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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of  November, 2024

Commission File Number 001-36487


Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as specified in its charter)


Not applicable
(Translation of Registrant’s name into English)


Great West House, GW1, 17th floor
Great West Road
Brentford, TW8 9DF
United Kingdom
Tel: +44 203 499 0465


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒  Form 20-F
  
☐  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

   

   
Atlantica Reports Third Quarter 2024 Financial Results

•
Revenue for the first nine months of 2024 reached $918.7 million, a 7.0% increase year-over-year compared with $858.6 million in the first nine months of 2023.
 
•
Adjusted EBITDA was $657.5 million, a 4.8% increase compared with $627.3 million in the first nine months of 2023.
 
•
Net profit for the first nine months of 2024 attributable to the Company was $32.7 million, compared with a net profit of $46.1 million in the first nine months of 2023.

•
Acquisition by Energy Capital Partners and co-investors remains on track to close December 12, 2024.
 
•
Quarterly dividend of $0.2225 per share approved by the Board of Directors.

November 14, 2024 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica” or the “Company”) today reported its financial results for the first nine months of 2024. Revenue for the first nine months of 2024 was $918.7 million, representing a 7.0% increase compared with the first nine months of 2023. Adjusted EBITDA was $657.5 million, a 4.8% increase compared with $627.3 million in the first nine months of 2023. In the nine-month period ended on September 30, 2024, operating expenses include $5.7 million costs related to the Transaction. Without these costs, our Adjusted EBITDA for the nine-month period ended on September 30, 2024 would have been $663.2 million, a 5.7% increase compared with the same period of the previous year.
 
Operating Cash Flow was $311.8 million, a 6.6% decrease compared with $333.8 million in the first nine months of 2023. CAFD was $176.9 million, a 4.0% decrease compared with $184.2 million in the first nine months of 2023. CAFD per share1 was $1.52, a 3.9% decrease compared with $1.59 in the same period of the previous year.
 
As announced by the Company on November 4, 2024, the pending acquisition of the Company by Energy Capital Partners and a group of co-investors (the “Transaction”) is expected to close on December 12, 2024.

1 CAFD per share is calculated by dividing CAFD for the period by the weighted average number of shares for the period.

1
   

   
Highlights
 
(in thousands of U.S. dollars)
  
For the nine-month period
ended September 30,
  
   
2024
    
2023
  
Revenue
  
$
918,744
    
$
858,583
  
Profit for the period attributable to the Company
    
32,676
      
46,050
  
Adjusted EBITDA
    
657,541
      
627,281
  
Net cash provided by operating activities
    
311,808
      
333,822
  
CAFD
    
176,910
      
184,163
  
 
Key Performance Indicators
 
   
For the nine-month period
ended September 30
  
   
2024
    
2023
  
Renewable energy
            
MW in operation2
    
2,208
      
2,161
  
GWh produced3
    
4,281
      
4,383
  
Efficient natural gas & heat
                
MW in operation4
    
355
      
398
  
GWh produced5
    
1,795
      
1,892
  
Availability (%)
    
99.6
%
    
98.8
%
Transmission lines
                
Miles in operation
    
1,231
      
1,229
  
Availability (%)
    
99.5
%
    
99.9
%
Water
                
M ft3 in operation4
    
17.5
      
17.5
  
Availability (%)
    
101.9
%
    
101.2
%


2 Represents total installed capacity in assets owned or consolidated for the nine-month period ended September 30, 2024 and 2023, respectively, regardless of our percentage of ownership in each of the assets except for our unconsolidated affiliates, for which we have included their installed capacity weighted by our corresponding interest (49% for Vento and Chile PMGD and 50% for Honda 1 and Honda 2).
3 Includes production of our unconsolidated affiliates weighted by Atlantica’s interest. Includes curtailment in wind assets for which we receive compensation.
4  Includes 55 MWt corresponding to thermal capacity from Calgary District Heating. Capacity for the nine-month period ended September 2023 includes 43 MW corresponding to our 30% share in Monterrey until its sale in April 2024.
5  GWh produced includes 30% of the production from Monterrey until its sale in April 2024.

2
   

   
Segment Results
 
 
(in thousands of U.S. dollars)
  
For the nine-month period ended September 30,
  
   
2024
    
2023
  
Revenue by geography
            
North America
  
$
372,143
    
$
338,745
  
South America
    
140,779
      
140,269
  
EMEA
    
405,822
      
379,569
  
Total Revenue
  
$
918,744
    
$
858,583
  

Adjusted EBITDA by geography
            
North America
  
$
279,708
    
$
260,683
  
South America
    
108,406
      
112,050
  
EMEA
    
269,427
      
254,548
  
Total Adjusted EBITDA
  
$
657,541
    
$
627,281
  

(in thousands of U.S. dollars)
  
For the nine-month period ended September 30,
  
   
2024
    
2023
  
Revenue by business sector
            
Renewable energy
  
$
675,657
    
$
640,117
  
Efficient natural gas & heat
    
107,344
      
84,974
  
Transmission lines
    
92,732
      
91,825
  
Water
    
43,011
      
41,667
  
Total Revenue
  
$
918,744
    
$
858,583
  
                 
Adjusted EBITDA by business sector
                
Renewable energy
  
$
476,872
    
$
460,442
  
Efficient natural gas & heat
    
79,515
      
66,526
  
Transmission lines
    
74,652
      
73,256
  
Water
    
26,502
      
27,057
  
Total Adjusted EBITDA
  
$
657,541
    
$
627,281
  

3
   

   
Operational KPIs
 
Production in the renewable business portfolio decreased by 2.2% for the first nine months of 2024 compared with the first nine months of 2023.
 
Production increased at our U.S. solar assets mainly due to higher solar resource and greater availability of the Solana storage system. At our wind assets in the U.S. production increased due to higher wind resource in the first nine months of 2024 compared to the same period of 2023. In South America production increased due to higher production in our wind assets and to the contribution of solar assets that have recently entered into operation.
 
On the other hand, production decreased at Kaxu mostly due to the impact in the first quarter of 2024 of the unscheduled outage that started at the end of September 2023. The plant, where we have 51% equity interest, restarted operations in mid-February 2024. Part of the damage and business interruption has been covered by our insurance policy, after a 60-day deductible. Production also decreased at our solar assets in Spain mainly due to significantly lower solar radiation and at our geothermal asset mainly due to maintenance activities at some of the wells.
 
Our efficient natural gas and heat assets, our water assets, and our transmission lines, for which revenue is based on availability, continued at very high levels during the first nine months of 2024.
 
Liquidity and Debt
 
As of September 30, 2024, cash at Atlantica’s corporate level was $19.0 million, compared with $33.0 million as of December 31, 2023. Additionally, as of September 30, 2024, the Company had $301.3 million available under its Revolving Credit Facility ($378.1 million as of December 31, 2023) and therefore a total corporate liquidity of $320.3 million, compared with $411.1 million as of December 31, 2023.
 
As of September 30, 2024, net project debt6 was $3.83 billion, compared with $3.90 billion as of December 31, 2023, while net corporate debt7 was $1.19 billion as of September 30, 2024, compared with $1.05 billion as of December 31, 2023.
 
6  Net project debt is calculated as long-term project debt plus short-term project debt minus cash and cash equivalents at the consolidated project level.
7  Net corporate debt is calculated as long-term corporate debt plus short-term corporate debt minus cash and cash equivalents at Atlantica’s corporate level.

4
   

   
Dividend
 
On November 14, 2024, the Board of Directors of Atlantica approved a dividend of $0.2225 per share. Based upon the scheduled completion of the Transaction on December 12, 2024, the dividend is expected to be paid on December 12, 2024, to shareholders of record as of November 29, 2024.
 
Growth Update
 
Regarding growth, some of the developments that have taken place during the third quarter of 2024 include:
 
•
In July 2024, Honda 2, our 10 MW plant in Colombia where we have a 50% ownership interest, entered in operation. The plant has a 7-year PPA with Enel Colombia.
 
•
In August 2024, ATN Expansion 3, a substation and a 2.4-mile transmission line connected to our ATN transmission line reached commercial operation. The asset has a 17-year transmission service agreement denominated in U.S. dollars and serves a new mine in Peru.
 
•
On October 10, 2024, we entered into a 15-year tolling agreement (PPA) with an investment grade utility for a second phase of the project Overnight that includes 600 MWh of storage (4 hours). Total investment is expected to be within the range of $240 million to $250 million. Under the tolling agreement, Overnight will receive fixed monthly payments adjusted by the financial settlement of CAISO’s Day-Ahead market. In addition, we expect to obtain revenue from ancillary services. The phase 1 of the Overnight project consists of a 150 MW PV project that has a 15-year PPA with an investment grade utility.
 
•
We continue growing our pipeline of assets under development, which includes as of today approximately 2.18 GW of renewable energy and 10.98 GWh of storage. Approximately 30% of the projects are PV, 58% storage, 11% wind and 1% others, while 16% of the projects are expected to reach ready to build in 2024 or 2025, 16% are in an advanced development stage and 68% are in early stage.
 
8 Only includes projects estimated to be ready to build before or in 2030 of approximately 5.0 GW, 2.1 GW of renewable energy and 2.9 GW of storage (equivalent to 10.9 GWh). Capacity measured by multiplying the size of each project by Atlantica’s ownership. Potential expansions of transmission lines not included.

5
   

   
•
Finally, in September 2024, we entered into a euro-denominated project financing for Caparacena, our PV asset under construction in Spain with COD expected in 2026, and PS 10 & 20, with a local bank for a total amount of €45.0 million. The loan for Caparacena matures in 2041 and will be gradually disbursed as the construction of the asset advances. The loans for PS 10 and PS 20 mature in 2030 and 2033, respectively.
 
Capital Recycling
 
In April 2024, an entity where we held a 30% equity interest closed the sale of Monterrey as planned. We have received $41.2 million for this sale. In addition, there is an earn-out mechanism that could result in additional proceeds for Atlantica of up to $7 million between 2026 and 2028.
 
Proposed Acquisition
 
On May 27, 2024, Atlantica entered into the Transaction Agreement with Bidco pursuant to which Bidco agreed to acquire 100% of the shares of Atlantica for $22 per share in cash, subject to the terms of the Transaction Agreement. Bidco is controlled by Energy Capital Partners and includes a large group of institutional co-investors. The Transaction is to be completed pursuant to a scheme of arrangement under the Companies Act 2006 of the United Kingdom.
 
All regulatory approvals required in connection with Transaction (including clearance by the Committee on Foreign Investment in the United States and by the Federal Energy Regulatory Commission in the United States) have been received. The Transaction is still subject to sanction of the transaction by the High Court of Justice of England and Wales, which is scheduled for December 10, 2024.  Closing is expected to take place two business days later, on December 12, 2024. Upon completion of the Transaction, Atlantica will become a privately held company and its shares will no longer be listed on any public market.
 
6
   

   
Appendix
 
Information usually included as appendix to the Earnings Presentation has been included as appendix to this Press Release.
 
Forward-Looking Statements
 
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "should" or "will" or the negative of such terms or other similar expressions or terminology.
 
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.
 
Investors should read the section entitled "Item 3.D—Risk Factors” and the description of our segments and business sectors in the section entitled "Item 4.B. Information on the Company—Business Overview," each in our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), for a more complete discussion of the risks and factors that could affect us.
 
7
   

   
Forward-looking statements include, but are not limited to, statements relating to: failure to realize the Proposed Acquisition or its expected benefits; uncertainties related to securing the necessary regulatory approvals, our Company’s shareholders’ approval, the sanction of the High Court of Justice of England and Wales and satisfaction of other closing conditions to consummate the Proposed Acquisition or the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement entered into with Bidco; risks related to diverting the attention of our management from ongoing business operations; significant transaction costs and/or unknown or inestimable liabilities, including the risk of shareholder litigation related to the Proposed Acquisition; Bidco’s ability to fund the Proposed Acquisition; effects relating to the announcement of the Proposed Acquisition or any further announcements or the consummation of the Proposed Acquisition on the market price of our Company’s shares; disruption from the Proposed Acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; cash available for distribution (“CAFD”) estimates, including per currency, geography and sector; debt refinancing; self-amortizing project debt structure and debt reduction; the performance of our long-term contracts; net corporate leverage based on CAFD estimates; the use of non-GAAP measures as a useful predicting tool for investors; proceeds from sale of assets; dividends; sale of electricity under PPAs; expected investments; investments in assets under construction and their respective commercial operation dates; proceeds expected from the sale of our equity interest in Monterrey and various other factors, including those factors discussed under “Item 3.D—Risk Factors” and “Item 5.A—Operating Results” in our Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC and the forward looking statements sections under the Reports of Foreign Private Issuer on Form 6-K dated May 28, 2024, and July 16, 2024.
 
Non-GAAP Financial Measures
 
This press release also includes certain non-GAAP financial measures, including Adjusted EBITDA, CAFD and CAFD per share. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS. Also, please refer to the following paragraphs in this section for an explanation of the reasons why management believes the use of non-GAAP financial measures (including CAFD, CAFD per share and Adjusted EBITDA) in this press release provides useful information to investors.
 
8
   

   
We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures may not be comparable to other similarly titled measures employed by other companies and may have limitations as analytical tools. These measures may not be fit for isolated consideration or as a substitute for analysis of our operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of our performance or liquidity under IFRS as issued by the IASB. Thus, they should not be considered as alternatives to operating profit, profit for the period, any other performance measures derived in accordance with IFRS as issued by the IASB, any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Some of the limitations of these non-GAAP measures are:
 
•
they do not reflect our cash expenditures, future requirements for capital expenditures or contractual commitments;
 
•
they do not reflect changes in, or cash requirements for, our working capital needs;
 
•
they may not reflect the significant interest expense, or the cash requirements necessary, to service interest or principal payments, on our debts;
 
•
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often need to be replaced in the future and Adjusted EBITDA, CAFD and CAFD per share do not reflect any cash requirements that would be required for such replacements;
 
•
some of the exceptional items that we eliminate in calculating Adjusted EBITDA reflect cash payments that were made, or will be made in the future; and
 
•
the fact that other companies in our industry may calculate Adjusted EBITDA, CAFD and CAFD per share differently than we do, which limits their usefulness as comparative measures.
 
We define Adjusted EBITDA as profit/(loss) for the period attributable to the Company, after previously adding back loss/(profit) attributable to non-controlling interest, income tax, financial expense (net), depreciation, amortization and impairment charges of entities included in the consolidated financial statements and including depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of our equity ownership).
 
9
   

   
CAFD is calculated as cash distributions received by the Company from its subsidiaries minus cash expenses of the Company, including debt service and general and administrative expenses. CAFD per share is calculated as CAFD divided by the weighted average number of outstanding ordinary shares of the Company during the period (116,161,185 for the nine-months ended on September 30, 2024, and 116,149,149 for the nine-months ended on September 30, 2023).
 
Our management believes Adjusted EBITDA, CAFD and CAFD per share are useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
 
Our management believes CAFD and CAFD per share are relevant supplemental measurements of the Company’s ability to earn and distribute cash returns to investors and are useful to investors in evaluating our operating performance because securities analysts and other interested parties use such calculations as a measure of our ability to make quarterly distributions. In addition, CAFD and CAFD per share are used by our management team for determining future acquisitions and managing our growth. Adjusted EBITDA, CAFD and CAFD per share are widely used by other companies in the same industry.
 
Our management uses Adjusted EBITDA, CAFD and CAFD per share as measures of operating performance to assist in comparing performance from period to period on a consistent basis moving forward. They also readily view operating trends as a measure for planning and forecasting overall expectations, for evaluating actual results against such expectations, and for communicating with our board of directors, shareholders, creditors, analysts and investors concerning our financial performance.
 
In our discussion of operating results, we have included foreign exchange impacts in our revenue and Adjusted EBITDA by providing constant currency growth. The constant currency presentation is not a measure recognized under IFRS and excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations. We calculate constant currency amounts by converting our current period local currency revenue and Adjusted EBITDA using the prior period foreign currency average exchange rates and comparing these adjusted amounts to our prior period reported results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to substitute for recorded amounts presented in conformity with IFRS as issued by the IASB nor should such amounts be considered in isolation.
 
10
   

   
Information presented as the pro-rata share of our unconsolidated affiliates reflects our proportionate ownership of each asset in our property portfolio that we do not consolidate and has been calculated by multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership thereto. Note 7 to our consolidated financial statements as of and for the nine-month period ended September 30, 2024 includes a description of our unconsolidated affiliates and our pro rata share thereof. We do not control the unconsolidated affiliates. Multiplying our unconsolidated affiliates’ financial statement line items by our percentage ownership may not accurately represent the legal and economic implications of holding a non-controlling interest in an unconsolidated affiliate. We include pro-rata share of depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates because we believe it assists investors in estimating the effect of such items in the profit/(loss) of associates carried under the equity method (which is included in the calculation of our Adjusted EBITDA) based on our economic interest in such unconsolidated affiliates. Each unconsolidated affiliate may report a specific line item in its financial statements in a different manner. In addition, other companies in our industry may calculate their proportionate interest in unconsolidated affiliates differently than we do, limiting the usefulness of such information as a comparative measure. Because of these limitations, the information presented as the pro-rata share of our unconsolidated affiliates should not be considered in isolation or as a substitute for our or such unconsolidated affiliates’ financial statements as reported under applicable accounting principles.
 
11
   

   
Consolidated Statements of Operations
(Amounts in thousands of U.S. dollars)
 
   
For the three-month period ended September 30,
    
For the nine-month period ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
Revenue
  
$
347,549
    
$
303,964
    
$
918,744
    
$
858,583
  
Other operating income
    
34,786
      
16,923
      
91,616
      
57,402
  
Employee benefit expenses
    
(28,454
)
    
(26,516
)
    
(85,174
)
    
(76,051
)
Depreciation, amortization, and impairment charges
    
(115,361
)
    
(103,384
)
    
(325,578
)
    
(310,502
)
Other operating expenses
    
(108,540
)
    
(76,643
)
    
(291,943
)
    
(237,930
)
Operating profit
  
$
129,980
    
$
114,344
    
$
307,665
    
$
291,502
  
Financial income
    
5,004
      
6,824
      
16,320
      
17,414
  
Financial expense
    
(81,377
)
    
(80,138
)
    
(245,011
)
    
(243,083
)
Net exchange differences
    
(2,708
)
    
(155
)
    
(5,700
)
    
(244
)
Other financial expense, net
    
(9,299
)
    
(5,068
)
    
(20,319
)
    
(12,011
)
Financial expense, net
  
$
(88,380
)
  
$
(78,537
)
  
$
(254,710
)
  
$
(237,924
)
Share of profit of entities carried under the equity method
    
262
      
(3,947
)
    
15,122
      
6,905
  
Profit before income tax
  
$
41,862
    
$
31,860
    
$
68,077
    
$
60,483
  
Income tax
    
(24,977
)
    
(13,755
)
    
(28,919
)
    
(11,587
)
Profit for the period
  
$
16,885
    
$
18,105
    
$
39,158
    
$
48,896
  
(Profit)/Loss attributable to non-controlling interests
    
(242
)
    
3,284
      
(6,482
)
    
(2,846
)
Profit for the period attributable to the Company
  
$
16,643
    
$
21,389
    
$
32,676
    
$
46,050
  
Weighted average number of ordinary shares outstanding (thousands)
    
116,165
      
116,154
      
116,161
      
116,149
  
Weighted average number of ordinary shares diluted (thousands)
    
120,073
      
119,719
      
119,971
      
119,717
  
Basic earnings per share (U.S. dollar per share)
  
$
0.14
    
$
0.18
    
$
0.28
    
$
0.40
  
Diluted earnings per share (U.S. dollar per share)
  
$
0.14
    
$
0.18
    
$
0.28
    
$
0.40
  

12
   

   
Consolidated Statement of Financial Position
(Amounts in thousands of U.S. dollars)

Assets
  
As of September 30,
2024
    
As of December 31,
2023
  
Non-current assets
  
       
Contracted concessional assets, PP&E and other intangible assets
  
$
7,051,069
    
$
7,204,267
  
Investments carried under the equity method
    
212,052
      
230,307
  
Derivative assets
    
40,052
      
56,708
  
Other financial assets
    
75,006
      
79,874
  
Deferred tax assets
    
175,597
      
160,995
  
Total non-current assets
  
$
7,553,776
    
$
7,732,151
  
Current assets
                
Inventories
  
$
38,059
    
$
29,870
  
Trade and other receivables
    
320,805
      
286,483
  
Derivative assets
    
2,800
      
4,989
  
Other financial assets
    
199,193
      
183,897
  
Cash and cash equivalents
    
434,559
      
448,301
  
Assets held for sale
    
41,242
      
28,642
  
Total current assets
  
$
1,036,658
    
$
982,182
  
Total assets
  
$
8,590,434
    
$
8,714,333
  
Equity and liabilities
                
Share capital
  
$
11,617
    
$
11,616
  
Share premium
    
536,594
      
736,594
  
Capital reserves
    
903,143
      
858,220
  
Other reserves
    
299,831
      
308,002
  
Accumulated currency translation differences
    
(142,834
)
    
(139,434
)
Accumulated deficit
    
(315,953
)
    
(351,521
)
Non-controlling interest
    
152,393
      
165,332
  
Total equity
  
$
1,444,791
    
$
1,588,809
  
Non-current liabilities
                
Long-term corporate debt
  
$
1,002,727
    
$
1,050,816
  
Long-term project debt
    
3,852,892
      
3,931,873
  
Grants and other liabilities
    
1,129,241
      
1,233,808
  
Derivative liabilities
    
32,697
      
29,957
  
Deferred tax liabilities
    
299,075
      
271,288
  
Total non-current liabilities
  
$
6,316,632
    
$
6,517,742
  
Current liabilities
                
Short-term corporate debt
  
$
201,889
    
$
34,022
  
Short-term project debt
    
395,451
      
387,387
  
Trade payables and other current liabilities
    
140,702
      
141,713
  
Income and other tax payables
    
37,246
      
44,660
  
Liabilities directly associated with the assets held for sale
    
53,723
      
-
  
Total current liabilities
  
$
829,011
    
$
607,782
  
Total equity and liabilities
  
$
8,590,434
    
$
8,714,333
  

13
   

   
Consolidated Cash Flow Statements
(Amounts in thousands of U.S. dollars)

   
For the three-month period ended September 30,
    
For the nine-month period ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
Profit for the period
  
$
16,885
    
$
18,105
    
$
39,158
    
$
48,896
  
Financial expense and non-monetary adjustments
    
196,350
      
207,918
      
488,080
      
560,976
  
Profit for the period adjusted by financial expense and non-monetary adjustments
  
$
213,235
    
$
226,023
    
$
527,238
    
$
609,872
  
Changes in working capital
    
(7,027
)
    
(9,812
)
    
(35,030
)
    
(116,146
)
Net interest and income tax paid
    
(36,262
)
    
(21,059
)
    
(180,400
)
    
(159,904
)
Net cash provided by operating activities
  
$
169,946
    
$
195,152
    
$
311,808
    
$
333,822
  
Business combinations and investments in entities under the equity method
    
(442
)
    
(2,486
)
    
(66,342
)
    
(17,680
)
Investments in operating concessional assets
    
(7,602
)
    
(5,067
)
    
(13,272
)
    
(24,738
)
Investments in assets under development or construction
    
(37,172
)
    
(19,800
)
    
(131,196
)
    
(33,561
)
Distributions from entities under the equity method
    
7,504
      
13,416
      
32,565
      
28,880
  
Net divestment in other non-current financial assets
    
2,838
      
5,698
      
42,664
      
22,533
  
                                 
Net cash used in investing activities
  
$
(34,874
)
  
$
(8,239
)
  
$
(135,581
)
  
$
(24,566
)
                                 
Net cash used in financing activities
  
$
(61,005
)
  
$
(74,460
)
  
$
(192,193
)
  
$
(309,948
)
                                 
Net increase/(decrease) in cash and cash equivalents
  
$
74,067
    
$
112,453
    
$
(15,966
)
  
$
(692
)
Cash and cash equivalents at beginning of the period
    
355,529
      
486,844
      
448,301
      
600,990
  
Translation differences in cash or cash equivalent
    
4,963
      
(4,681
)
    
2,224
      
(5,682
)
Cash and cash equivalents at end of the period
  
$
434,559
    
$
594,616
    
$
434,559
    
$
594,616
  

14
   

   
Reconciliation of Adjusted EBITDA to Net cash provided by operating activities

(in thousands of U.S. dollars)
  
For the three-month period
ended September 30,
    
For the nine-month period
ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
Net cash provided by operating activities
  
$
169,946
    
$
195,152
    
$
311,808
    
$
333,822
  
Net interest and income tax paid
    
36,262
      
21,059
      
180,400
      
159,904
  
Changes in working capital
    
7,027
      
9,812
      
35,030
      
116,146
  
Non-monetary items and other
    
32,106
      
(8,295
)
    
106,005
      
(7,868
)
Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates
    
4,866
      
5,726
      
24,298
      
25,277
  
Adjusted EBITDA
  
$
250,207
    
$
223,454
    
$
657,541
    
$
627,281
  

Reconciliation of CAFD to CAFD per share

(in thousands of U.S. dollars)
  
For the three-month period ended September 30,
    
For the nine-month period ended September 30,
  
   
2024
    
2023
    
2024
    
2023
  
CAFD (in thousands of U.S. dollars)
  
$
57,908
    
$
59,589
    
$
176,910
    
$
184,163
  
Weighted average number of shares (basic) for the period (in thousands)
    
116,165
      
116,154
      
116,161
      
116,149
  
CAFD per share (in U.S. dollars)
  
$
0.4985
    
$
0.5130
    
$
1.5230
    
$
1.5856
  

15
   

   
Reconciliation of Cash Available For Distribution and Adjusted EBITDA
to Profit for the period attributable to the Company

(in thousands of U.S. dollars)
  
For the three-month period ended Sept. 30,
    
For the nine-month period ended Sept. 30,
  
   
2024
    
2023
    
2024
    
2023
  
Profit for the period attributable to the Company
  
$
16,643
    
$
21,389
    
$
32,676
    
$
46,050
  
Profit attributable to non-controlling interest
    
242
      
(3,284
)
    
6,482
      
2,846
  
Income tax
    
24,977
      
13,755
      
28,919
      
11,587
  
Depreciation and amortization, financial expense
and income tax expenseof unconsolidated
affiliates (pro rata of our equity ownership)
    
4,604
      
9,673
      
9,176
      
18,372
  
Financial expense, net
    
88,380
      
78,537
      
254,710
      
237,924
  
Depreciation, amortization, and impairment charges
    
115,361
      
103,384
      
325,578
      
310,502
  
Adjusted EBITDA
  
$
250,207
    
$
223,454
    
$
657,541
    
$
627,281
  
Atlantica’s pro-rata share of Adjusted EBITDA from unconsolidated affiliates
    
(4,866
)
    
(5,726
)
    
(24,298
)
    
(25,277
)
Non-monetary items
    
(27,518
)
    
9,973
      
(88,766
)
    
8,238
  
Accounting provision for electricity market prices in
Spain
    
(22,981
)
    
9,503
      
(72,946
)
    
3,890
  
Difference between billings and revenue in assets
accounted for as concessional financial assets
    
9,261
      
15,099
      
27,073
      
48,235
  
Income from cash grants in the US
    
(14,548
)
    
(14,629
)
    
(43,644
)
    
(43,887
)
Other non-monetary items
    
751
      
-
      
751
      
-
  
Maintenance Capex
    
(7,602
)
    
(5,067
)
    
(13,272
)
    
(24,738
)
Dividends from equity method investments
    
7,504
      
13,416
      
32,565
      
28,880
  
Net interest and income tax paid
    
(36,262
)
    
(21,059
)
    
(180,400
)
    
(159,904
)
Changes in other assets and liabilities
    
1,031
      
(11,516
)
    
(25,701
)
    
(112,791
)
Deposits into/ withdrawals from restricted accounts9
    
(13,091
)
    
(8,813
)
    
(4,527
)
    
12,425
  
Change in non-restricted cash at project level9
    
(73,188
)
    
(98,297
)
    
(19,728
)
    
18,477
  
Dividends paid to non-controlling interests
    
(9,470
)
    
(8,568
)
    
(22,319
)
    
(25,759
)
Debt principal repayments
    
(28,837
)
    
(28,208
)
    
(163,433
)
    
(162,669
)
Monterrey divestment excluding gain
    
-
      
-
      
29,248
      
-
  
Cash Available For Distribution
  
$
57,908
    
$
59,589
    
$
176,910
    
$
184,163
  

9“Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period.

16
   

   
About Atlantica
 
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, storage, efficient natural gas, electric transmission and water assets in North & South America, and certain markets in EMEA (www.atlantica.com).
 
   
Chief Financial Officer
Francisco Martinez-Davis
E ir@atlantica.com
Investor Relations & Communication
Leire Perez
E ir@atlantica.com
T +44 20 3499 0465

17
 
 Appendix 
 
 Based on CAFD estimates for the 2024-2027 period as of March 1, 2024, including assets that have reached COD before November 14, 2024. See “Disclaimer – Forward Looking Statements”.  Euro denominated cash flows from assets in Europe, net of euro-denominated corporate interest payments and general and administrative expenses, are hedged through currency options on a rolling basis 100% for the next 12 months and 75% for the following 12 months.  Based on weighted outstanding debt as of September 30, 2024.  Calculated as weighted average years remaining as of September 30, 2024, based on CAFD estimates for the 2024-2027 period as of March 1, 2024, including assets that have reached COD before November 14, 2024. See “Disclaimer – Forward Looking Statements”.  Calculated as a % of Revenue from FY 2023. Revenues non-dependent on natural resources includes transmission lines, efficient natural gas and heat, water assets and approximately 76% revenues received by our Spanish assets.  SIZEABLE AND DIVERSIFIED ASSET PORTFOLIO  Portfolio Breakdown Based on Estimated CAFD  Geography1  Interest rates  Currency  Highly  Sector1   69% Renewable   14% Eff. Natural Gas & Heat   13% Transmission Lines   4% Water  of interest rates in project debt are fixed or hedged3  ~92  %  Denominated  in USD or hedged1,2  %  >  Contracted  years  Weighted Average PPA Life Remaining4  50  of Revenue non dependent on natural resource5  %  (~100%)6  Stable  Cashflows  1   38% North America   35% Europe   20% South America   7% RoW  12  90  >  1 
 
 HISTORICAL FINANCIAL REVIEW  Key Financials by Quarter (1/2)  “Deposits into/ withdrawals from restricted accounts” and “Change in non-restricted cash at project level” are calculated on a constant currency basis to reflect actual cash movements isolated from the impact of variations generated by foreign exchange changes during the period. Prior periods have been recalculated to conform to this presentation.  Dividends are paid to shareholders in the quarter after they are declared.   (3) Number of shares outstanding on the record date corresponding to each dividend, except the shares issued under the ATM program between the dividend declaration date and the dividend record date, as applicable.  (4) Excludes decreases in project cash allocated to investments in assets under development and construction.  1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24  Revenue  247,452  307,832  303,121  243,624  1,102,029  242,509  312,110  303,964  241,311  1,099,894  242,933  328,262  347,549  Adjusted EBITDA  173,626  228,678  228,336  166,459  797,100  174,204  229,624  223,454  167,640  794,922  164,219  243,115  250,207  Atlantica’s pro-rata share of EBITDA from unconsolidated affiliates  (14,202)  (15,988)  (7,387)  (8,192)  (45,769)  (11,796)  (7,755)  (5,726)  (9,370)  (34,647)  (12,514)  (6,918)  (4,866)  Non-monetary items  10,413  10,940  10,839  (4,196)  27,996  649  (2,384)  9,973  (11,357)  (3,119)  (17,984)  (43,265)  (27,518)   Accounting provision for electricity   market prices in Spain  7,141  10,585  10,507  (2,980)  25,253  (1,153)  (4,460)  9,503  (7,385)  (3,494)  (13,098)  (36,867)  (22,981)   Difference between billings and revenue in assets accounted for as concessional financial assets  18,169  15,050  14,978  13,434  61,630  16,441  16,695  15,099  10,657  58,892  9,662  8,150  9,261   Income from cash grants in the US  (14,897)  (14,695)  (14,645)  (14,650)  (58,888)  (14,639)  (14,619)  (14,629)  (14,629)  (58,516)  (14,548)  (14,548)  (14,548)  Other non-monetary items  -  -  -  -  -  -  -  -  -  -  -  -  751  Maintenance Capex  (2,844)  (3,614)  (7,283)  (4,847)  (18,588)  (7,630)  (12,041)  (5,067)  (3,191)  (27,929)  (2,391)  (3,279)  (7,602)  Dividends from unconsolidated affiliates  31,870  11,921  12,411  11,493  67,695  12,401  3,063  13,416  5,449  34,329  14,922  10,139  7,504  Net interest and income tax paid  (16,546)  (112,705)  (32,885)  (115,148)  (277,284)  (30,179)  (108,666)  (21,059)  (112,805)  (272,708)  (26,738)  (117,400)  (36,262)  Changes in other assets and liabilities  (5,588)  6,415  52,186  49,885  102,896  (92,980)  (8,295)  (11,516)  20,054  (92,738)  (39,371)  12,642  1,031  Deposits into/withdrawals from restricted accounts1  11,805  8,020  (20,503)  33,696  33,018  9,820  11,418  (8,813)  35,192  47,617  (7,424)  15,987  (13,091)  Change in non-restricted cash at project companies1,4  (103,116)  51,501  (135,718)  125,662  (61,672)  43,114  73,659  (98,297)  107,848  126,325  8,639  44,821  (73,188)  Dividends paid to non-controlling interests  (6,221)  (9,800)  (10,421)  (12,767)  (39,209)  (6,011)  (11,180)  (8,568)  (5,674)  (31,433)  (5,558)  (7,291)  (9,470)  Principal amortization of indebtedness net of new indebtedness at projects  (24,789)  (112,427)  (27,912)  (183,183)  (348,311)  (30,543)  (103,918)  (28,208)  (142,211)  (304,880)  (24,879)  (109,717)  (28,837)  Monterrey divestment excluding gain  -  -  -  -  -  -  -  -  -  -  -  29,248  -  Cash Available For Distribution (CAFD)  54,407  62,941  61,662  58,862  237,872  61,049  63,525  59,589  51,577  235,740  50,921  68,082  57,908  Dividends declared2  50,202  51,332  51,645  51,645  204,824  51,688  51,688  51,691  51,691  206,758  51,691  51,691  25,848  # of shares3  114,095,845  115,352,085  116,055,126  116,055,126  116,153,273  116,153,273  116,159,054  116,159,054  116,159,054  116,159,054  116,170,284  DPS (in $ per share)  0.44  0.445  0.445  0.445  1.775  0.445  0.445  0.445  0.445  1.780  0.445  0.445  0.2225  Key Financials  US$ in thousands 
 
  Debt Details  1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24   Project Debt  5,037.0  4,735.5  4,621.9  4,553.1  4,553.1  4,596.6  4,438.2  4,412.1  4,319.3  4,319.3  4,301.1  4,163.9  4,248.3   Project Cash  (625.9)  (545.1)  (675.8)  (540.2)  (540.2)  (493.5)  (414.0)  (546.6)  (415.3)  (415.3)  (405.2)  (335.5)  (415.6)   Net Project Debt  4,411.1  4,190.4  3,946.1  4,012.9  4,012.9  4,103.1  4,024.2  3,865.5  3,904.0  3,904.0  3,895.9  3,828.4  3,832.7   Corporate Debt  1,056.1  1,000.1  955.5  1,017.2  1,017.2  1,077.4  1,051.2  1,046.6  1,084.7  1,084.7  1,173.7  1,192.1  1,204.6   Corporate Cash  (113.1)  (123.1)  (105.8)  (60.8)  (60.8)  (109.4)  (72.8)  (48.0)  (33.0)  (33.0)  (46.9)  (20.0)  (19.0)   Net Corporate Debt  943.0  877.0  849.7  956.4  956.4  968.0  978.4  998.6  1,051.7  1,051.7  1,126.8  1,172.1  1,185.6   Total Net Debt  5,354.1  5,067.4  4,795.8  4,969.3  4,969.3  5,071.1  5,002.6  4,864.1  4,955.7  4,955.7  5,022.7  5,000.5  5,018.3   Net Corporate Debt / CAFD pre corporate interests1  3.3x  3.1x  3.0x  3.4x  3.4x  3.3x  3.4x  3.4x  3.8x  3.8x  3.8x  3.9x  4.0x  HISTORICAL FINANCIAL REVIEW  Key Financials by Quarter (2/2)  US$ in million  (1) Ratios presented are the ratios shown on each earnings presentation relating to such period. 
 
 HISTORICAL FINANCIAL REVIEW  Segment Financials by Quarter           1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24  by Geography        NORTH AMERICA  74,304  124,968  124,423  81,352  405,047  72,840  129,331  136,574  86,143  424,888  86,232  136,795  149,116  SOUTH AMERICA  38,528  39,804  44,217  43,892  166,441  43,720  47,793  48,756  47,858  188,127  44,678  48,258  47,843  EMEA        134,620  143,060  134,481  118,380  530,541  125,949  134,986  118,634  107,310  486,879  112,023  143,209  150,590  by Business Sector           RENEWABLES        182,101  238,234  232,423  168,619  821,377  172,601  238,610  228,907  162,639  802,756  162,211  247,471  265,975  EFFICIENT NAT. GAS & HEAT  25,327  28,091  28,526  31,647  113,591  27,403  27,407  30,164  33,443  118,417  35,970  35,610  35,764  TRANSMISSION LINES  26,620  28,234  28,425  29,994  113,273  28,831  32,167  30,827  31,651  123,476  30,486  31,058  31,188  WATER     13,404  13,273  13,747  13,364  53,788  13,674  13,927  14,066  13,579  55,245  14,266  14,123  14,622  Total Revenue     247,452  307,832  303,121  243,624  1,102,029  242,509  312,110  303,964  241,311  1,099,894  242,933  328,262  347,549  1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24  by Geography     NORTH AMERICA     58,266  102,913  96,981  51,828  309,988  51,969  102,069  106,646  58,580  319,264  55,026  109,053  115,629  SOUTH AMERICA     29,129  29,715  36,236  31,471  126,551  33,788  40,640  37,621  34,673  146,722  34,568  36,757  37,081  EMEA     86,231  96,051  95,118  83,161  360,561  88,447  86,915  79,186  74,388  328,936  74,625  97,305  97,497  by Business Sector        RENEWABLES     122,223  174,606  173,022  118,165  588,016  119,122  173,448  167,872  115,262  575,704  107,250  179,242  190,380  EFFICIENT NAT. GAS & HEAT   21,699  22,315  22,794  17,752  84,560  22,610  21,396  22,520  20,867  87,393  23,287  30,480  25,748  TRANSMISSION LINES  20,523  22,656  23,047  21,784  88,010  23,470  25,780  24,006  22,787  96,043  24,827  24,706  25,119  WATER     9,181  9,102  9,473  8,758  36,514  9,002  9,000  9,055  8,725  35,782  8,855  8,687  8,960  Total Adjusted EBITDA  173,626  228,678  228,336  166,459  797,100  174,204  229,624  223,453  167,641  794,922  164,219  243,115  250,207  Adjusted EBITDA   Revenue  US $ in thousands 
 
    1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24  RENEWABLES3 (GWh)        1,094  1,554  1,507  1,164  5,319  1,192  1,611  1,580  1,075  5,458  1,061  1,609  1,603   (GWh)4  625  626  647  603  2,501  600  630  662  657  2,549  636  581  578   (availability %)5           100.3%  99.9%  101.1%  95.1%  98.9%  94.9%  99.2%  102.3%  102.1%  99.6%  102.3%  98.8%  97.8%  TRANSMISSION LINES (availability %)5  99.9%  99.9%  100.0%  100.0%  100.0%  100.0%  100.0%  99.9%  99.9%  100.0%  100.0%  99.6%  98.9%  WATER (availability %)5  104.5%  99.9%  103.3%  101.4%  102.3%  100.8%  100.1%  102.5%  95.2%  99.7%  102.3%  99.8%  103.4%     1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24  RENEWABLES1 (MW)  2,044  2,048  2,121  2,121  2,121  2,161  2,161  2,161  2,171  2,171  2,203  2,203  2,208  EFFICIENT NAT. GAS & HEAT2 (MW)  398  398  398  398  398  398  398  398  398  398  398  355  355  TRANSMISSION LINES (Miles)  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,229  1,231  WATER1 (Mft3/day)  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  17.5  Capacity in operation  (at the end of the period)  Production / Availability  Represents total installed capacity in assets owned or consolidated at the end of the period, regardless of our percentage of ownership in each of the assets, except for our unconsolidated affiliates, for which we have included their installed capacity weighted by our corresponding interest (49% for Vento and Chile PMGD and 50% for Honda 1 and Honda 2).  Includes 43 MW corresponding to our 30% share in Monterrey until its sale in April 2024 and 55 MWt corresponding to thermal capacity from Calgary District Heating since May 14, 2021.  Includes curtailment in wind assets for which we receive compensation.  GWh produced includes 30% share of the production from Monterrey until its sale in April 2024.  Availability refers to the time during which the asset was available to our client totally or partially divided by contracted or budgeted availability, as applicable.  EFFICIENT NAT. GAS & HEAT  HISTORICAL FINANCIAL REVIEW  Key Performance Indicators 
 
 Capacity factor ratio represents actual electrical energy output over a given period of time divided by the maximum possible electrical energy output assuming continuous operation at full nameplate capacity over that period. Historical Capacity Factors are calculated from the date of entry into operation or the acquisition of each asset. Some capacity factors are not indicative of a full period of operations.  Includes curtailment production in wind assets for which we receive compensation.   Scheduled major overhaul carried out by Siemens, the original equipment manufacturer, which lasted 28 days longer than expected and a subsequent unscheduled outage.  HISTORICAL FINANCIAL REVIEW  Capacity Factors    Historical Capacity Factors1     1Q22  2Q22  3Q22  4Q22  2022  1Q23  2Q23  3Q23  4Q23  2023  1Q24  2Q24  3Q24   SOLAR      US     17.2%  39.1%  32.4%  16.6%  26.3%  15.2%  42.4%  36.9%  18.5%  28.3%  17.5%  41.6%  40.4%   Chile  25.3%  20.4%  24.6%  28.8%  24.8%  27.6%  21.4%  19.0%  18.5%  21.6%  22.2%  14.9%  12.0%   Spain     7.3%  23.6%  27.9%  5.8%  16.2%  11.7%  26.9%  30.1%  7.2%  19.0%  6.7%  25.9%  30.2%   Italy  12.7%  19.7%  20.0%  9.2%  15.4%  11.8%  16.9%  18.3%  8.3%  13.8%  10.5%  17.5%  14.6%   Kaxu  36.9%  27.2%  28.8%  44.6%  34.4%  45.2%  21.2%  4.9%3  0.0%3  17.7%  12.9%3  19.2%  15.4%   Colombia   27.1%  24.0%  24.7%  23.4%  24.8%  20.6%  22.8%  27.3%  24.0%  21.7%  26.9%  23.2%  25.0%  Wind   US  38.1%  35.6%  20.3%  34.8%  32.2%  37.7%  26.4%  20.2%  31.9%  29.0%  36.4%  30.3%  19.8%   Uruguay2     34.5%  27.7%  38.2%  41.8%  35.6%  33.6%  29.4%  42.3%  46.3%  37.9%  35.4%  42.8%  41.4% 
 
 Exchange rates as of September 30, 2024 (EUR/USD = 1.1135) and December 31, 2023 (EUR/USD = 1.1039).  Restricted cash is cash which is restricted generally due to requirements of certain project finance agreements.  US $ in million1  As of Sept. 30  2024  As of Dec. 31  2023  Corporate cash at Atlantica  19.0  33.0  Existing available revolver capacity  301.3  378.1  Total Corporate Liquidity  320.3  411.1  Cash at project companies  415.6  415.3   - Restricted2  183.1  177.0   - Other  232.5  238.3  LIQUIDITY  Liquidity Position 
 
 Exchange rates as of September 30, 2024 (EUR/USD =1.1135).  Amounts include principal amounts outstanding, unless stated otherwise.  As of September 30, 2024, $301.3 million was available under the Revolving Credit Facility. The latter has a total limit of $450 million.  US $ in million1  Maturity  Amounts2  Credit Facilities  (Revolving Credit Facility)3  2025  114.7  (Other facilities)4  2024 – 2028  104.9  Green Exchangeable Notes5  2025  112.4  2020 Green Private Placement6  (€ denominated)  2026  321.9  Note Issuance Facility 20207   (€ denominated)  2027  154.1  Green Senior Notes8  2028  396.6  Total  1,204.6  Other facilities include the Commercial Paper Program, accrued interest payable and other debt.   Senior unsecured notes dated July 17, 2020, exchangeable into ordinary shares of Atlantica, cash, or a combination of both, at Atlantica’s election.  Senior secured notes dated April 1, 2020, of €290 million.  Senior unsecured note facility dated July 8, 2020, of €140 million.  Green Senior Unsecured Notes dated May 18, 2021, of $400 million.  CORPORATE DEBT DETAILS  Corporate Debt as of September 30, 20241 
 
 CASH FLOW  Operating Cash Flow  Consolidated cash as of September 30, 2024, decreased by $13.7 million vs December 31, 2023, including FX translation differences of $2.2 million.  Includes $41.2 million of proceeds from Monterrey Sale.  US$ in million   2024  2023  Adjusted EBITDA  657.5  XX  627.3  Share in Adjusted EBITDA of unconsolidated affiliates  (24.3)  (25.3)  Net interest and income tax paid  (180.4)  (159.9)  Changes in working capital   (35.0)  )  (116.1)  Non-monetary adjustments and other  (106.0)  7.9  OPERATING CASH FLOW  311.8  333.9      Acquisitions of subsidiaries and entities under the equity method and investments in assets under development and construction  (197.5)  (51.3)  Investments in operating concessional assets  (13.3)  (24.7)   Distributions from entities under the equity method & other2   75.2  51.4  INVESTING CASH FLOW  (135.6)  (24.6)  FINANCING CASH FLOW   (192.2)  (310.0)  Net change in consolidated cash1  (16.0)  (0.7)  9 months ended   September 30 
 
 fixed or hedged1  Project Debt  Calculated as the weighted average of the % of fixed or hedged corporate debt and the % of fixed or hedged project debt based on outstanding balance as of September 30, 2024.  (2) See our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 for additional information on the specific interest rates and hedges.  INTEREST RATE RISK COVERAGE  91%1 of Consolidated Debt Fixed or Hedged2  (3) Percentage fixed or hedged.  (4) Weighted average based on outstanding balance as of September 30, 2024.   (5) Other facilities include the Commercial Paper Program, accrued interest payable and other debt.  (6) Hedged at 100% until the end of 2024.  INSTRUMENT   INTEREST TYPE  SEPT. 30, 2024   Revolving Credit Facility (RCF)  Variable  114.7  Green Exchangeable Notes  Fixed  112.4  2020 Green Private Placement  Fixed  321.9  Note Issuance Facility 2020  Hedged (100%)6  154.1  Green Senior Notes  Fixed  396.6  Other facilities5  Fixed  104.9  Total Outstanding Debt     1,204.6           Hedged4  12.8%     Fixed4  77.0%         Total Fixed or Hedged  89.8%  Corporate Debt  of Corporate Debt  ~90%  of Project Debt  & ~92%  ASSET  INTEREST TYPE  FIXED1,3  Solana  fixed  100%  Mojave  fixed  100%  Coso  hedged  100%  Solaben 2  hedged  90%  Solaben 3  hedged  90%  Logrosan  hedged  100%  Solacor 1  hedged  90%  Solacor 2  hedged  90%  Helioenergy 1  hedged  99%  Helioenergy 2  hedged  99%  Solnova 1  hedged  90%  Solnova 3  hedged  90%  Solnova 4  hedged  90%  Helios 1/2  fixed  100%  Solaben 1/6  fixed  100%  Palmatir  fixed  94%  Cadonal  hedged  88%  Melowind  hedged  75%  ACT  hedged  75%  ATN  fixed  100%  ATN 2  fixed  100%  ATS  fixed  100%  Quadra 1  hedged  75%  Quadra 2  hedged  75%  Palmucho  hedged  75%  Skikda  fixed  100%  Tenes  fixed  100%  Kaxu  hedged  43%  Chile PV 1&2  hedged  80%  Rioglass  hedged  78%  Montesejo  fixed  100%           Hedged4   40.6%  Fixed4   51.0%     Total Fixed or Hedged   91.6% 
 
 Does not include assets without PPAs or partially contracted.  Calculated as weighted average years remaining as of September 30, 2024 based on CAFD estimates for the 2024-2027 period as of March 1, 2024, including assets that have reached COD before November 14, 2024. See “Disclaimer – Forward Looking Statements”.  (3) Regulation term in the case of Spain and Chile TL3.   (4) From the total amount of $211 million project debt, $74 million are progressively repaid following a theoretical 2036 maturity, with a legal maturity in 2027. The remaining $137 million are expected to be refinanced in or before 2027.   4  Refinancing opportunities could increase CAFD in earlier years  Tails in most assets after debt amortization  PPAs with predefined prices for ~12 years on average2   Possibility to extend life in many assets (excluding   ATN and ATS)  Weighted Average Life  Project debt term  Contract term3  LONG TERM STABLE CASH FLOW  Portfolio of Contracted Assets1 
 
 As of November 14, 2024   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING1  YEARS INCONTRACT LEFT7  CURRENCY  RENEWABLE   ENERGY  Solana  100%  USA (Arizona)  280 MW  APS  BBB+/Baa1/BBB+  19  USD  Mojave  100%  USA (California)  280 MW  PG&E  BB/Ba1/BB+  15  USD  Coso  100%  USA (California)  135 MW  SCPPA & two CCAs4  Investment grade4  17  USD  Elkhorn Valley8   49%  USA (Oregon)  101 MW  Idaho Power Company  BBB/Baa1/--  3  USD  Prairie Star8  49%  USA (Minnesota)  101 MW  Great River Energy   --/A3/A-  3  USD  Twin Groves II8   49%  USA (Illinois)  198 MW  Exelon Generation Co.  BBB+/Baa1/--  1  USD  Lone Star II8  49%  USA (Texas)  196 MW  n/a  n/a  n/a  USD  Chile PV 1  35%  Chile  55 MW  n/a  n/a  n/a  USD3  Chile PV 2  35%  Chile  40 MW  n/a  Not rated  6  USD3  Chile PV 3  35%  Chile  73 MW  n/a  Not rated  10  USD3  Chile PMGD  49%  Chile  27 MW9  CNE10  A/A2/A-  10  USD3  La Sierpe  100%  Colombia  20 MW  Coenersa6  Not rated  11  COP  La Tolua  100%  Colombia  20 MW  Coenersa6  Not rated  9  COP  Tierra Linda  100%  Colombia  10 MW  Coenersa6  Not rated  9  COP  Honda 1  50%  Colombia  10 MW  Enel Colombia  BBB-/---/BBB  6  COP  Honda 2  50%  Colombia  10 MW  Enel Colombia  BBB-/---/BBB  7  COP  Albisu  100%  Uruguay  10 MW  Montevideo Refrescos  Not rated  14  UYU  Palmatir  100%  Uruguay  50 MW  UTE  BBB+/Baa1/BBB2  10  USD  Cadonal  100%  Uruguay  50 MW  UTE  BBB+/Baa1/BBB2  10  USD  Melowind  100%  Uruguay  50 MW  UTE  BBB+/Baa1/BBB2  11  USD  Mini-Hydro  100%  Peru  4 MW  Peru  BBB-/Baa1/BBB  8  USD3  Solaben 2/3  70%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  13/13  EUR5  Solacor 1/2  87%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  12/12  EUR5  Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of November 14, 2024.  It refers to the credit rating of Uruguay, as UTE is unrated.  USD denominated but payable in local currency.  Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bay Community Power, both with A rating from S&P; Southern California Public Power Authority, the third off-taker, is not rated.  Gross cash in euros dollarized through currency hedges.  AT A GLANCE  Sizeable and Diversified Asset Portfolio  (6) Largest electricity wholesaler in Colombia.   (7) As of September 30, 2024.  (8) Part of Vento II portfolio.  (9) 53 MW out of the total 80 MW portfolio of projects are still under construction.  (10) Regulated under the Small Distributed Generation Means Regulation Regime  (“PMGD”), which allows to sell electricity through a stabilized price. 
 
 As of November 14, 2024   ASSET  TYPE  STAKE  LOCATION  GROSSCAPACITY  OFFTAKER  RATING1  YEARS INCONTRACT LEFT6  CURRENCY  RENEWABLE   ENERGY  PS 10/20  100%  Spain  31 MW  Kingdom of Spain  A/Baa1/A-  8/10  EUR4  Helioenergy 1/2  100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  12/12  EUR4  Helios 1/2  100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  13/13  EUR4  Solnova 1/3/4  100%  Spain  3x50 MW  Kingdom of Spain  A/Baa1/A-  11/11/11  EUR4  Solaben 1/6  100%  Spain  2x50 MW  Kingdom of Spain  A/Baa1/A-  14/14  EUR4  Seville PV  80%  Spain  1 MW  Kingdom of Spain  A/Baa1/A-  11  EUR4  Italy PV 1  100%  Italy  1.6 MW  Italy  BBB/Baa3/BBB  7  EUR4  Italy PV 2  100%  Italy  2.1 MW  Italy  BBB/Baa3/BBB  7  EUR4  Italy PV 3  100%  Italy  2.5 MW  Italy  BBB/Baa3/BBB  7  EUR4  Italy PV 4  100%  Italy  3.6 MW  Italy  BBB/Baa3/BBB  7  EUR4  UK Wind 1  100%  United Kingdom  25 MW  United Kingdom  AA / Aa3 / AA-  8  GBP  UK Wind 2  100%  United Kingdom  8 MW  United Kingdom  AA / Aa3 / AA-  3  GBP  Kaxu  51%  South Africa  100 MW  Eskom  BB-/Ba2/BB-2  10  ZAR  EFFICIENT NAT. GAS & HEAT  Calgary  100%  Canada  55 MWt  22 High quality clients3  ~60% AA- or higher3  11  CAD  ACT  100%  Mexico  300 MW  Pemex  BBB/B3/B+  9   USD5  TRANSMISSION LINES   ATN  100%  Peru  381 miles  Peru  BBB-/Baa1/BBB  16  USD5  ATS  100%  Peru  569 miles  Peru  BBB-/Baa1/BBB  19  USD5  ATN 2  100%  Peru  81 miles  Minera Las Bambas  Not rated  9  USD  Quadra 1/2  100%  Chile  49 miles / 32 miles  Sierra Gorda  Not rated  10/10  USD5  Palmucho  100%  Chile  6 miles  Enel Generacion Chile  BBB/-/BBB+  13  USD5  Chile TL 3  100%  Chile  50 miles  CNE  A/A2/A-  n/a  USD5  Chile TL 4  100%  Chile  63 miles  Several Mini-hydro plants  Not rated  47  USD  WATER  Skikda  34%  Algeria  3.5 Mft3/day  Sonatrach & ADE  Not rated  9  USD5  Honaine  26%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  13  USD5  Tenes  51%  Algeria  7 Mft3/day  Sonatrach & ADE  Not rated  16  USD5  Reflects the counterparties’ issuer credit ratings issued by S&P, Moody’s and Fitch, respectively, as of November 14, 2024.  It refers to the credit rating of the Republic of South Africa.  Diversified mix of 22 high credit quality clients (~60% AA- rating or higher, the rest unrated).  AT A GLANCE  Sizeable and Diversified Asset Portfolio  (4) Gross cash in euros dollarized through currency hedges.  (5) USD denominated but payable in local currency.  (6) As of September 30, 2024. 
 
 Great West House, GW1, 17th floor,  Great West Road  Brentford TW8 9DF  London (United Kingdom) 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Atlantica Sustainable Infrastructure plc




Date: November 14, 2024
By:
/s/ Santiago Seage


Name:
Santiago Seage


Title:
Chief Executive Officer



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Atlantica Sustainable Infrastructure plc
       
Date: November 14, 2024
By:
/s/ Santiago Seage
   
Name:
Santiago Seage
   
Title:
Chief Executive Officer