993,725

On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million, approximately $11.8 million, which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the currency. As of March 31, 2021, and December 31, 2020, the 2017 Credit Facility was fully available. The credit facility maturity is December 13, 2021.

On May 10, 2018, the Company entered into a $215 million revolving credit facility (the “Revolving Credit Facility”) with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, LIBOR plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) LIBOR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $100 million of the Revolving Credit Facility. During 2019, the amount of the Revolving Credit Facility increased from $215 million to $425 million and the maturity was extended to December 31, 2022. In the first quarter of 2021, the Company increased the amount of the Revolving Credit Facility from $425 million to $450 million and the maturity has been extended to December 31, 2023. On March 31, 2021, the Company had issued letters of credit for $10 million and, therefore, $440 million of the Revolving Credit Facility are available ($415 million as of December 31, 2020).

On April 30, 2019, the Company entered into a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million (the “Note Issuance Facility 2019”), approximately $316 million, with maturity date on April 30, 2025. Interest accrues at a rate per annum equal to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 is fully hedged by an interest rate swap resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 provided that the Company may capitalize interest on the notes issued thereunder for a period of up to two years from closing at the Company´s discretion, subject to certain conditions, and the Company elected to capitalize such interest until the end of 2020.

On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and was extended for another twelve-month period on October 8, 2020. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million (approximately $59 million), with such notes having a tenor of up to two years. As of March 31, 2021, the Company had €20.7 million (approximately $24.4 million) issued and outstanding under the program at an average cost of 0.42% (€17.4 million, approximately $20.5 million, as of December 31, 2020).

On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million (approximately $341 million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity.

On July 8, 2020, the Company entered into a senior unsecured financing (the “Note Issuance Facility 2020”) with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of approximately $165 million, which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, accrues annual interest of 5.25%, payable quarterly and has a maturity of seven years from the closing date.

On July 17, 2020, the Company issued $100 million aggregate principal amount of 4.00% convertible bonds (the “Green Exchangeable Notes”) due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount in the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option, at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events.

As per IAS 32, “Financial Instruments: Presentation”, the conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these consolidated condensed interim financial statements (Note 9). It was initially valued at transaction date for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these consolidated condensed interim financial statements, is initially valued as the difference between the consideration received from the holders of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, “Financial Instruments”.

On December 4, 2020, the Company entered into a credit facility (the “2020 Credit Facility”) for up to €5 million, approximately $5.9 million. Amounts drawn down accrue interest at a rate per year equal to 2.50%. As of March 31, 2021, and as of December 31, 2020, the total amount of the credit was drawn down. The maturity date is December 4, 2025.

The repayment schedule for the corporate debt as of March 31, 2021 is as follows:

	Remainder of 2021		Between January and March 2022		Between April and December 2022		2023		2024		2025		Subsequent years		Total
					($ in thousands)
2017 Credit Facility		20		-		-		-		-		-		-		20
Note Issuance Facility 2019		-		-		-		-		-		331,885		-		331,885
Commercial Paper		24,358		-		-		-		-		-				24,358
2020 Green Private Placement		279		-		-		-		-		-		338,356		338,635
Note Issuance Facility 2020		-		-		-		-		-		-		160,938		160,938
Green Exchangeable Notes		959		-		-		-		-		102,671		-		103,630
2020 Credit Facility		10		-		-		1,962		1,962		1,920		-		5,854
Total		25,626		-		-		1,962		1,962		436,476		499,294		965,320

The repayment schedule for the corporate debt as of December 31, 2020 was as follows:

	2021		2022		2023		2024		2025		Subsequent years		Total
					($ in thousands)
2017 Credit Facility		41		-		-		-		-		-		41
Notes Issuance Facility 2019		-		-		-		-		343,999		-		343,999
Commercial Paper		21,224		-		-		-		-		-		21,224
2020 Green Private Placement		289		-		-		-		-		351,026		351,315
Note Issuance Facility 2020		-		-		-		-		-		166,846		166,846
Green Exchangeable Notes		2,083		-		-		-		102,144		-		104,227
2020 Credit Facility		11		-		2,036		2,036		1,990		-		6,073
Total		23,648		-		2,036		2,036		448,133		517,872		993,725

Project debt

3 Months Ended

Mar. 31, 2021

Project debt [Abstract]

Project debt

Note 15. - Project debt

This note shows the project debt linked to the contracted concessional assets included in Note 6 of these consolidated condensed interim financial statements.

Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects includes funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $311 million as of March 31, 2021 ($280 million as of December 31, 2020).

The breakdown of project debt for both non-current and current liabilities as of March 31, 2021 and December 31, 2020 is as follows:

	Balance as of March 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Non-current		4,519,942		4,925,268
Current		680,275		312,346
Total Project debt		5,200,217		5,237,614

The decrease in total project debt as of March 31, 2021 is primarily due to the lower value of debt denominated in Euro given the depreciation of the Euro against the U.S. dollar since December 31, 2020.

The Kaxu project financing arrangement contains cross-default provisions related to Abengoa such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger a default under the Kaxu project financing arrangement. The insolvency filing by the individual company Abengoa S.A. on February 22, 2021 represents a theoretical event of default under the Kaxu project finance agreement. Although the Company does not expect the acceleration of debt to be declared by the credit entities, Kaxu does not have what International Accounting Standards define as an unconditional right to defer the settlement of the debt for at least twelve months, as the cross-default provisions make that right conditional. Therefore, Kaxu total debt has been presented as current in the consolidated condensed interim financial statements of the Company as of March 31, 2021 for an amount of $355 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is currently negotiating a waiver from the creditors and/or contractual modifications to permanently remove the cross-default provision.

The repayment schedule for project debt in accordance with the financing arrangements and assuming there will be no acceleration of the Kaxu debt, as of March 31, 2021, is as follows and is consistent with the projected cash flows of the related projects:

Remainder of 2021
Interest repayment		Nominal repayment		Between January and March 2022		Between April and December 2022		2023		2024		2025		Subsequent years		Total
($ in thousands)
	59,661		265,551		23,216		297,361		348,614		363,872		497,298		3,344,644		5,200,217

The repayment schedule for project debt in accordance with the financing arrangements as of December 31, 2020, was as follows and was consistent with the projected cash flows of the related projects:

2021					2022		2023		2024		2025		Subsequent years		Total
		($ in thousands)
Interest repayment			Nominal repayment
	19,287			293,059		328,364		355,806		371,548		508,843		3,360,707		5,237,614

Grants and other liabilities

3 Months Ended

Mar. 31, 2021

Grants and other liabilities [Abstract]

Grants and other liabilities

Note 16. - Grants and other liabilities

	Balance as of March 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Grants		1,013,954		1,028,765
Other Liabilities		185,731		201,002
Grants and other non-current liabilities		1,199,685		1,229,767

As of March 31, 2021, the amount recorded in Grants primarily corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $666 million ($674 million as of December 31, 2020). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.

The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $346 million ($352 million as of December 31, 2020). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded progressively in “Other operating income”.

Total amount of income for these two types of grants for Solana and Mojave is $14.7 million and $14.8 million for the three-month periods ended March 31, 2021 and 2020, respectively (Note 20).

Other liabilities primarily include $49 million of non-current finance lease liabilities and $88 million of dismantling provision as of March 31, 2021 ($52 million and $88 million as of December 2020, respectively).

Trade payables and other current liabilities

3 Months Ended

Mar. 31, 2021

Trade payables and other current liabilities [Abstract]

Trade payables and other current liabilities

Note 17. - Trade payables and other current liabilities

Trade payables and other current liabilities as of March 31, 2021 and December 31, 2020 are as follows:

	Balance as of Mach 31,		Balance as of December 31,
	2021		2020
	($ in thousands)
Trade accounts payable		53,590		54,219
Down payments from clients		670		416
Other accounts payable		36,887		37,922
Total		91,147		92,557

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

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

Income Tax	3 Months Ended
Income Tax	Mar. 31, 2021
Income Tax [Abstract]
Income Tax	Note 18. - Income Tax The effective tax rate for the periods presented has been established based on Management’s best estimates, taking into account the tax treatment of permanent differences and tax credits. For the three-month period ended March 31, 2021, income tax amounted to a $14,487 thousand expense with respect to a profit before income tax of $2,943 thousand. In the three-month period ended March 31, 2020, income tax amounted to a $10,147 thousand income with respect to a loss before income tax of $48,412 thousand. The effective tax rate differs from the nominal tax rate mainly due to permanent differences and treatment of tax credits in some jurisdictions.

Financial expense, net

3 Months Ended

Mar. 31, 2021

Financial expense, net [Abstract]

Financial expense, net

Note 19. - Financial expense, net

Financial income and expenses

The following table sets forth financial income and expenses for the three-month periods ended March 31, 2021 and 2020:

	For the three-month period ended March 31,
Financial income	2021		2020
	($ in thousands)
Interest income from loans and credits		511		1,117
Interest rates gains on derivatives: cash flow hedges		601		90
Total		1,112		1,207

	For the three-month period ended March 31,
Financial expenses	2021			2020
Expenses due to interest:	($ in thousands)
- Loans from credit entities		(56,227	)		(61,388	)
- Other debts		(14,776	)		(19,136	)
Interest rates losses on derivatives: cash flow hedges		(14,143	)		(15,484	)
Total		(85,146	)		(96,008	)

Interest from other debts is primarily interest on the notes issued by ATS, ATN, Solaben Luxembourg, Hypesol Solar Inversiones (the holding company of Helios projects) and Atlantica Sustainable Infrastructure Jersey. The decrease in the three-month period ended March 2021 is primarily due to the acquisition of Liberty’s equity interest in Solana in August 2020, which was accounted for as a liability in these consolidated condensed interim financial statements, in accordance with IAS 32.

Losses from interest rate derivatives designated as cash flow hedges primarily correspond to transfers from equity to financial expense when the hedged item impacts the consolidated income statement.

Net exchange differences

Net exchange differences primarily correspond to realized and unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company.

Other financial income and expenses

The following table sets out Other financial income and expenses for the three-month periods ended March 31, 2021, and 2020:

	For the three-month period ended March 31,
Other financial income / (expenses)	2021			2020
	($ in thousands)
Other financial income		6,662			2,202
Other financial losses		(3,687	)		(6,315	)
Total		2,975			(4,112	)

Other financial income in the three-month period ended March 31, 2021, includes a $3.8 million income for non-monetary change to the fair value of derivatives of Kaxu for which hedge accounting is not applied. Residual items are primarily interests on deposits and loans, including non-monetary changes to the amortized cost of such loans.

Other financial losses include guarantees and letters of credit, other bank fees, non-monetary changes to the fair value of derivatives for which hedge accounting is not applied and of financial instruments recorded at fair value through profit and loss, and other minor financial expenses.

Other operating income and expenses

3 Months Ended

Mar. 31, 2021

Other operating income and expenses [Abstract]

Other operating income and expenses

Note 20.- Other operating income and expenses

The table below shows the detail of Other operating income and expenses for the three-month periods ended March 31, 2021, and 2020:

Other Operating income	For the three-month period ended March 31,
	2021		2020
	($ in thousands)
Grants (Note 16)		14,715		14,751
Insurance proceeds and other		6,518		14,787
Total		21,233		29,538

Other Operating expenses	For the three-month period ended March 31,
	2021			2020
	($ in thousands)
Raw materials and consumables used		(1,932	)		(2,208	)
Leases and fees		(654	)		(660	)
Operation and maintenance		(37,117	)		(26,791	)
Independent professional services		(7,634	)		(10,444	)
Supplies		(6,005	)		(5,587	)
Insurance		(10,515	)		(9,204	)
Levies and duties		(9,666	)		(8,904	)
Other expenses		(1,747	)		(2,017	)
Total		(75,270	)		(65,815	)

Earnings per share

3 Months Ended

Mar. 31, 2021

Earnings per share [Abstract]

Earnings per share

Note 21. - Earnings per share

Basic earnings per share have been calculated by dividing the profit attributable to equity holders by the average number of outstanding shares.

Diluted earnings per share for the three-month period ended March 31, 2021 have been calculated considering the potential issuance of 3,347,305 shares on the settlement of the Green Exchangeable Notes (Note 14). Diluted earnings per share equal basic earnings per share for the three-month period ended March 31, 2020.

Item	For the three-month period ended March 31,
	2021			2020
	($ in thousands)
Loss attributable to Atlantica		(19,172	)		(40,511	)
Loss from continuing operations attributable to Atlantica		(19,652	)		(40,511	)
Average number of ordinary shares outstanding (thousands) - basic		110,386			101,602
Average number of ordinary shares outstanding (thousands) - diluted		113,733			101,602
Earnings per share for the period (U.S. dollar per share) - basic		(0.17	)		(0.40	)
Earnings per share for the period (U.S. dollar per share) - diluted		(0.17	)		(0.40	)
Earnings per share for the period from continuing operations (U.S. dollar per share) - basic		(0.18	)		(0.40	)
Earnings per share for the period from continuing operations (U.S. dollar per share) - diluted		(0.17	)		(0.40	)

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2021
Subsequent events [Abstract]
Subsequent events	Note 22. - Subsequent events On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW renewable asset in California. Coso is the third largest geothermal plant in the United States and provides base load renewable energy to the California ISO. It has PPAs signed with three investment grade off-takers, with a 19-year average contract life. The total equity investment was approximately $130 million, and the Company expects to make an additional investment of approximately $40 million to reduce project debt. In April 2021 the Company reached an agreement with Omers to acquire a 49% interest in a 596 MW portfolio of wind assets in the United States. EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with five year average remaining contract life. The total equity investment is expected to be approximately $196.5 million. Closing is expected to occur in the third quarter of 2021 subject to customary conditions precedent and regulatory approvals. On May 4, 2021, the Board of Directors of the Company approved a dividend of $0.43 per share, which is expected to be paid on June 15, 2021.

Basis of preparation (Policies)

3 Months Ended

Mar. 31, 2021

Basis of preparation [Abstract]

Basis of preparation

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

The Company’s annual consolidated financial statements as of December 31, 2020, were approved by the Board of Directors on February 26, 2021.

These consolidated condensed interim financial statements were approved by the Board of Directors of the Company on May 4, 2021.

Application of new accounting standards

a)	Standards, interpretations and amendments effective from January 1, 2021 under IFRS-IASB, applied by the Company in the preparation of these condensed interim financial statements: