6-K 1 brhc10023754_6k.htm 6-K

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 May 2021

Commission File Number 001-36487



Atlantica Sustainable Infrastructure plc
(Exact name of Registrant as Specified in its Charter)



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



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



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

☒  Form 20-F
 
☐  Form 40-F

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

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

This Report on Form 6-K is incorporated by reference into  the Registration Statement on Form F-3 of the Registrant filed with the Securities and Exchange Commission on August 6, 2018 (File 333-226611).



ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
TABLE OF CONTENTS

   
Page
PART I – FINANCIAL INFORMATION
     
Item 1
8
     
Item 2
43
     
Item 3
66
     
Item 4
68
     
PART II – OTHER INFORMATION
     
Item 1
68
     
Item 1A 
69
     
Item 2
69
     
Item 3
69
     
Item 4
69
     
Item 5
69
     
Item 6
69
     
70

Definitions

Unless otherwise specified or the context requires otherwise in this quarterly report:


references to “2020 Green Private Placement” refer to the €290 million (approximately $341 million) senior secured notes maturing in June 20, 2026 which were issued under a senior secured note purchase agreement entered into with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations— Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;
 

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

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

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

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

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

references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 1, 2021;
 

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

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

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

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

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

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

references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of March 31, 2021 and 2020 and for the three-month period ended March 31, 2021 and 2020, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;
 

references to “Coso” refer to the 135 MW geothermal plant located in California
 

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

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

references to “EU” refer to the European Union;
 

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

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

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

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

references to “GWh” refer to gigawatt hour;
 

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

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

references to “ITC” refer to investment tax credits;
 

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

references to “Liberty” refer to Liberty Interactive Corporation;
 

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

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

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

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

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

references to “MW” refer to megawatts;
 

references to “MWh” refer to megawatt hour;
 

references to “MWt” refer to thermal megawatts;
 

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

references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, of €140 million (approximately $165 million), with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital as purchasers of the notes to be issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;
 

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

references to “Pemex” refer to Petróleos Mexicanos;
 

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

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

references to “PTS” refer to Pemex Transportation System;
 

references to “Revolving Credit Facility” refers to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018 and amended on January 24, 2019, August 2, 2019, December 17, 2019, August 28, 2020 and March 1, 2021, providing for a senior secured revolving credit facility in an aggregate principal amount of $450 million, as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;
 

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

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

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

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

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

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

references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc or Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, unless the context otherwise requires.
 
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Such statements occur throughout this report and include statements with respect to our expected trends and outlook, potential market and currency fluctuations, occurrence and effects of certain trigger and conversion events, our capital requirements, changes in market price of our shares, future regulatory requirements, the ability to identify and/or make future investments and acquisitions on favorable terms, reputational risks, divergence of interests between our company and that of our largest shareholder, tax and insurance implications, and more. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I, Item 3D. Risk Factors in our Annual Report (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could have a significant impact on our operations and financial results, and could cause our actual results to differ materially from those contained or implied in forward-looking statements made by us or on our behalf in this quarterly report, in presentations, on our website, in response to questions or otherwise. These forward-looking statements include, but are not limited to, statements relating to:


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

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

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

changes in tax laws and regulations;
 

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

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

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

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

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

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

risks related to our exposure in the labor market;
 

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

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

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

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

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

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

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

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

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

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

sale of electricity to the Mexican market;
 

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

other factors discussed under “Risk Factors”.
 
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.
 
Consolidated condensed statements of financial position as of March 31, 2021 and December 31, 2020

Amounts in thousands of U.S. dollars

         
As of
March 31,
   
As of
December 31,
 
   
Note (1)
   
2021
   
2020
 
Assets
                 
Non-current assets
                 
Contracted concessional assets
   
6
     
7,987,180
     
8,155,418
 
Investments carried under the equity method
   
7
     
111,798
     
116,614
 
Financial investments
   
8
     
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
   
12
     
275,675
     
331,735
 
Financial investments
   
8
     
196,753
     
200,084
 
Cash and cash equivalents
   
15
     
1,058,843
     
868,501
 
Assets held for sale
   
5
     
92,089
     
-
 
                         
Total current assets
           
1,648,583
     
1,424,278
 
                         
Total assets
           
9,978,649
     
9,938,354
 

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

Consolidated condensed statements of financial position as of March 31, 2021 and December 31, 2020

Amounts in thousands of U.S. dollars

         
As of
March 31,
   
As of
December 31,
 
   
Note (1)
   
2021
   
2020
 
Equity and liabilities
                 
Equity attributable to the Company
                 
Share capital
   
13
     
11,080
     
10,667
 
Share premium
   
13
     
1,011,743
     
1,011,743
 
Capital reserves
   
13
     
965,678
     
881,745
 
Other reserves
   
9
     
126,074
     
96,641
 
Accumulated currency translation differences
   
13
     
(99,054
)
   
(99,925
)
Accumulated deficit
   
13
     
(383,406
)
   
(373,489
)
Non-controlling interests
   
13
     
225,759
     
213,499
 
                         
Total equity
           
1,857,874
     
1,740,881
 
                         
Non-current liabilities
                       
Long-term corporate debt
   
14
     
939,694
     
970,077
 
Long-term project debt
   
15
     
4,519,942
     
4,925,268
 
Grants and other liabilities
   
16
     
1,199,685
     
1,229,767
 
Derivative liabilities
   
9
     
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
   
14
     
25,626
     
23,648
 
Short-term project debt
   
15
     
680,275
     
312,346
 
Trade payables and other current liabilities
   
17
     
91,147
     
92,557
 
Income and other tax payables
           
38,722
     
54,703
 
Liabilities directly associated with the assets held for sale
   
5
     
72,172
     
-
 
                         
Total current liabilities
           
907,942
     
483,254
 
                         
Total equity and liabilities
           
9,978,649
     
9,938,354
 


(1)
Notes 1 to 22 form an integral part of the consolidated condensed interim financial statements.
 
Consolidated condensed income statements for the three-month periods ended March 31, 2021 and 2020

Amounts in thousands of U.S. dollars

   
Note (1)
   
For the three-month period ended March 31,
 
         
2021
   
2020
 
Revenue
   
4
     
235,190
     
210,403
 
Other operating income
   
20
     
21,233
     
29,538
 
Employee benefit expenses
           
(14,382
)
   
(11,717
)
Depreciation, amortization, and impairment charges
   
4
     
(83,541
)
   
(109,619
)
Other operating expenses
   
20
     
(75,270
)
   
(65,815
)
                         
Operating profit
           
83,230
     
52,790
 
                         
Financial income
   
19
     
1,112
     
1,207
 
Financial expense
   
19
     
(85,146
)
   
(96,008
)
Net exchange differences
   
19
     
(188
)
   
(1,621
)
Other financial income/(expense), net
   
19
     
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
   
18
     
(14,487
)
   
10,147
 
                         
Loss for the period from continuing operations
           
(11,544
)
   
(38,265
)
                         
Profit for the period from discontinued operations
   
5
     
480
     
-
 
                         
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 (thousands) - basic
   
21
     
110,386
     
101,602
 
Weighted average number of ordinary shares outstanding (thousands) - diluted
   
21
     
113,733
     
101,602
 
Basic earnings per share (U.S. dollar per share)
   
21
     
(0.17
)
   
(0.40
)
Diluted earnings per share (U.S. dollar per share)
   
21
     
(0.17
)
   
(0.40
)
Basic earnings per share from continuing operations (U.S. dollar per share)
   
21
     
(0.18
)
   
(0.40
)
Diluted earnings per share from continuing operations (U.S. dollar per share)
   
21
     
(0.17
)
   
(0.40
)


(1)
Notes 1 to 22 form an integral part of the consolidated condensed interim financial statements.
 
Consolidated condensed statements of comprehensive income for the three-month periods ended March 31, 2021 and 2020

Amounts in thousands of U.S. dollars

For the three-month period ended March 31,
 
   
2021
   
2020
 
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 for the three-month periods ended March 31, 2021 and 2020

Amounts in thousands of U.S. dollars

   
Share
capital
   
Share
premium
   
Capital
reserves
   
Other
reserves
   
Accumulated
currency
translation
differences
   
Accumulated
Deficit
   
Total
equity
attributable
to the
Company
   
Non-
controlling
interests
   
Total
equity
 
Balance as of January 1, 2020
   
10,160
     
1,011,743
     
889,057
     
73,797
     
(90,824
)
   
(385,457
)
   
1,508,476
     
206,380
     
1,714,856
 
                                                                         
Profit/(loss) for the three -month period after taxes
   
-
     
-
     
-
     
-
     
-
     
(40,511
)
   
(40,511
)
   
2,246
     
(38,265
)
Change in fair value of cash flow hedges
   
-
     
-
     
-
     
(39,775
)
   
-
     
-
     
(39,775
)
   
(395
)
   
(40,170
)
Currency translation differences
   
-
     
-
     
-
     
-
     
(20,584
)
   
-
     
(20,584
)
   
(10,841
)
   
(31,425
)
Tax effect
   
-
     
-
     
-
     
9,863
     
-
     
-
     
9,863
     
99
     
9,962
 
Other comprehensive income
   
-
     
-
     
-
     
(29,912
)
   
(20,584
)
   
-
     
(50,496
)
   
(11,137
)
   
(61,633
)
                                                                         
Total comprehensive income
   
-
     
-
     
-
     
(29,912
)
   
(20,584
)
   
(40,511
)
   
(91,007
)
   
(8,891
)
   
(99,898
)
                                                                         
Distributions (Note 13)
   
-
     
-
     
(41,658
)
   
-
     
-
     
-
     
(41,658
)
   
(4,170
)
   
(45,828
)
                                                                         
Balance as of March 31, 2020
   
10,160
     
1,011,743
     
847,399
     
43,885
     
(111,408
)
   
(425,968
)
   
1,375,811
     
193,319
     
1,569,130
 

Notes 1 to 22 form an integral part of the consolidated condensed interim financial statements.

   
Share
capital
   
Share
premium
   
Capital
reserves
   
Other
reserves
   
Accumulated
currency
translation
differences
   
Accumulated
Deficit
   
Total
equity
attributable
to the
Company
   
Non-
controlling
interests
   
Total
equity
 
Balance as of January 1, 2021
   
10,667
     
1,011,743
     
881,745
     
96,641
     
(99,925
)
   
(373,489
)
   
1,527,382
     
213,499
     
1,740,881
 
                                                                         
Profit/(loss) for the three -month period after taxes
   
-
     
-
     
-
     
-
     
-
     
(19,172
)
   
(19,172
)
   
8,108
     
(11,064
)
Change in fair value of cash flow hedges
   
-
     
-
     
-
     
38,285
     
-
     
-
     
38,285
     
3,757
     
42,042
 
Currency translation differences
   
-
     
-
     
-
     
-
     
871
     
-
     
871
     
(3,351
)
   
(2,480
)
Tax effect
   
-
     
-
     
-
     
(8,852
)
   
-
     
-
     
(8,852
)
   
(168
)
   
(9,020
)
Other comprehensive income
   
-
     
-
     
-
     
29,433
     
871
     
-
     
30,304
     
238
     
30,542
 
                                                                         
Total comprehensive income
   
-
     
-
     
-
     
29,433
     
871
     
(19,172
)
   
11,132
     
8,346
     
19,478
 
                                                                         
Capital increase (Note 13)
   
413
     
-
     
130,452
     
-
     
-
     
-
     
130,865
     
-
     
130,865
 
                                                                         
Business combinations (Note 5)
   
-
     
-
     
-
     
-
     
-
     
-
     
-
     
8,287
     
8,287
 
                                                                         
Share-based compensation (Note 13)
   
-
     
-
     
-
     
-
     
-
     
9,255
     
9,255
     
-
     
9,255
 
                                                                         
Distributions (Note 13)
   
-
     
-
     
(46,519
)
   
-
     
-
     
-
     
(46,519
)
   
(4,373
)
   
(50,892
)
                                                                         
Balance as of March 31, 2021
   
11,080
     
1,011,743
     
965,678
     
126,074
     
(99,054
)
   
(383,406
)
   
1,632,115
     
225,759
     
1,857,874
 

Notes 1 to 22 form an integral part of the consolidated condensed interim financial statements.

Consolidated condensed cash flows statements for the three-month periods ended March 31, 2021 and 2020

Amounts in thousands of U.S. dollars

   
Note (1)
   
For the three-month periods ended
March 31,
 
         
2021
   
2020
 
I. Profit for the period
         
(11,064
)
   
(38,265
)
Financial expense and non-monetary adjustments
         
171,472
     
194,720
 
                       
II. Profit for the period adjusted by non-monetary items
         
160,408
     
156,455
 
                       
III. Changes in working capital
         
16,963
     
(59,334
)
                       
Net interest and income tax paid
         
(30,663
)
   
(11,436
)
                       
A. Net cash provided by operating activities
         
146,708
     
85,685
 
                       
Acquisitions of subsidiaries and entities under the equity method
   
5&7
     
(10,744
)
   
-
 
Investment in contracted concessional assets
   
6
     
(6,341
)
   
-
 
Distributions from entities under the equity method
   
7
     
8,799
     
5,120
 
Other non-current assets/liabilities
           
1,921
     
(5,938
)
                         
B. Net cash used in investing activities
           
(6,365
)
   
(818
)
                         
Proceeds from Project debt
   
15
     
-
     
33,783
 
Proceeds from Corporate debt
   
14
     
4,048
     
89,038
 
Repayment of Project debt
   
15
     
(24,788
)
   
(16,420
)
Dividends paid to Company´s shareholders
   
13
     
(46,519
)
   
(41,657
)
Dividends paid to Non-controlling interests
   
13
     
(4,215
)
   
(4,913
)
Capital increase
   
13
     
130,618
     
-
 
                         
C. 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
 

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

Notes to the consolidated condensed interim financial statements
Note 1.- Nature of the business
16
   
Note 2.- Basis of preparation
20
   
Note 3.- Financial risk management
22
   
Note 4.- Financial information by segment
22
   
Note 5.- Business combinations and assets held for sale
28
   
Note 6.- Contracted concessional assets
30
   
Note 7.- Investments carried under the equity method
31
   
Note 8.- Financial Investments
32
   
Note 9.- Derivative financial instruments
32
   
Note 10.- Fair Value of financial instruments
33
   
Note 11.- Related parties
33
   
Note 12.- Trade and other receivables
34
   
Note 13.- Equity
35
   
Note 14.- Corporate debt
35
   
Note 15.- Project debt
38
   
Note 16.- Grants and other liabilities
39
   
Note 17.-Trade payables and other current liabilities
39
   
Note 18.- Income tax
40
   
Note 19.- Financial expense, net
40
   
Note 20 - Other operating income and expenses
41
   
Note 21.- Earnings per share
42
   
Note 22.- Subsequent events
42

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 M ft3/day
Not rated
2009
13

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

(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.
 
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.

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.

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