Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2022 |
Current Fiscal Year End Date | --12-31 |
Entity Registrant Name | Atlantica Sustainable Infrastructure plc |
Entity File Number | 001-36487 |
Entity Address, Address Line One | GREAT WEST HOUSE, GW1, 17TH FLOOR |
Entity Address, Address Line Two | GREAT WEST ROAD |
Entity Address, City or Town | BRENTFORD |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | TW8 9DF |
Entity Central Index Key | 0001601072 |
Consolidated condensed statemen
Consolidated condensed statements of financial position - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Contracted concessional assets | $ 7,338,449,000 | $ 8,021,568,000 |
Investments carried under the equity method | 268,151,000 | 294,581,000 |
Financial investments | 186,875,000 | 96,608,000 |
Deferred tax assets | 118,632,000 | 172,268,000 |
Total non-current assets | 7,912,107,000 | 8,585,025,000 |
Current assets | ||
Inventories | 31,865,000 | 29,694,000 |
Trade and other receivables | 230,716,000 | 307,143,000 |
Financial investments | 190,069,000 | 207,379,000 |
Cash and cash equivalents | 781,575,000 | 622,689,000 |
Total current assets | 1,234,225,000 | 1,166,905,000 |
Total assets | 9,146,332,000 | 9,751,930,000 |
Equity attributable to the Company | ||
Share capital | 11,605,512 | 11,240,000 |
Share premium | 986,594,000 | 872,011,000 |
Capital reserves | 866,715,000 | 1,020,027,000 |
Other reserves | 333,739,000 | 171,272,000 |
Accumulated currency translation differences | (197,026,000) | (133,450,000) |
Accumulated deficit | (402,519,000) | (398,701,000) |
Non-controlling interests | 206,259,000 | 206,206,000 |
Total equity | 1,805,368,000 | 1,748,605,000 |
Non-current liabilities | ||
Long-term corporate debt | 934,795,000 | 995,190,000 |
Long-term project debt | 4,249,902,000 | 4,387,674,000 |
Grants and other liabilities | 1,242,059,000 | 1,263,744,000 |
Derivative liabilities | 50,536,000 | 223,453,000 |
Deferred tax liabilities | 293,757,000 | 308,859,000 |
Total non-current liabilities | 6,771,049,000 | 7,178,920,000 |
Current liabilities | ||
Short-term corporate debt | 20,745,000 | 27,881,000 |
Short-term project debt | 372,038,000 | 648,519,000 |
Trade payables and other current liabilities | 135,694,000 | 113,907,000 |
Income and other tax payables | 41,438,000 | 34,098,000 |
Total current liabilities | 569,915,000 | 824,405,000 |
Total equity and liabilities | $ 9,146,332,000 | $ 9,751,930,000 |
Consolidated condensed income s
Consolidated condensed income statements - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated condensed income statements [Abstract] | ||
Revenue | $ 858,405 | $ 940,418 |
Other operating income | 54,860 | 57,597 |
Employee benefit expenses | (58,766) | (59,105) |
Depreciation, amortization, and impairment charges | (374,059) | (334,916) |
Other operating expenses | (261,435) | (320,873) |
Operating profit | 219,005 | 283,121 |
Financial income | 3,367 | 1,848 |
Financial expense | (244,305) | (277,000) |
Net exchange differences | 13,837 | 2,046 |
Other financial income, net | 2,208 | 21,684 |
Financial expense, net | (224,893) | (251,422) |
Share of profit of associates carried under the equity method | 20,668 | 4,245 |
Profit before income tax | 14,780 | 35,944 |
Income tax | (12,975) | (42,390) |
Profit/(loss) for the period | 1,805 | (6,446) |
Profit attributable to non-controlling interests | (11,278) | (11,720) |
Loss for the period attributable to the Company | $ (9,473) | $ (18,166) |
Weighted average number of ordinary shares outstanding - basic (in shares) | 114,236 | 110,749 |
Weighted average number of ordinary shares outstanding - diluted (in shares) | 118,197 | 114,156 |
Basic earnings per share (in dollars per share) | $ (0.08) | $ (0.16) |
Diluted earnings per share (in dollars per share) | $ (0.08) | $ (0.16) |
Consolidated condensed statem_2
Consolidated condensed statements of comprehensive income - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated condensed statements of comprehensive income [Abstract] | ||
Profit/(loss) for the period | $ 1,805 | $ (6,446) |
Items that may be subject to transfer to income statement | ||
Change in fair value of cash flow hedges | 209,108 | 15,262 |
Currency translation differences | (76,915) | (27,901) |
Tax effect | (52,498) | (4,632) |
Net income/(expense) recognized directly in equity | 79,695 | (17,271) |
Cash flow hedges | 31,473 | 44,643 |
Tax effect | (7,868) | (11,161) |
Transfers to income statement | 23,605 | 33,482 |
Other comprehensive income | 103,300 | 16,211 |
Total comprehensive income for the period | 105,105 | 9,765 |
Total comprehensive income attributable to non-controlling interests | (14,114) | (8,981) |
Total comprehensive income attributable to the Company | $ 90,991 | $ 784 |
Consolidated condensed statem_3
Consolidated condensed statements of changes in equity - USD ($) $ in Thousands | Total | Total Equity Attributable to Company [Member] | Share Capital [Member] | Share Premium [Member] | Capital Reserves [Member] | Other Reserves [Member] | Accumulated Currency Translation Differences [Member] | Accumulated Deficit [Member] | Non-controlling Interests [Member] |
Balance, beginning of period at Dec. 31, 2020 | $ 1,740,881 | $ 1,527,382 | $ 10,667 | $ 1,011,743 | $ 881,745 | $ 96,641 | $ (99,925) | $ (373,489) | $ 213,499 |
Profit/(loss) for the nine -month period after taxes | (6,446) | (18,166) | 0 | 0 | 0 | 0 | 0 | (18,166) | 11,720 |
Change in fair value of cash flow hedges | 59,905 | 56,493 | 0 | 0 | 0 | 66,553 | 0 | (10,060) | 3,412 |
Currency translation differences | (27,901) | (22,264) | 0 | 0 | 0 | 0 | (22,264) | 0 | (5,637) |
Tax effect | (15,793) | (15,279) | 0 | 0 | 0 | (15,279) | 0 | 0 | (514) |
Other comprehensive income | 16,211 | 18,950 | 0 | 0 | 0 | 51,274 | (22,264) | (10,060) | (2,739) |
Total comprehensive income for the period | 9,765 | 784 | 0 | 0 | 0 | 51,274 | (22,264) | (28,226) | 8,981 |
Capital increase (Note 13) | 154,574 | 154,574 | 481 | 24,526 | 129,567 | 0 | 0 | 0 | 0 |
Reduction of Share Premium (Note 13) | 0 | 0 | 0 | (200,000) | 200,000 | 0 | 0 | 0 | 0 |
Business combinations (Note 5) | 8,287 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8,287 |
Share-based compensation (Note 13) | 12,895 | 12,895 | 0 | 0 | 0 | 0 | 0 | 12,895 | 0 |
Distributions (Note 13) | (164,813) | (141,968) | 0 | 0 | (141,968) | 0 | 0 | 0 | (22,845) |
Balance, end of period at Sep. 30, 2021 | 1,761,589 | 1,553,667 | 11,148 | 836,269 | 1,069,344 | 147,915 | (122,189) | (388,820) | 207,922 |
Balance, beginning of period at Dec. 31, 2021 | 1,748,605 | 1,542,399 | 11,240 | 872,011 | 1,020,027 | 171,272 | (133,450) | (398,701) | 206,206 |
Profit/(loss) for the nine -month period after taxes | 1,805 | (9,473) | 0 | 0 | 0 | 0 | 0 | (9,473) | 11,278 |
Change in fair value of cash flow hedges | 240,581 | 222,211 | 0 | 0 | 0 | 220,638 | 0 | 1,573 | 18,370 |
Currency translation differences | (76,915) | (63,576) | 0 | 0 | 0 | 0 | (63,576) | 0 | (13,339) |
Tax effect | (60,366) | (58,171) | 0 | 0 | 0 | (58,171) | 0 | 0 | (2,195) |
Other comprehensive income | 103,300 | 100,464 | 0 | 0 | 0 | 162,467 | (63,576) | 1,573 | 2,836 |
Total comprehensive income for the period | 105,105 | 90,991 | 0 | 0 | 0 | 162,467 | (63,576) | (7,900) | 14,114 |
Capital increase (Note 13) | 113,099 | 113,099 | 366 | 114,583 | (1,850) | 0 | 0 | 0 | 0 |
Business combinations (Note 5) | 14,300 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14,300 |
Share-based compensation (Note 13) | 4,082 | 4,082 | 0 | 0 | 0 | 0 | 0 | 4,082 | 0 |
Distributions (Note 13) | (179,823) | (151,462) | 0 | 0 | (151,462) | 0 | 0 | 0 | (28,361) |
Balance, end of period at Sep. 30, 2022 | $ 1,805,368 | $ 1,599,109 | $ 11,606 | $ 986,594 | $ 866,715 | $ 333,739 | $ (197,026) | $ (402,519) | $ 206,259 |
Consolidated condensed cash flo
Consolidated condensed cash flows statements - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated condensed cash flows statements [Abstract] | ||
Profit/(loss) for the period | $ 1,805 | $ (6,446) |
Financial expense and non-monetary adjustments | 628,279 | 661,992 |
Profit/(loss) for the period adjusted by non-monetary items | 630,084 | 655,546 |
Changes in working capital | 47,778 | (4,576) |
Net interest and income tax paid | (162,136) | (209,030) |
Net cash provided by operating activities | 515,726 | 441,940 |
Acquisitions of subsidiaries and entities under the equity method | (45,553) | (337,539) |
Investments in operating concessional assets | (27,890) | (9,156) |
Investments in assets under development or construction | (30,406) | (2,754) |
Distributions from entities under the equity method | 56,202 | 24,615 |
Other non-current assets/liabilities | (419) | 1,937 |
Net cash used in investing activities | (48,066) | (322,897) |
Proceeds from Project debt | 0 | 11,149 |
Proceeds from Corporate debt | 57,503 | 409,023 |
Repayment of Project debt | (196,311) | (256,170) |
Repayment of Corporate debt | (59,573) | (361,154) |
Dividends paid to Company's shareholders | (151,462) | (141,968) |
Dividends paid to non-controlling interests | (26,442) | (23,327) |
Capital increase | 113,167 | 154,482 |
Net cash used in financing activities | (263,118) | (207,965) |
Net increase/(decrease) in cash and cash equivalents | 204,542 | (88,922) |
Cash and cash equivalents at beginning of the period | 622,689 | 868,501 |
Translation differences in cash or cash equivalent | (45,656) | (16,034) |
Cash and cash equivalents at end of the period | $ 781,575 | $ 763,545 |
Nature of the business
Nature of the business | 9 Months Ended |
Sep. 30, 2022 | |
Nature of the business [Abstract] | |
Nature of the business | Note 1. - Nature of the business Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage, efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, Algeria and South Africa). Atlantica’s shares trade on the NASDAQ Global Select Market under the symbol “AY”. On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million (Note 5). The Company expects to make an expansion of the line in 2023-2024, which would represent an additional investment of approximately $8 million. The asset has fully contracted revenues in US dollars, with inflation escalation and 50-year contract life. The off-takers are several mini-hydro plants that receive contracted or regulated payments. On April 4, 2022, the Company closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. The asset has regulated revenues under a feed in tariff until 2031. On September the Company completed its investment through its Chilean renewable energy platform in a 73 MW solar PV plant, Chile PV located in Chile, for corresponding to a of equity interest (Note . The Company expects to install batteries of approximately MWh in The asset currently has part of its revenue based on capacity payments. Adding storage would increase the portion of capacity payments. During the year 2021, the Company completed the following acquisitions: - In 2021, the Company closed the acquisition in two stages of the 85% Rioglass Solar Holding S.A. (“Rioglass”) - On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW geothermal plant in the United States The total equity investment was - On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset in Canada for a total equity investment of $22.9 million (Note 5). - On June 16, 2021, the Company acquired a 49% interest in Vento II, a 596 MW wind portfolio in the United States, for a total equity investment net of cash consolidated at the transaction date of approximately $180.7 million (Note 7). EDP Renewables owns the remaining 51%. The assets have PPAs with investment grade off-takers with a five-year average remaining contract life at the time of the investment. - On August 6, 2021, , two 3.7 9 - On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of $23.5 million (Note 5). The asset was acquired under a Right of First Offer (“ROFO”) agreement with Liberty GES. In addition, the Company has currently three assets under construction: - Albisu, a 10 MW PV asset wholly owned by the Company, currently under construction near the city of Salto (Uruguay). The asset has a 15-year PPA with Montevideo Refrescos, S.R.L, a subsidiary of Coca-Cola Femsa., S.A.B. de C.V. The PPA is denominated in local currency with a maximum and minimum price in U.S. dollars and is adjusted monthly based on a formula referring to U.S. Producer Price Index (PPI), Uruguay’s Consumer Price Index (CPI) and the applicable UYU/U.S. dollar exchange rate. - La Tolua and Tierra Linda, two solar PV assets in Colombia with a combined capacity of 30 MW. Each plant has a 15-year PPA in local currency indexed to local inflation with Synermin, the largest independent electricity wholesaler in Colombia. Additionally, the Company has recently started the construction of three additional PV plants with a total capacity of MW. The following table provides an overview of the main contracted concessional assets the Company owned or had an interest in as of September 30, 2022: Assets Type Ownership Location Currency (9) Capacity (Gross) Counterparty Credit Ratings (10) COD* Contract Years Remaining (16) Solana Renewable (Solar) 100% Arizona (USA) USD 280 MW BBB+/A3/BBB+ 2013 21 Mojave Renewable (Solar) 100% California (USA) USD 280 MW BB-/ -- /BB 2014 17 Coso Renewable (Geothermal) 100% California (USA) USD 135 MW Investment Grade (11) 1987-1989 17 Elkhorn Valley Renewable (Wind) 49% Oregon (USA) USD 101 MW BBB/Baa1/-- 2007 5 Prairie Star Renewable (Wind) 49% Minnesota (USA) USD 101 MW --/A3/A- 2007 5 Twin Groves II Renewable (Wind) 49% Illinois (USA) USD 198 MW BBB/Baa2/-- 2008 3 Lone Star II Renewable (Wind) 49% Texas (USA) USD 196 MW Not rated 2008 - Chile PV 1 Renewable (Solar) 35% (1) Chile USD 55 MW N/A 2016 N/A Chile PV 2 Renewable (Solar) 35% (1) Chile USD 40 MW Not rated 2017 8 Chile PV 3 Renewable (Solar) 35% (1) Chile USD 73 MW Not rated 2014 N/A La Sierpe Renewable (Solar) 100% Colombia COP 20 MW Not rated 2021 13 Palmatir Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- (12) 2014 12 Cadonal Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- (12) 2014 12 Melowind Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- 2015 13 Mini-Hydro Renewable (Hydraulic) 100% Peru USD 4 MW BBB/Baa1/BBB 2012 10 Solaben 2 & 3 Renewable (Solar) 70% (2) Spain Euro 2x50 MW A/Baa1/A- 2012 15/15 Solacor 1 & 2 Renewable (Solar) 87% (3) Spain Euro 2x50 MW A/Baa1/A- 2012 14/14 PS10 & PS20 Renewable (Solar) 100% Spain Euro 31 MW A/Baa1/A- 2007&2009 10/12 Helioenergy 1 & 2 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2011 14/14 Helios 1 & 2 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2012 15/15 Solnova 1, 3 & 4 Renewable (Solar) 100% Spain Euro 3x50 MW A/Baa1/A- 2010 13/13/13 Solaben 1 & 6 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2013 16/16 Seville PV Renewable (Solar) 80% (4) Spain Euro 1 MW A/Baa1/A- 2006 13 Italy PV 1 Renewable (Solar) 100% Italy Euro 1.6 MW BBB/Baa3/BBB 2010 8 Italy PV 2 Renewable (Solar) 100% Italy Euro 2.1 MW BBB/Baa3/BBB 2011 9 Italy PV 3 Renewable (Solar) 100% Italy Euro 2.5 MW BBB/Baa3/BBB 2012 10 Italy PV 4 Renewable (Solar) 100% Italy Euro 3.6 MW BBB/Baa3/BBB 2011 9 Kaxu Renewable (Solar) 51% (5) South Africa Rand 100 MW BB-/Ba2/BB- (13) 2015 12 Calgary Efficient natural gas &heat 100% Canada CAD 55 MWt ~41% A+ or higher (14) 2010 18 ACT Efficient natural gas & heat 100% Mexico USD 300 MW BBB/B1/BB- 2013 11 Monterrey Efficient natural gas &heat 30% Mexico USD 142 MW Not rated 2018 24 ATN (15) Transmission line 100% Peru USD 379 miles BBB/Baa1/BBB 2011 18 ATS Transmission line 100% Peru USD 569 miles BBB/Baa1/BBB 2014 21 ATN 2 Transmission line 100% Peru USD 81 miles Not rated 2015 11 Quadra 1 & 2 Transmission line 100% Chile USD 49 miles/32 miles Not rated 2014 13/13 Palmucho Transmission line 100% Chile USD 6 miles BBB/ -- /A- 2007 15 Chile TL3 Transmission line 100% Chile USD 50 miles A/A2/A- 1993 N/A Chile TL4 Transmission line 100% Chile USD 63 miles Not rated 2016 49 Skikda Water 34.20% (6) Algeria USD 3.5 M ft3/day Not rated 2009 11 Honaine Water 25.50% (7) Algeria USD 7 M ft3/day Not rated 2012 15 Tenes Water 51% (8) Algeria USD 7 M ft3/day Not rated 2015 18 (1) 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile. (2) Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3. (3) JGC holds 13% of the shares in each of Solacor 1 and Solacor 2. (4) Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV. (5) Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). (6) Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%. (7) Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. (8) Algerian Energy Company, SPA owns 49% of Tenes. (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 two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated. (12) Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. (13) Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa. (14) Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated). (15) Including ATN Expansion 1 & 2. (16) As of September (*) Commercial Operation Date. The project financing arrangement for Kaxu contained a cross-default provision related to Abengoa S.A.’s insolvency filing. In September 2021, the Company obtained a waiver for such cross-default which became effective on March 31, 2022, following the transfer of the employees performing the O&M in Kaxu from an Abengoa subsidiary to an Atlantica subsidiary and other conditions. As a result, as of March 31, 2022, the Company had again an unconditional right to defer the settlement of the debt for at least twelve months, and therefore the debt previously presented as current (as of December 31, 2021) had been reclassified as non-current at that date in accordance with the financing agreements in these Consolidated Condensed Interim Financial Statements (Note 15). As expected, the Administration in Spain has recently approved measures to adjust the regulated revenue component for renewable energy plants, following the increase since mid-2021 in the billings of these plants for the sale of electricity in the market. On March 30, 2022, the Royal Decree Law 6/2022 was published, adopting urgent measures in response to the economic and social consequences of the war in Ukraine. This Royal Decree Law contains a bundle of measures in diverse fields, including those targeted at containing the sharp rise in the prices of gas and electricity. It includes temporary changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain, which are applicable from January 1, 2022. The proposed parameters for the year 2022 were published on May 12, 2022, and, although they are still subject to comments, the Company does not expect any significant changes. As a result, the Company has recorded its revenue for the nine-month period up to September 30, 2022, following these new parameters. In addition, on May 14, 2022, the Royal Decree Law 10/2022 was published, including additional details on the changes to the regulated components of revenue. The changes to the detailed regulated components of revenue received by the solar assets of the Company in Spain are as follows: - The statutory half-period of three years from 2020 to 2022 has been split into two statutory half-periods (1) from January 1, 2020 until December 31, 2021 and (2) calendar year 2022. As a result, the fixed monthly payment based on installed capacity - The market price assumed by the regulation for calendar year 2022 was changed from €48.82 per MWh to an expected price of €121.9 per MWh. As a result, the variable payment based on net electricity produced (Remuneration on Operation or Ro) is also being adjusted. The proposed Ro for the year 2022 is zero €/MWh reflecting the fact that market prices for the power sold in the market are significantly higher. - For the three-year half period starting on January 1, 2023, and ending on December 31, 2025, the adjustment for electricity price deviations in the preceding statutory half period will be progressively modified to take into account a mix of actual market prices and future market prices. |
Basis of preparation
Basis of preparation | 9 Months Ended |
Sep. 30, 2022 | |
Basis of preparation [Abstract] | |
Basis of preparation | Note 2. - Basis of preparation The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries. The Company’s annual consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 25, 2022. 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 nine-month period ended September 30, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. 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, 2021 included in the 2021 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 parent 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 November 8, 2022. Application of new accounting standards a) Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements: The applications of these amendments have not had any impact on these Consolidated 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, 2023: The Company does not anticipate any significant impact on the Consolidated Condensed Interim 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, 2023, although it is currently still in the process of evaluating such application. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. 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: ● Assessment of 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 September 30, 2022, are expected. Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated income statement of the period in which the change occurs. |
Financial risk management
Financial risk management | 9 Months Ended |
Sep. 30, 2022 | |
Financial risk management [Abstract] | |
Financial risk management | Note 3. - Financial risk management Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk, Finance and Compliance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. Written internal policies exist for global risk management, as well as for specific areas of risk. In addition, there are official written management regulations regarding key controls and control procedures for each company and the implementation of these controls is monitored through internal audit procedures. These Consolidated Condensed Interim Financial Statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2021 included in the 2021 20-F. |
Financial information by segmen
Financial information by segment | 9 Months Ended |
Sep. 30, 2022 | |
Financial information by segment [Abstract] | |
Financial information by segment | Note 4. - Financial information by segment Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of September 30, 2022, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, 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, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership). Until September 30, 2021, adjusted EBITDA excluded share of profit/(loss) of associates carried under the equity method and did not include depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro-rata of Atlantica’s equity ownership). Prior periods have been presented accordingly. 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 nine-month periods ended September 30, 2022 and 2021, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector. a) The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the nine-month periods ended , and : Revenue Adjusted EBITDA For the nine-month period ended September 30, For the nine-month period ended September 30, ($ in thousands) Geography 2022 2021 2022 2021 North America 323,693 308,661 258,161 243,361 South America 122,549 117,129 95,080 90,626 EMEA 412,163 514,628 277,400 300,094 Total 858,405 940,418 630,641 634,081 Revenue Adjusted EBITDA For the nine-month period ended September 30, For the nine-month period ended September 30, ($ in thousands) Business sector 2022 2021 2022 2021 Renewable energy 652,757 725,756 469,851 464,861 Efficient natural gas & heat 81,944 93,524 66,808 76,387 Transmission lines 83,278 80,428 66,226 64,243 Water 40,424 40,710 27,756 28,590 Total 858,405 940,418 630,641 634,081 The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows: For the nine-month period ended September 30, ($ in thousands) 2022 2021 Loss attributable to the Company (9,473 ) (18,166 ) Profit attributable to non-controlling interests 11,278 11,720 Income tax 12,975 42,390 Financial expense, net 224,893 251,422 Depreciation, amortization, and impairment charges 374,059 334,916 Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) 16,909 11,799 Total segment Adjusted EBITDA 630,641 634,081 b) The assets and liabilities by operating segments (and business sector) as of September 30, 2022 and December 31, 2021 are as follows: Assets and liabilities by geography as of September 30, 2022: North America South America EMEA Balance as of September 30, 2022 ($ in thousands) Assets allocated Contracted concessional assets 3,191,373 1,274,981 2,872,095 7,338,449 Investments carried under the equity method 222,624 - 45,528 268,151 Current financial investments 117,327 29,244 43,498 190,069 Cash and cash equivalents (project companies) 211,483 99,880 364,179 675,542 Subtotal allocated 3,742,807 1,404,105 3,325,300 8,472,211 Unallocated assets Other non-current assets 305,507 Other current assets (including cash and cash equivalents at holding company level) 368,614 Subtotal unallocated 674,121 Total assets 9,146,332 North America South America EMEA Balance as of September 30, 2022 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,771,257 857,401 1,993,282 4,621,940 Grants and other liabilities 1,019,619 25,115 197,325 1,242,059 Subtotal allocated 2,790,876 882,516 2,190,607 5,863,999 Unallocated liabilities Long-term and short-term corporate debt 955,540 Other non-current liabilities 344,293 Other current liabilities 177,132 Subtotal unallocated 1,476,965 Total liabilities 7,340,964 Equity unallocated 1,805,368 Total liabilities and equity unallocated 3,282,333 Total liabilities and equity 9,146,332 Assets and liabilities by geography as of December 31, 2021: North America South America EMEA Balance as of December 31, 2021 ($ in thousands) Assets allocated Contracted concessional assets 3,355,669 1,231,276 3,434,623 8,021,568 Investments carried under the equity method 253,221 - 41,360 294,581 Current financial investments 135,224 28,155 44,000 207,379 Cash and cash equivalents (project companies) 171,744 74,149 287,655 533,548 Subtotal allocated 3,915,858 1,333,580 3,807,638 9,057,076 Unallocated assets Other non-current assets 268,876 Other current assets (including cash and cash equivalents at holding company level) 425,978 Subtotal unallocated 694,854 Total assets 9,751,930 North America South America EMEA Balance as of December 31, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,792,739 887,497 2,355,957 5,036,193 Grants and other liabilities 1,051,679 14,445 197,620 1,263,744 Subtotal allocated 2,844,418 901,942 2,553,577 6,299,937 Unallocated liabilities Long-term and short-term corporate debt 1,023,071 Other non-current liabilities 532,312 Other current liabilities 148,005 Subtotal unallocated 1,703,388 Total liabilities 8,003,325 Equity unallocated 1,748,605 Total liabilities and equity unallocated 3,451,993 Total liabilities and equity 9,751,930 Assets and liabilities by business sector as of September 30, 2022: Renewable energy Efficient natural gas & heat Transmission lines Water Balance as of September 30, 2022 ($ in thousands) Assets allocated Contracted concessional assets 5,893,598 476,590 806,781 161,480 7,338,449 Investments carried under the equity method 211,156 13,841 - 43,154 268,151 Current financial investments 4,091 115,893 28,999 41,086 190,069 Cash and cash equivalents (project companies) 514,378 67,744 66,008 27,412 675,542 Subtotal allocated 6,623,223 674,068 901,788 273,132 8,472,211 Unallocated assets Other non-current assets 305,507 Other current assets (including cash and cash equivalents at holding company level) 368,614 Subtotal unallocated 674,121 Total assets 9,146,332 Renewable energy Efficient natural gas & heat Transmission lines Water Balance as of September 30, 2022 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,483,395 452,360 598,626 87,559 4,621,940 Grants and other liabilities 1,201,593 31,998 6,118 2,350 1,242,059 Subtotal allocated 4,684,988 484,358 604,744 89,909 5,863,999 Unallocated liabilities Long-term and short-term corporate debt 955,540 Other non-current liabilities 344,293 Other current liabilities 177,132 Subtotal unallocated 1,476,965 Total liabilities 7,340,964 Equity unallocated 1,805,368 Total liabilities and equity unallocated 3,282,333 Total liabilities and equity 9,146,332 Assets and liabilities by business sector as of December 31, 2021: Renewable energy Efficient natural & heat Transmission lines Water Balance as of December 31, 2021 ($ in thousands) Assets allocated Contracted concessional assets 6,533,408 517,247 805,987 164,926 8,021,568 Investments carried under the equity method 240,302 15,358 - 38,921 294,581 Current financial investments 10,761 128,461 27,813 40,344 207,379 Cash and cash equivalents (project companies) 442,213 25,392 44,574 21,369 533,548 Subtotal allocated 7,226,684 686,458 878,374 265,560 9,057,076 Unallocated assets Other non-current assets 268,876 Other current assets (including cash and cash equivalents at holding company level) 425,978 Subtotal unallocated 694,854 Total assets 9,751,930 Renewable energy Efficient natural & heat Transmission lines Water Balance as of December 31, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,857,313 478,724 602,278 97,878 5,036,193 Grants and other liabilities 1,244,346 11,212 5,795 2,391 1,263,744 Subtotal allocated 5,101,659 489,936 608,073 100,269 6,299,937 Unallocated liabilities Long-term and short-term corporate debt 1,023,071 Other non-current liabilities 532,312 Other current liabilities 148,005 Subtotal unallocated 1,703,388 Total liabilities 8,003,325 Equity unallocated 1,748,605 Total liabilities and equity unallocated 3,451,993 Total liabilities and equity 9,751,930 c) The amount of depreciation, amortization and impairment charges recognized for the nine-month periods ended September 30, 2022 and 2021 are as follows: For the nine-month period ended September 30, Depreciation, amortization and impairment by geography 2022 2021 ($ in thousands) North America (167,497 ) (119,196 ) South America (46,467 ) (43,388 ) EMEA (160,095 ) (172,332 ) Total (374,059 ) (334,916 ) For the nine-month period ended September 30, Depreciation, amortization and impairment by business sectors 2022 2021 ($ in thousands) Renewable energy (322,183 ) (334,513 ) Efficient natural gas & heat (23,884 ) 22,956 Transmission lines (26,321 ) (24,194 ) Water (1,671 ) 836 Total (374,059 ) (334,916 ) |
Business combinations
Business combinations | 9 Months Ended |
Sep. 30, 2022 | |
Business combinations [Abstract] | |
Business combinations | Note 5. – Business combinations For the nine-month period ended September 30, 2022 On January 17, 2022, the Company closed the acquisition of Chile TL4, a 63-mile transmission line and 2 substations in Chile for a total equity investment of $39 million. Atlantica has control over Chile TL4 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile TL4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Chile TL4 is included within the Transmission Lines sector and the South America geography. On April 4, 2022, the Company closed the acquisition of Italy PV 4, a 3.6 MW solar portfolio in Italy for a total equity investment of $3.7 million. Atlantica has control over Italy PV 4 under IFRS 10, Consolidated Financial Statements. The acquisition of Italy PV 4 has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Italy PV4 is included within the Renewable energy sector and the EMEA geography. On September the Company closed the acquisition of Chile PV a 73 MW solar PV plant through its renewable energy platform in Chile for a total equity investment of . Atlantica has control over Chile PV under IFRS Consolidated Financial Statements. The acquisition of Chile PV has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS Business Combinations, showing of non-controlling interests. Chile PV is included within the Renewable energy sector and the South America geography. The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table: Business combinations for the nine-month period ended September 30, 2022 Contracted concessional assets 74,969 Cash & cash equivalents 1,057 Other current assets 8,282 Non-current Project debt (1,422 ) Other current and non-current liabilities (18,919 ) Non-controlling interests (14,300 ) Total net assets acquired at fair value 49,667 Asset acquisition – purchase price paid (49,667 ) Net result of business combinations - The purchase price equals the fair value of the net assets acquired. The allocation of the purchase price is provisional as of September 30, 2022 and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of September 30, 2022. The measurement period will not exceed one year from the acquisition date. The amount of revenue contributed by the acquisitions performed during the nine-month period ended September 30, 2022 to the Consolidated Condensed Interim Financial Statements of the Company as of September 30, 2022 is $4.2 million, and the amount of loss after tax is $0.3 million. Had the acquisitions been consolidated from January 1, 2022, the consolidated statement of comprehensive income would have included additional revenue of $4.8 million and profit after tax of $2.1 million. For the year ended December 31, 2021 On January 6, 2021, the Company completed its second investment through its Chilean renewable energy platform in a 40 MW solar PV plant, Chile PV 2, located in Chile, for approximately $5 million. Atlantica has control over Chile PV 2 under IFRS 10, Consolidated Financial Statements. The acquisition of Chile PV 2 had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations, showing 65% of non-controlling interests. Chile PV 2 is included within the Renewable energy sector and the South America geography. O n January 8, 2021, the Company completed the purchase of an additional 42.5% stake in Rioglass, a supplier of spare parts and services to the solar industry On April 7, 2021, the Company closed the acquisition of Coso, a 135 MW renewable asset in California. The purchase price paid was $130 million. Atlantica has control over Coso under IFRS 10, Consolidated Financial Statements and its acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Coso is included within the Renewable energy sector and the North America geography. On May 14, 2021, the Company closed the acquisition of Calgary District Heating, a district heating asset of approximately 55 MWt in Canada. The purchase price paid was approximately $22.9 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Calgary District Heating is included within the Efficient natural gas and heat sector and the North America geography. On August 6, 2021, the Company closed the acquisition of Italy PV 1 and Italy PV 2 On November 25, 2021, the Company closed the acquisition of La Sierpe, a 20 MW solar PV plant in Colombia for a total equity investment of approximately $23.5 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. La Sierpe is included within the Renewable energy sector and the South America geography. On December 14, 2021, the Company closed the acquisition of Italy PV 3, a 2.5 MW solar asset in Italy for a total equity investment of approximately $4 million. The acquisition had been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations. Italy PV 3 is included within the Renewable Energy sector and the EMEA geography. The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table: Business combinations for the year ended December 31 2021 Coso Other Total Contracted concessional assets 383,153 159,575 542,728 Deferred tax asset - 4,410 4,410 O ther non-current assets 11,024 1,943 12,967 Cash & cash equivalents 6,363 14,649 21,012 Other current assets 14,378 46,632 61,010 Non-current Project debt (248,544 ) (39,808 ) (288,352 ) Current Project debt (13,415 ) (25,366 ) (38,781 ) Deferred tax liabilities - (4,910 ) (4,910 ) Other current and non-current liabilities (22,959 ) (64,922 ) (87,881 ) Non-controlling interests - (8,287 ) (8,287 ) Total net assets acquired at fair value 130,000 83,916 213,916 Asset acquisition – purchase price paid (130,000 ) (80,868 ) (210,868 ) Fair value of previously held 15 - (3,048 ) (3,048 ) Net result of business combinations - - - The purchase price equaled the fair value of the net assets acquired. The amount of revenue contributed by the acquisitions performed during 2021 to the Consolidated Financial Statements of the Company for the year 2021 was $ 163.5 0.8 17.7 3.3 The provisional period for the purchase price allocation of Italy PV 1, Italy PV 2, Coso, Calgary, Chile PV 2 and Rioglass closed during the nine-month period ended September 30, 2022 and did not result in significant adjustments to the initial amounts recognized. |
Contracted concessional assets
Contracted concessional assets | 9 Months Ended |
Sep. 30, 2022 | |
Contracted concessional assets [Abstract] | |
Contracted concessional assets | Note 6. - Contracted concessional assets Contracted concessional assets correspond to the assets of the Company recorded as intangible or financial assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16, intangible assets in accordance with IAS 38 and financial asset in accordance with IFRS 16. The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of September 30, 2022 and December 31, 2021 is as follows: Financial assets under IFRIC 12 Financial assets under IFRS 16 Intangible assets under IFRIC 12 Intangible assets under IFRS 16 (Lessee) Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 Balance as of September 30, 2022 ($ in thousands) Contracted concessional assets cost 829,083 2,808 8,622,516 85,932 952,393 10,492,732 Amortization and impairment (89,999 ) - (2,883,265 ) (16,061 ) (164,958 ) (3,154,283 ) Total 739,084 2,808 5,739,251 69,871 787,435 7,338,449 Financial assets under IFRIC 12 Financial assets under IFRS 16 Intangible assets under IFRIC 12 Intangible assets under IFRS 16 (Lessee) Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 Balance as of December 31, 2021 ($ in thousands) Contracted concessional assets cost 874,525 2,843 9,202,539 82,818 856,410 11,019,135 Amortization and impairment (62,889 ) - (2,769,345 ) (14,105 ) (151,228 ) (2,997,567 ) Total 811,636 2,843 6,433,194 68,713 705,182 8,021,568 The decrease in the contracted concessional assets cost is primarily due to the lower value of the Euro denominated assets since the exchange rate of the Euro decreased against the U.S. dollar since December 31, 2021. Considering the continued delays in the works and replacements that the Company is carrying out in the storage system in Solana and their impact on production in 2022, as well as an increase in the discount rate, the Company identified an impairment triggering event, in accordance with IAS 36, Impairment of assets. As a result, an impairment test has been performed which resulted in the recording of an impairment loss of $41 million as of September 30, 2022 ($43 million as of December 31, 2021). The impairment has been recorded within the line “Depreciation, amortization and impairment charges” of the consolidated condensed interim income statement, decreasing the amount of “Contracted concessional assets” pertaining to the Renewable energy sector and the North America geography. The recoverable amount considered is the value in use and amounts to $881 million for Solana, as of September 30, 2022 ($943 million as of December 31, 2021). A specific discount rate has been used in each year considering changes in the debt/equity leverage ratio over the useful life of this project, resulting in the use of a range of discount rates between 4.6% and 6.3%. An adverse change in the key assumptions which are individually used for the valuation could lead to future impairment recognition; specifically, a 5% decrease in generation over the entire remaining useful life (PPA) of the project would generate an additional impairment of approximately $59 million. An increase of 50 basis points in the discount rate would lead to an additional impairment of approximately $33 million. In addition, changes in the provision for expected credit lo |
Investments carried under the e
Investments carried under the equity method | 9 Months Ended |
Sep. 30, 2022 | |
Investments carried under the equity method [Abstract] | |
Investments carried under the equity method | Note 7. - Investments carried under the equity method The table below shows the breakdown of the investments held in associates as of September 30, 2022 and December 31, 2021: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) 2 007 Vento II, LLC 185,418 195,952 Windlectric Inc 23,365 41,911 Myah Bahr Honaine, S.P.A. 43,154 38,922 Pemcorp SAPI de CV 13,841 15,358 Pectonex, R.F. Proprietary Limited 1,430 1,495 Evacuación Valdecaballeros, S.L. 918 923 Liberty Infraestructuras S.L. 25 20 Total 268,151 294,581 2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets (“Vento II”) Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, itself 30% owned by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) and therefore Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these Consolidate Pemcorp SAPI de CV, Monterrey´s project entity, is 100% owned by Arroyo Netherlands II B.V., which is accounted for under the equity method in these Consolidated Condensed Interim Financial Statements. Arroyo Netherlands II B.V. is 30% owned by Atlantica. The decrease in investments carried under the equity method as of September 30, 2022, is primarily due to the distributions received by The decrease in the investment in Vento II is primarily due to the distributions received from this asset by the Company for $26.0 million, partially offset by the share of profit in Vento II for the nine-month period ended September 30, 2022 for $17.2 million. |
Financial investments
Financial investments | 9 Months Ended |
Sep. 30, 2022 | |
Financial investments [Abstract] | |
Financial investments | Note 8. - Financial investments The detail of Non-current and Current financial investments as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) Fair Value through OCI (Investment in Ten West link) 15,959 14,459 Derivative assets (Note 9) 99,044 10,807 Other receivable accounts at amortized cost 71,872 71,342 Total non-current financial investments 186,875 96,608 Contracted concessional financial assets 184,392 188,912 Derivative assets (Note 9) 5,046 2,153 Other receivable accounts at amortized cost 631 16,314 Total current financial investments 190,069 207,379 Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S., currently under development. |
Derivative financial instrument
Derivative financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative financial instruments [Abstract] | |
Derivative financial instruments | Note 9. - Derivative financial instruments The breakdowns of the fair value amount of the derivative financial instruments as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) Assets Liabilities Assets Liabilities Interest rate cash flow hedge 97,044 40,645 9,550 206,763 Foreign exchange derivatives instruments 7,046 - 3,410 - Notes conversion option (Note 14) - 9,891 - 16,690 Total 104,090 50,536 12,960 223,453 The derivatives are primarily interest rate cash flow hedges. All are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements. The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed income statement is a loss of $31.5 million for the -month period ended September (loss of for the -month period ended September . The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of September and December amount to a profit of Additionally, the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European assets after deducting euro-denominated interest payments and euro-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro-denominated net exposure for the next 12 months and 75% of its euro denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated income statement. Finally, the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 14) is recorded as a derivative with a negative fair value (liability) of $9.9 million as of September 30, 2022 ($17 million as of December 31, 2021). |
Fair value of financial instrum
Fair value of financial instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair value of financial instruments [Abstract] | |
Fair value of financial instruments | Note 10. - Fair value of financial instruments Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value: ● Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. ● Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: Fair value is measured based on unobservable inputs for the asset or liability. As of September 30, 2022, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3. |
Related parties
Related parties | 9 Months Ended |
Sep. 30, 2022 | |
Related parties [Abstract] | |
Related parties | Note 11. - Related parties The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interests (Note 13), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company. Details of balances with related parties as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, Balance as of December 31, ($ in thousands) 2022 2021 Credit receivables (current) 3,695 19,387 Credit receivables (non-current) 17,006 15,768 Total receivables from related parties 20,701 35,155 Credit payables (current) 8,053 9,494 Credit payables (non-current) - 5 Total payables to related parties 8,053 9,499 Current credit receivables as of December 31, 2021 $6.3 million and the short-term portion of the loan to Arroyo Netherland II B.V., the holding company of Pemcorp SAPI de CV, Monterrey´s project entity (Note 7) , of which $8.2 million was collected in the first quarter of 2022. Non-current credit receivables as of September 30, 2022 and December 31, 2021 correspond to the long-term portion of the loan to Arroyo Netherland II B.V. Current credit payables primarily include the dividend to be paid by AYES Canada to Algonquin for $2.3 million as of September 30, 2022 ($6.1 million as of December 31, 2021) and the dividend to be paid by Skikda and Tenes to Algerian Energy Company, SPA and Sacyr Agua S.L for $5.1 million as of September 30, 2022 ( nil The transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the nine-month periods ended September 30, 2022 and 2021 have been as follows: For the nine-month period ended September 30, 2022 2021 ($ in thousands) Financial income 996 1,547 Financial expenses (143 ) (89 ) |
Trade and other receivables
Trade and other receivables | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | Note 12. - Trade and other receivables Trade and other receivables as of September 30, 2022 and December 31, 2021, consist of the following: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Trade receivables 158,611 227,343 Tax receivables 39,700 59,350 Prepayments 24,054 9,342 Other accounts receivable 8,351 11,108 Total 230,716 307,143 The decrease in trade receivables is primarily due to payments received from CNMC in the solar assets of the Company in Spain and from Pemex in ACT. The increase in prepayments is primarily due to the timing of insurance payments. As of September 30, 2022, and December 31, 2021, the fair value of trade and other receivables accounts does not differ significantly from its carrying value. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Note 13. - Equity As of September 30, 2022, the share capital of the Company amounts to $11,605,512 represented by 116,055,126 ordinary shares fully subscribed and disbursed with a nominal value of $0.10 each, all in the same class and series. Each share grants one voting right. Algonquin owns 42.2% of the shares of the Company and is its largest shareholder as of September 30, 2022. 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. On December 11, 2020, the Company closed an underwritten public offering of 5,069,200 ordinary shares, including 661,200 ordinary shares sold pursuant to the full exercise of the underwriters’ over-allotment option, at a price of $33 per new share. Gross proceeds were approximately $167 million. Given that the offering was issued through a subsidiary in Jersey, which became wholly owned by the Company at closing, and subsequently liquidated, the premium on issuance was credited to a merger reserve account (Capital reserves), net of issuance costs, for $161 million. Additionally, Algonquin committed to purchase 4,020,860 ordinary shares in a private placement in order to maintain its previous equity ownership of 44.2% in the Company. The private placement closed on January 7, 2021. Gross proceeds were approximately $133 million ($131 million net of issuance costs). During the first quarter of 2021, the Company changed the accounting treatment applied to its existing long-term incentive plans granted to employees from cash-settled to equity-settled in accordance with IFRS 2, Share-based Payment, as a result of incentives being settled in shares. The liability recognized for the rights vested by the employees under such plans at the date of this change, was reclassified to equity within the line “Accumulated deficit” for approximately $9 million. The settlement in shares was approved by the Board of Directors on February 26, 2021, and the Company issued 141,482 new shares to its employees up to December 31, 2021, to settle a portion of these plans. In the -month period ended September 30, On August 3, 2021, the Company established an “at-the-market program” and entered into a distribution agreement with J.P. Morgan Securities LLC, as sales agent, under which the Company may offer and sell from time to time up to $150 million of its ordinary shares. The Company also entered into an agreement with Algonquin pursuant to which the Company has offered Algonquin the right but not the obligation, on a quarterly basis, to purchase a number of ordinary shares to maintain its percentage interest in Atlantica at the average price of the shares sold under the distribution agreement in the previous quarter (the “ATM Plan Letter Agreement”). On February 28, 2022, the Company established a new “at-the-market program” and entered into a distribution agreement with BofA Securities, MUFG and RBC Capital Markets, as its sales agents, Upon entry into the distribution agreement, the Company terminated its prior “at-the-market program” established on August 3, 2021 and the related distribution agreement dated such date, entered into with J.P. Morgan Securities LLC. Atlantica´s reserves as of September 30, 2022 are made up of share premium account and capital reserves. The share premium account reduction by $200,000 thousand during the nine-month period ended September 30, 2021, increasing capital reserves by the same amount, was made effective upon the confirmation received from the High Court in the UK, pursuant to the Companies Act 2006 Other reserves primarily include the change in fair value of cash flow hedges and its tax effect. Accumulated currency translation differences primarily include the result of translating the financial statements of subsidiaries prepared in a foreign currency into the presentation currency of the Company, the U.S. dollar. Accumulated deficit primarily includes results attributable to Atlantica. Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Sacyr Agua S.L. in Skikda, by Algerian Energy Company, SPA in Tenes, by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu, by Algonquin Power Co. in AYES Canada, and by partners of the Company in the Chilean renewable energy platform in Chile PV 1 , Chile PV 2 and Chile PV 3 On February 25, 2022, the Board of Directors declared a dividend of $0.44 per share corresponding to the fourth quarter of 2021. The dividend was paid on March 25, 2022 for a total amount of $49.7 million. On May 5, 2022 the Board of Directors declared a dividend of per share corresponding to the quarter of The dividend was paid on June 15, 2022 for a total amount of . On August 2, 2022, the Board of Directors declared a dividend of $0.445 per share corresponding to the second quarter of 2022. The dividend was paid on September 15, 2022 for a total amount of $51.5 million. In addition, the Company declared dividends to non-controlling interests, primarily to Algerian Energy Company, SPA and Algonquin (interests in Amherst through AYES Canada, see Note 7) for $5.3 million and $14.6 million, respectively, in the nine-month period ended September 30, 2022 ($6.7 million and $10.9 million in the nine-month period ended September 30, 2021, respectively). As of September 30, 2022 and December 31, 2021, there was no treasury stock and there have been no transactions with treasury stock during the period then ended. |
Corporate debt
Corporate debt | 9 Months Ended |
Sep. 30, 2022 | |
Corporate debt [Abstract] | |
Corporate debt | Note 14. - Corporate debt The breakdown of corporate debt as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Non-current 934,795 995,190 Current 20,745 27,881 Total Corporate Debt 955,540 1,023,071 On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million ($9.8 million), which is available in euros or U.S. dollars. Amounts drawn down accrue interest at a rate per year equal to EURIBOR plus 2% or LIBOR plus 2%, depending on the currency, with a floor of 0% on the LIBOR and EURIBOR. As of September 30, has been drawn down ( as of December . As of December the credit facility maturity was July 1, 2023 On July the maturity has been extended to July 1, 2024 On May 10, 2018, the Company entered into the Revolving Credit Facility for $215 million with a syndicate of banks. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, Term SOFR, plus a Term SOFR Adjustment equal to 0.10% per annum, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ On April 30, 2019, the Company entered into the Note Issuance Facility 2019, a senior unsecured note facility with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of €268 million ($263 million), with maturity date on April 30, 2025. Interest accrued at a rate per annum equaled to the sum of 3-month EURIBOR plus 4.50%. The interest rate on the Note Issuance Facility 2019 was fully hedged by an interest rate swap resulting in the Company paying a net fixed interest rate of 4.24%. The Note Issuance Facility 2019 was fully repaid on June 4, 2021, and subsequently delisted from the Official List of The International Stock Exchange. On October 8, 2019, the Company filed a euro commercial paper program (the “Commercial Paper”) with the Alternative Fixed Income Market (MARF) in Spain. The program had an original maturity of twelve months and has been extended twice, for annual periods. The program allows Atlantica to issue short term notes over the next twelve months for up to €50 million ($49 million), with such notes having a tenor of up to two years. As of September 30, 2022, the Company had €13.4 million ($13.1 million) issued and outstanding under the program at an average cost of 0.71% (€21.5 million, or $22.4 million, as of December 31, 2021). On April 1, 2020, the Company closed the secured 2020 Green Private Placement for €290 million ($284 million). The private placement accrues interest at an annual 1.96% interest rate, payable quarterly and has a June 2026 maturity. On July 8, 2020, the Company entered into the Note Issuance Facility 2020, a senior unsecured financing with a group of funds managed by Westbourne Capital as purchasers of the notes issued thereunder for a total amount of $137 million which is denominated in euros (€140 million). The Note Issuance Facility 2020 was issued on August 12, 2020, accrues annual interest of 5.25%, payable quarterly and has a maturity of seven years from the closing date. On July 17, 2020, the Company issued the Green Exchangeable Notes for $100 million in aggregate principal amount of 4.00% convertible bonds due in 2025. On July 29, 2020, the Company closed an additional $15 million aggregate principal amount of the Green Exchangeable Notes. The notes mature on July 15, 2025 and bear interest at a rate of 4.00% per annum. The initial exchange rate of the notes is 29.1070 ordinary shares per $1,000 principal amount of notes, which is equivalent to an initial exchange price of $34.36 per ordinary share. Noteholders may exchange their notes at their option at any time prior to the close of business on the scheduled trading day immediately preceding April 15, 2025, only during certain periods and upon satisfaction of certain conditions. On or after April 15, 2025, noteholders may exchange their notes at any time. Upon exchange, the notes may be settled, at the election of the Company, into Atlantica ordinary shares, cash or a combination thereof. The exchange rate is subject to adjustment upon the occurrence of certain events. As per IAS 32, “Financial Instruments: Presentation”, the conversion option of the Green Exchangeable Notes is an embedded derivative classified within the line “Derivative liabilities” of these Consolidated Condensed Interim Financial Statements (Note 9). It was initially valued at the transaction date for $10 million, and prospective changes to its fair value are accounted for directly through the profit and loss statement. The principal element of the Green Exchangeable Notes, classified within the line “Corporate debt” of these Consolidated Condensed Interim Financial Statements, is initially valued as the difference between the consideration received from the holders of the instrument and the value of the embedded derivative, and thereafter, at amortized cost using the effective interest method as per IFRS 9, Financial Instruments. On December 4, 2020, the Company entered into a loan with a bank for €5 million ($4.9 million). This loan accrues interest at a rate per year equal to 2.50%. The maturity date is December 4, 2025. On May 18, 2021, the Company issued the Green Senior Notes due in 2028 in an aggregate principal amount of $400 million. The notes mature on May 15, 2028 and bear interest at a rate of 4.125% per annum payable on June 15 and December 15 of each year, commencing December 15, 2021. On January 31, 2022, the Company entered into a loan with a bank for €5 million ($4.9 million). This loan accrues interest at a rate per year equal to 1.90%. The maturity date is January 31, 2026. The repayment schedule for the corporate debt as of September 30, 2022 is as follows: Remainder of 2022 Between January and September 2023 Between October and December 2023 2024 2025 2026 Subsequent years Total ($ in thousands) 2017 Credit Facility 6 - - 8,822 - - - 8,828 Commercial Paper 10,967 2,145 - - - - - 13,112 2020 Green Private Placement 356 - - - - 282,052 - 282,408 2020 Note Issuance Facility - - - - - - 134,778 134,778 Green Exchangeable Notes 957 - - - 106,330 - - 107,287 Green Senior Notes 5,087 - - - - - 394,833 399,920 Other bank loans 25 1,202 1,634 2,859 2,859 628 - 9,207 Total 17,398 3,347 1,634 11,681 109,189 282,680 529,611 955,540 The repayment schedule for the corporate debt as of December 31, 2021 was as follows 2022 2023 2024 2025 2026 Subsequent years Total 2017 Credit Facility 5 8,199 - - - - 8,204 Commercial Paper 24,422 - - - - - 24,422 2020 Green Private Placement 359 - - - 327,081 - 327,440 2020 Note Issuance Facility - - - - - 155,814 155,814 Green Exchangeable Notes 2,121 - - 104,289 - - 106,410 Green Senior Note 963 - - - - 394,155 395,118 Other bank loans 11 1,895 1,895 1,862 - - 5,663 Total 27,881 10,094 1,895 106,151 327,081 549,969 1,023,071 |
Project debt
Project debt | 9 Months Ended |
Sep. 30, 2022 | |
Project debt [Abstract] | |
Project debt | Note 15. - Project debt This note shows the project debt linked to the contracted concessional assets included in Note 6 of these Consolidated Condensed Interim Financial Statements. Project debt is generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $231 million as of September 30, 2022 ($254 million as of December 31, 2021). The breakdown of project debt for both non-current and current liabilities as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Non-current 4,249,902 4,387,674 Current 372,038 648,519 Total Project debt 4,621,940 5,036,193 The decrease in total project debt is primarily due to: - the repayment of project debt for the period in accordance with the financing arrangements; and - the lower value of debt denominated in Euros given the depreciation of the Euro against the U.S. dollar since December 31, As of December 31, 2021, Kaxu total debt was presented as current in the Consolidated Condensed Interim Financial Statements of the Company, for an amount of $314 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”, as a result of the existence of a theoretical event of default under the Kaxu project finance agreement. the Company has again an unconditional right to defer the settlement of the debt for at least months, and therefore the debt previously presented as current in these Consolidated Condensed Interim Financial Statements has been reclassified as non-current in accordance with the financing agreements (Note . The repayment schedule for project debt in accordance with the financing arrangements as of September 30, 2022, is as follows and is consistent with the projected cash flows of the related projects: Remainder of 2022 Interest payment Nominal repayment Between January and September 2023 Between October December 2023 2024 2025 2026 Subsequent years Total ($ in thousands) 52,074 170,195 149,769 174,980 341,020 453,890 381,112 2,898,900 4,621,940 The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects: 2022 2023 2024 2025 2026 Subsequent years Total Interest payment Nominal repayment 18,017 317,388 355,956 369,528 498,712 411,514 3,065,078 5,036,193 |
Grants and other liabilities
Grants and other liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Grants and other liabilities [Abstract] | |
Grants and other liabilities | Note 16. - Grants and other liabilities Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Grants 926,085 970,557 Other Liabilities 315,974 293,187 Grants and other non-current liabilities 1,242,059 1,263,744 As of September 30, 2022, the amount recorded in Grants primarily corresponds to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $618 million ($642 million as of December 31, 2021). The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset. The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $306 million as of September 30, 2022 ($326 million as of December 31, 2021). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded progressively in “Other operating income”. Total amount of income for these two types of grants for Solana and Mojave is $43.9 million and $44.0 million for the nine-month periods ended September 30, 2022 and 2021, respectively (Note 20). Other liabilities mainly include: - $59 million of lease liabilities ($59 million as of December 31, 2021); - $129 million of dismantling provision ($125 million as of December 31, 2021); and - $86 million of provision related to the current high market prices in Spain at which the solar assets in Spain invoiced electricity up to September 30, 2022 ($75 million as of December 31, 2021), as a result of a negative adjustment to the regulated revenues expected to be recorded progressively over the remaining regulatory life of the solar assets of the Company, as a compensation. |
Trade payables and other curren
Trade payables and other current liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Trade payables and other current liabilities [Abstract] | |
Trade payables and other current liabilities | Note 17. - Trade payables and other current liabilities Trade payables and other current liabilities as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Trade accounts payable 87,054 79,052 Down payments from clients 6,286 542 Other accounts payable 42,354 34,313 Total 135,694 113,907 Trade accounts payable mainly relate to the operation and maintenance of the plants. Nominal values of trade payables and other current liabilities are considered to be approximately equal to fair values and the effect of discounting them is not significant. |
Income Tax
Income Tax | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax [Abstract] | |
Income Tax | Note 18. - Income Tax The effective tax rate for the periods presented has been established based on management’s best estimates, taking into account the tax treatment of permanent differences and tax credits. For the nine-month period ended September 30, 2022, income tax amounted to a $12,975 thousand expense with respect to a profit before income tax of $14,780 thousand. In the nine-month period ended September 30, 2021, income tax amounted to a $42,390 thousand expense with respect to a profit before income tax of $35,944 thousand. The effective tax rate differs from the nominal tax rate mainly due to unrecognized tax loss carryforwards and permanent tax differences in some jurisdictions. |
Financial expense, net
Financial expense, net | 9 Months Ended |
Sep. 30, 2022 | |
Financial expense, net [Abstract] | |
Financial expense, net | Note 19. - Financial expense, net Financial income and expense The following table sets forth financial income and expenses for the nine-month periods ended September 30, 2022 and 2021: For the nine-month period ended September 30, 2022 2021 Financial income ($ in thousands) Interest income from loans and credits 1,143 1,549 Interest rate gains on derivatives: cash flow hedges 2,224 299 Total 3,367 1,848 For the nine-month period ended September 30, 2022 2021 Financial expense ($ in thousands) Interest on loans and notes (211,484 ) (232,065 ) Interest rates losses derivatives: cash flow hedges (32,821 ) (44,935 ) Total (244,305 ) (277,000 ) Interest on loans and notes primarily include interest on corporate and project debt. Losses from interest rate derivatives designated as cash flow hedges primarily correspond to transfers from equity to financial expense when the hedged item impacts the consolidated income statement. Net exchange differences Net exchange differences primarily correspond to realized and unrealized exchange gains and losses on transactions in foreign currencies as part of the normal course of business of the Company and to the increase in value of the currency options of the Company (Note . Other financial income and expenses The following table sets out Other financial income and expenses for the nine-month periods ended September 30, 2022, and 2021: For the nine September 30 Other financial income / (expenses) 2022 2021 ($ in thousands) Other financial income 18,790 35,355 Other financial losses (16,582 ) (13,671 ) Total 2,208 21,684 Other financial income in the -month period ended September include of income for non-monetary change to the fair value of derivatives of Kaxu for which hedge accounting is not applied ( for the -month period ended September , and income ( income for the -month period ended September further to the change in the fair value of the conversion option of the Green Exchangeable Notes since December (Note . Residual items primarily relate to interest on deposits and loans, including non-monetary changes to the amortized cost of such Other financial losses primarily include guarantees and letters of credit, other bank fees and other minor financial expenses. |
Other operating income and expe
Other operating income and expenses | 9 Months Ended |
Sep. 30, 2022 | |
Other operating income and expenses [Abstract] | |
Other operating income and expenses | Note 20.- Other operating income and expenses The table below shows the detail of Other operating income and expenses for the nine-month periods ended September 30, 2022, and 2021: Other operating income For the nine-month period ended September 30, 2022 2021 ($ in thousands) Grants (Note 16) 44,364 44,449 Insurance proceeds and other 10,496 13,148 Total 54,860 57,597 Other operating expenses For the nine September 30 2022 2021 ($ in thousands) Raw materials and consumables used (13,710 ) (64,756 ) Leases and fees (8,571 ) (6,451 ) Operation and maintenance (106,118 ) (117,750 ) Independent professional services (28,096 ) (27,297 ) Supplies (45,678 ) (25,270 ) Insurance (34,446 ) (33,943 ) Levies and duties (13,596 ) (25,948 ) Other expenses (11,220 ) (19,458 ) Total (261,435 ) (320,873 ) The decrease in Other operating expenses in 2022 is primarily due to a specific non-recurrent solar project of Rioglass which ended in October 2021, which mainly explains the decrease in Raw materials and consumables used in 2022. |
Earnings per share
Earnings per share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings per share [Abstract] | |
Earnings per share | Note 21. - Earnings per share Basic earnings per share have been calculated by dividing the profit/(loss) attributable to equity holders of the Company by the average number of outstanding shares. Diluted earnings per share for the nine-month period ended September 30, 2022 have been calculated considering the potential issuance of 3,347,305 shares (3,347,305 shares for the nine-month period ended September 30, 2021) on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 596,681 shares (510,169 shares for the nine-month period ended September 30, 2021) to Algonquin under the agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Item For the nine-month period ended September 30, 2022 2021 ($ in thousands) Loss attributable to Atlantica (9,473 ) (18,166 ) Average number of ordinary shares outstanding (thousands) - basic 114,236 110,749 Average number of ordinary shares outstanding (thousands) - diluted 118,197 114,156 Earnings per share for the period (U.S. dollar per share) - basic (0.08 ) (0.16 ) Earnings per share for the period (U.S. dollar per share) - diluted (0.08 ) (0.16 ) |
Subsequent events
Subsequent events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent events [Abstract] | |
Subsequent events | Note 22. - Subsequent events On October 20, 2022, the Company refinanced the project debt of Solacor 1 & 2. The new financing is a green euro-denominated loan with a syndicate of banks for a total amount of €205 million. The maturity has been extended until 2037. Interest accrue at a rate per annum equal to the sum of 6-month EURIBOR plus a margin of 1.50% between 2022-2027, 1.60% between 2027-2032 and 1.70% between 2032-2037. The Company hedged its EURIBOR exposure, 71% through a swap set at 2.36% for the life of the financing and 19% by maintaining the existing caps with 1% strike and maturity in 2025. On November 8, 2022, the Board of Directors of the Company approved a dividend of $0.445 per share, which is expected to be paid on December 15, 2022. |
Basis of preparation (Policies)
Basis of preparation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Basis of preparation [Abstract] | |
Basis of preparation | The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries. The Company’s annual consolidated financial statements as of December 31, 2021, were approved by the Board of Directors on February 25, 2022. 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 nine-month period ended September 30, 2022, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2021. 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, 2021 included in the 2021 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 parent 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 November 8, 2022. |
Application of new accounting standards | Application of new accounting standards a) Standards, interpretations and amendments effective from January 1, 2022 under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements: The applications of these amendments have not had any impact on these Consolidated 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, 2023: The Company does not anticipate any significant impact on the Consolidated Condensed Interim 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, 2023, although it is currently still in the process of evaluating such application. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. |
Use of estimates | 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: ● Assessment of 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 September 30, 2022, 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. |
Fair value of financial instr_2
Fair value of financial instruments (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Fair value of financial instruments [Abstract] | |
Fair value of financial instruments | Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value: ● Level 1: Inputs are quoted prices in active markets for identical assets or liabilities. ● Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3: Fair value is measured based on unobservable inputs for the asset or liability. As of September 30, 2022, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3. |
Nature of the business (Tables)
Nature of the business (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Nature of the business [Abstract] | |
Overview of main assets | The following table provides an overview of the main contracted concessional assets the Company owned or had an interest in as of September 30, 2022: Assets Type Ownership Location Currency (9) Capacity (Gross) Counterparty Credit Ratings (10) COD* Contract Years Remaining (16) Solana Renewable (Solar) 100% Arizona (USA) USD 280 MW BBB+/A3/BBB+ 2013 21 Mojave Renewable (Solar) 100% California (USA) USD 280 MW BB-/ -- /BB 2014 17 Coso Renewable (Geothermal) 100% California (USA) USD 135 MW Investment Grade (11) 1987-1989 17 Elkhorn Valley Renewable (Wind) 49% Oregon (USA) USD 101 MW BBB/Baa1/-- 2007 5 Prairie Star Renewable (Wind) 49% Minnesota (USA) USD 101 MW --/A3/A- 2007 5 Twin Groves II Renewable (Wind) 49% Illinois (USA) USD 198 MW BBB/Baa2/-- 2008 3 Lone Star II Renewable (Wind) 49% Texas (USA) USD 196 MW Not rated 2008 - Chile PV 1 Renewable (Solar) 35% (1) Chile USD 55 MW N/A 2016 N/A Chile PV 2 Renewable (Solar) 35% (1) Chile USD 40 MW Not rated 2017 8 Chile PV 3 Renewable (Solar) 35% (1) Chile USD 73 MW Not rated 2014 N/A La Sierpe Renewable (Solar) 100% Colombia COP 20 MW Not rated 2021 13 Palmatir Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- (12) 2014 12 Cadonal Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- (12) 2014 12 Melowind Renewable (Wind) 100% Uruguay USD 50 MW BBB/Baa2/BBB- 2015 13 Mini-Hydro Renewable (Hydraulic) 100% Peru USD 4 MW BBB/Baa1/BBB 2012 10 Solaben 2 & 3 Renewable (Solar) 70% (2) Spain Euro 2x50 MW A/Baa1/A- 2012 15/15 Solacor 1 & 2 Renewable (Solar) 87% (3) Spain Euro 2x50 MW A/Baa1/A- 2012 14/14 PS10 & PS20 Renewable (Solar) 100% Spain Euro 31 MW A/Baa1/A- 2007&2009 10/12 Helioenergy 1 & 2 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2011 14/14 Helios 1 & 2 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2012 15/15 Solnova 1, 3 & 4 Renewable (Solar) 100% Spain Euro 3x50 MW A/Baa1/A- 2010 13/13/13 Solaben 1 & 6 Renewable (Solar) 100% Spain Euro 2x50 MW A/Baa1/A- 2013 16/16 Seville PV Renewable (Solar) 80% (4) Spain Euro 1 MW A/Baa1/A- 2006 13 Italy PV 1 Renewable (Solar) 100% Italy Euro 1.6 MW BBB/Baa3/BBB 2010 8 Italy PV 2 Renewable (Solar) 100% Italy Euro 2.1 MW BBB/Baa3/BBB 2011 9 Italy PV 3 Renewable (Solar) 100% Italy Euro 2.5 MW BBB/Baa3/BBB 2012 10 Italy PV 4 Renewable (Solar) 100% Italy Euro 3.6 MW BBB/Baa3/BBB 2011 9 Kaxu Renewable (Solar) 51% (5) South Africa Rand 100 MW BB-/Ba2/BB- (13) 2015 12 Calgary Efficient natural gas &heat 100% Canada CAD 55 MWt ~41% A+ or higher (14) 2010 18 ACT Efficient natural gas & heat 100% Mexico USD 300 MW BBB/B1/BB- 2013 11 Monterrey Efficient natural gas &heat 30% Mexico USD 142 MW Not rated 2018 24 ATN (15) Transmission line 100% Peru USD 379 miles BBB/Baa1/BBB 2011 18 ATS Transmission line 100% Peru USD 569 miles BBB/Baa1/BBB 2014 21 ATN 2 Transmission line 100% Peru USD 81 miles Not rated 2015 11 Quadra 1 & 2 Transmission line 100% Chile USD 49 miles/32 miles Not rated 2014 13/13 Palmucho Transmission line 100% Chile USD 6 miles BBB/ -- /A- 2007 15 Chile TL3 Transmission line 100% Chile USD 50 miles A/A2/A- 1993 N/A Chile TL4 Transmission line 100% Chile USD 63 miles Not rated 2016 49 Skikda Water 34.20% (6) Algeria USD 3.5 M ft3/day Not rated 2009 11 Honaine Water 25.50% (7) Algeria USD 7 M ft3/day Not rated 2012 15 Tenes Water 51% (8) Algeria USD 7 M ft3/day Not rated 2015 18 (1) 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile. (2) Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3. (3) JGC holds 13% of the shares in each of Solacor 1 and Solacor 2. (4) Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV. (5) Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). (6) Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%. (7) Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. (8) Algerian Energy Company, SPA owns 49% of Tenes. (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 two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated. (12) Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated. (13) Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa. (14) Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated). (15) Including ATN Expansion 1 & 2. (16) As of September (*) Commercial Operation Date. |
Financial information by segm_2
Financial information by segment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial information by segment [Abstract] | |
Revenues and Adjusted EBITDA, assets and liabilities by operating segments and business sectors | a) The following tables show Revenue and Adjusted EBITDA by operating segments and business sectors for the nine-month periods ended , and : Revenue Adjusted EBITDA For the nine-month period ended September 30, For the nine-month period ended September 30, ($ in thousands) Geography 2022 2021 2022 2021 North America 323,693 308,661 258,161 243,361 South America 122,549 117,129 95,080 90,626 EMEA 412,163 514,628 277,400 300,094 Total 858,405 940,418 630,641 634,081 Revenue Adjusted EBITDA For the nine-month period ended September 30, For the nine-month period ended September 30, ($ in thousands) Business sector 2022 2021 2022 2021 Renewable energy 652,757 725,756 469,851 464,861 Efficient natural gas & heat 81,944 93,524 66,808 76,387 Transmission lines 83,278 80,428 66,226 64,243 Water 40,424 40,710 27,756 28,590 Total 858,405 940,418 630,641 634,081 The reconciliation of segment Adjusted EBITDA with the loss attributable to the Company is as follows: For the nine-month period ended September 30, ($ in thousands) 2022 2021 Loss attributable to the Company (9,473 ) (18,166 ) Profit attributable to non-controlling interests 11,278 11,720 Income tax 12,975 42,390 Financial expense, net 224,893 251,422 Depreciation, amortization, and impairment charges 374,059 334,916 Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership) 16,909 11,799 Total segment Adjusted EBITDA 630,641 634,081 |
Assets and liabilities by geography | b) The assets and liabilities by operating segments (and business sector) as of September 30, 2022 and December 31, 2021 are as follows: Assets and liabilities by geography as of September 30, 2022: North America South America EMEA Balance as of September 30, 2022 ($ in thousands) Assets allocated Contracted concessional assets 3,191,373 1,274,981 2,872,095 7,338,449 Investments carried under the equity method 222,624 - 45,528 268,151 Current financial investments 117,327 29,244 43,498 190,069 Cash and cash equivalents (project companies) 211,483 99,880 364,179 675,542 Subtotal allocated 3,742,807 1,404,105 3,325,300 8,472,211 Unallocated assets Other non-current assets 305,507 Other current assets (including cash and cash equivalents at holding company level) 368,614 Subtotal unallocated 674,121 Total assets 9,146,332 North America South America EMEA Balance as of September 30, 2022 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,771,257 857,401 1,993,282 4,621,940 Grants and other liabilities 1,019,619 25,115 197,325 1,242,059 Subtotal allocated 2,790,876 882,516 2,190,607 5,863,999 Unallocated liabilities Long-term and short-term corporate debt 955,540 Other non-current liabilities 344,293 Other current liabilities 177,132 Subtotal unallocated 1,476,965 Total liabilities 7,340,964 Equity unallocated 1,805,368 Total liabilities and equity unallocated 3,282,333 Total liabilities and equity 9,146,332 Assets and liabilities by geography as of December 31, 2021: North America South America EMEA Balance as of December 31, 2021 ($ in thousands) Assets allocated Contracted concessional assets 3,355,669 1,231,276 3,434,623 8,021,568 Investments carried under the equity method 253,221 - 41,360 294,581 Current financial investments 135,224 28,155 44,000 207,379 Cash and cash equivalents (project companies) 171,744 74,149 287,655 533,548 Subtotal allocated 3,915,858 1,333,580 3,807,638 9,057,076 Unallocated assets Other non-current assets 268,876 Other current assets (including cash and cash equivalents at holding company level) 425,978 Subtotal unallocated 694,854 Total assets 9,751,930 North America South America EMEA Balance as of December 31, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 1,792,739 887,497 2,355,957 5,036,193 Grants and other liabilities 1,051,679 14,445 197,620 1,263,744 Subtotal allocated 2,844,418 901,942 2,553,577 6,299,937 Unallocated liabilities Long-term and short-term corporate debt 1,023,071 Other non-current liabilities 532,312 Other current liabilities 148,005 Subtotal unallocated 1,703,388 Total liabilities 8,003,325 Equity unallocated 1,748,605 Total liabilities and equity unallocated 3,451,993 Total liabilities and equity 9,751,930 |
Assets and liabilities by business sector | Assets and liabilities by business sector as of September 30, 2022: Renewable energy Efficient natural gas & heat Transmission lines Water Balance as of September 30, 2022 ($ in thousands) Assets allocated Contracted concessional assets 5,893,598 476,590 806,781 161,480 7,338,449 Investments carried under the equity method 211,156 13,841 - 43,154 268,151 Current financial investments 4,091 115,893 28,999 41,086 190,069 Cash and cash equivalents (project companies) 514,378 67,744 66,008 27,412 675,542 Subtotal allocated 6,623,223 674,068 901,788 273,132 8,472,211 Unallocated assets Other non-current assets 305,507 Other current assets (including cash and cash equivalents at holding company level) 368,614 Subtotal unallocated 674,121 Total assets 9,146,332 Renewable energy Efficient natural gas & heat Transmission lines Water Balance as of September 30, 2022 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,483,395 452,360 598,626 87,559 4,621,940 Grants and other liabilities 1,201,593 31,998 6,118 2,350 1,242,059 Subtotal allocated 4,684,988 484,358 604,744 89,909 5,863,999 Unallocated liabilities Long-term and short-term corporate debt 955,540 Other non-current liabilities 344,293 Other current liabilities 177,132 Subtotal unallocated 1,476,965 Total liabilities 7,340,964 Equity unallocated 1,805,368 Total liabilities and equity unallocated 3,282,333 Total liabilities and equity 9,146,332 Assets and liabilities by business sector as of December 31, 2021: Renewable energy Efficient natural & heat Transmission lines Water Balance as of December 31, 2021 ($ in thousands) Assets allocated Contracted concessional assets 6,533,408 517,247 805,987 164,926 8,021,568 Investments carried under the equity method 240,302 15,358 - 38,921 294,581 Current financial investments 10,761 128,461 27,813 40,344 207,379 Cash and cash equivalents (project companies) 442,213 25,392 44,574 21,369 533,548 Subtotal allocated 7,226,684 686,458 878,374 265,560 9,057,076 Unallocated assets Other non-current assets 268,876 Other current assets (including cash and cash equivalents at holding company level) 425,978 Subtotal unallocated 694,854 Total assets 9,751,930 Renewable energy Efficient natural & heat Transmission lines Water Balance as of December 31, 2021 ($ in thousands) Liabilities allocated Long-term and short-term project debt 3,857,313 478,724 602,278 97,878 5,036,193 Grants and other liabilities 1,244,346 11,212 5,795 2,391 1,263,744 Subtotal allocated 5,101,659 489,936 608,073 100,269 6,299,937 Unallocated liabilities Long-term and short-term corporate debt 1,023,071 Other non-current liabilities 532,312 Other current liabilities 148,005 Subtotal unallocated 1,703,388 Total liabilities 8,003,325 Equity unallocated 1,748,605 Total liabilities and equity unallocated 3,451,993 Total liabilities and equity 9,751,930 |
Depreciation, amortization and impairment charges recognized | c) The amount of depreciation, amortization and impairment charges recognized for the nine-month periods ended September 30, 2022 and 2021 are as follows: For the nine-month period ended September 30, Depreciation, amortization and impairment by geography 2022 2021 ($ in thousands) North America (167,497 ) (119,196 ) South America (46,467 ) (43,388 ) EMEA (160,095 ) (172,332 ) Total (374,059 ) (334,916 ) For the nine-month period ended September 30, Depreciation, amortization and impairment by business sectors 2022 2021 ($ in thousands) Renewable energy (322,183 ) (334,513 ) Efficient natural gas & heat (23,884 ) 22,956 Transmission lines (26,321 ) (24,194 ) Water (1,671 ) 836 Total (374,059 ) (334,916 ) |
Business combinations (Tables)
Business combinations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business combinations [Abstract] | |
Fair value of assets and liabilities consolidated at the effective acquisition date | The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table: Business combinations for the nine-month period ended September 30, 2022 Contracted concessional assets 74,969 Cash & cash equivalents 1,057 Other current assets 8,282 Non-current Project debt (1,422 ) Other current and non-current liabilities (18,919 ) Non-controlling interests (14,300 ) Total net assets acquired at fair value 49,667 Asset acquisition – purchase price paid (49,667 ) Net result of business combinations - The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table: Business combinations for the year ended December 31 2021 Coso Other Total Contracted concessional assets 383,153 159,575 542,728 Deferred tax asset - 4,410 4,410 O ther non-current assets 11,024 1,943 12,967 Cash & cash equivalents 6,363 14,649 21,012 Other current assets 14,378 46,632 61,010 Non-current Project debt (248,544 ) (39,808 ) (288,352 ) Current Project debt (13,415 ) (25,366 ) (38,781 ) Deferred tax liabilities - (4,910 ) (4,910 ) Other current and non-current liabilities (22,959 ) (64,922 ) (87,881 ) Non-controlling interests - (8,287 ) (8,287 ) Total net assets acquired at fair value 130,000 83,916 213,916 Asset acquisition – purchase price paid (130,000 ) (80,868 ) (210,868 ) Fair value of previously held 15 - (3,048 ) (3,048 ) Net result of business combinations - - - |
Contracted concessional assets
Contracted concessional assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Contracted concessional assets [Abstract] | |
Movements of contracted concessional assets | The detail of contracted concessional assets included in the heading ‘Contracted concessional assets’ as of September 30, 2022 and December 31, 2021 is as follows: Financial assets under IFRIC 12 Financial assets under IFRS 16 Intangible assets under IFRIC 12 Intangible assets under IFRS 16 (Lessee) Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 Balance as of September 30, 2022 ($ in thousands) Contracted concessional assets cost 829,083 2,808 8,622,516 85,932 952,393 10,492,732 Amortization and impairment (89,999 ) - (2,883,265 ) (16,061 ) (164,958 ) (3,154,283 ) Total 739,084 2,808 5,739,251 69,871 787,435 7,338,449 Financial assets under IFRIC 12 Financial assets under IFRS 16 Intangible assets under IFRIC 12 Intangible assets under IFRS 16 (Lessee) Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 Balance as of December 31, 2021 ($ in thousands) Contracted concessional assets cost 874,525 2,843 9,202,539 82,818 856,410 11,019,135 Amortization and impairment (62,889 ) - (2,769,345 ) (14,105 ) (151,228 ) (2,997,567 ) Total 811,636 2,843 6,433,194 68,713 705,182 8,021,568 |
Investments carried under the_2
Investments carried under the equity method (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments carried under the equity method [Abstract] | |
Breakdown of investments held in associates | The table below shows the breakdown of the investments held in associates as of September 30, 2022 and December 31, 2021: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) 2 007 Vento II, LLC 185,418 195,952 Windlectric Inc 23,365 41,911 Myah Bahr Honaine, S.P.A. 43,154 38,922 Pemcorp SAPI de CV 13,841 15,358 Pectonex, R.F. Proprietary Limited 1,430 1,495 Evacuación Valdecaballeros, S.L. 918 923 Liberty Infraestructuras S.L. 25 20 Total 268,151 294,581 |
Financial investments (Tables)
Financial investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial investments [Abstract] | |
Non-current and Current financial investments | The detail of Non-current and Current financial investments as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) Fair Value through OCI (Investment in Ten West link) 15,959 14,459 Derivative assets (Note 9) 99,044 10,807 Other receivable accounts at amortized cost 71,872 71,342 Total non-current financial investments 186,875 96,608 Contracted concessional financial assets 184,392 188,912 Derivative assets (Note 9) 5,046 2,153 Other receivable accounts at amortized cost 631 16,314 Total current financial investments 190,069 207,379 |
Derivative financial instrume_2
Derivative financial instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative financial instruments [Abstract] | |
Fair value amount of derivative financial instruments | The breakdowns of the fair value amount of the derivative financial instruments as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, 2022 Balance as of December 31, 2021 ($ in thousands) Assets Liabilities Assets Liabilities Interest rate cash flow hedge 97,044 40,645 9,550 206,763 Foreign exchange derivatives instruments 7,046 - 3,410 - Notes conversion option (Note 14) - 9,891 - 16,690 Total 104,090 50,536 12,960 223,453 |
Related parties (Tables)
Related parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related parties [Abstract] | |
Related party receivables and payables | Details of balances with related parties as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, Balance as of December 31, ($ in thousands) 2022 2021 Credit receivables (current) 3,695 19,387 Credit receivables (non-current) 17,006 15,768 Total receivables from related parties 20,701 35,155 Credit payables (current) 8,053 9,494 Credit payables (non-current) - 5 Total payables to related parties 8,053 9,499 |
Related party transactions | The transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the nine-month periods ended September 30, 2022 and 2021 have been as follows: For the nine-month period ended September 30, 2022 2021 ($ in thousands) Financial income 996 1,547 Financial expenses (143 ) (89 ) |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trade and other receivables [Abstract] | |
Trade and other receivables | Trade and other receivables as of September 30, 2022 and December 31, 2021, consist of the following: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Trade receivables 158,611 227,343 Tax receivables 39,700 59,350 Prepayments 24,054 9,342 Other accounts receivable 8,351 11,108 Total 230,716 307,143 |
Corporate debt (Tables)
Corporate debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Corporate debt [Abstract] | |
Corporate debt | The breakdown of corporate debt as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Non-current 934,795 995,190 Current 20,745 27,881 Total Corporate Debt 955,540 1,023,071 |
Repayment schedule for corporate debt | The repayment schedule for the corporate debt as of September 30, 2022 is as follows: Remainder of 2022 Between January and September 2023 Between October and December 2023 2024 2025 2026 Subsequent years Total ($ in thousands) 2017 Credit Facility 6 - - 8,822 - - - 8,828 Commercial Paper 10,967 2,145 - - - - - 13,112 2020 Green Private Placement 356 - - - - 282,052 - 282,408 2020 Note Issuance Facility - - - - - - 134,778 134,778 Green Exchangeable Notes 957 - - - 106,330 - - 107,287 Green Senior Notes 5,087 - - - - - 394,833 399,920 Other bank loans 25 1,202 1,634 2,859 2,859 628 - 9,207 Total 17,398 3,347 1,634 11,681 109,189 282,680 529,611 955,540 The repayment schedule for the corporate debt as of December 31, 2021 was as follows 2022 2023 2024 2025 2026 Subsequent years Total 2017 Credit Facility 5 8,199 - - - - 8,204 Commercial Paper 24,422 - - - - - 24,422 2020 Green Private Placement 359 - - - 327,081 - 327,440 2020 Note Issuance Facility - - - - - 155,814 155,814 Green Exchangeable Notes 2,121 - - 104,289 - - 106,410 Green Senior Note 963 - - - - 394,155 395,118 Other bank loans 11 1,895 1,895 1,862 - - 5,663 Total 27,881 10,094 1,895 106,151 327,081 549,969 1,023,071 |
Project debt (Tables)
Project debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Project debt [Abstract] | |
Project debt | The breakdown of project debt for both non-current and current liabilities as of September 30, 2022 and December 31, 2021 is as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Non-current 4,249,902 4,387,674 Current 372,038 648,519 Total Project debt 4,621,940 5,036,193 |
Repayment schedule for project debt | The repayment schedule for project debt in accordance with the financing arrangements as of September 30, 2022, is as follows and is consistent with the projected cash flows of the related projects: Remainder of 2022 Interest payment Nominal repayment Between January and September 2023 Between October December 2023 2024 2025 2026 Subsequent years Total ($ in thousands) 52,074 170,195 149,769 174,980 341,020 453,890 381,112 2,898,900 4,621,940 The repayment schedule for project debt in accordance with the financing arrangements and assuming there would be no acceleration of the Kaxu debt repayment as of December 31, 2021, was as follows and was consistent with the projected cash flows of the related projects: 2022 2023 2024 2025 2026 Subsequent years Total Interest payment Nominal repayment 18,017 317,388 355,956 369,528 498,712 411,514 3,065,078 5,036,193 |
Grants and other liabilities (T
Grants and other liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Grants and other liabilities [Abstract] | |
Grants and other non-current liabilities | Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Grants 926,085 970,557 Other Liabilities 315,974 293,187 Grants and other non-current liabilities 1,242,059 1,263,744 |
Trade payables and other curr_2
Trade payables and other current liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trade payables and other current liabilities [Abstract] | |
Trade payables and other current liabilities | Trade payables and other current liabilities as of September 30, 2022 and December 31, 2021 are as follows: Balance as of September 30, Balance as of December 31, 2022 2021 ($ in thousands) Trade accounts payable 87,054 79,052 Down payments from clients 6,286 542 Other accounts payable 42,354 34,313 Total 135,694 113,907 |
Financial expense, net (Tables)
Financial expense, net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial expense, net [Abstract] | |
Financial income | The following table sets forth financial income and expenses for the nine-month periods ended September 30, 2022 and 2021: For the nine-month period ended September 30, 2022 2021 Financial income ($ in thousands) Interest income from loans and credits 1,143 1,549 Interest rate gains on derivatives: cash flow hedges 2,224 299 Total 3,367 1,848 |
Financial expense | For the nine-month period ended September 30, 2022 2021 Financial expense ($ in thousands) Interest on loans and notes (211,484 ) (232,065 ) Interest rates losses derivatives: cash flow hedges (32,821 ) (44,935 ) Total (244,305 ) (277,000 ) |
Other financial income and expenses | The following table sets out Other financial income and expenses for the nine-month periods ended September 30, 2022, and 2021: For the nine September 30 Other financial income / (expenses) 2022 2021 ($ in thousands) Other financial income 18,790 35,355 Other financial losses (16,582 ) (13,671 ) Total 2,208 21,684 |
Other operating income and ex_2
Other operating income and expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other operating income and expenses [Abstract] | |
Other operating income | The table below shows the detail of Other operating income and expenses for the nine-month periods ended September 30, 2022, and 2021: Other operating income For the nine-month period ended September 30, 2022 2021 ($ in thousands) Grants (Note 16) 44,364 44,449 Insurance proceeds and other 10,496 13,148 Total 54,860 57,597 |
Other operating expenses | Other operating expenses For the nine September 30 2022 2021 ($ in thousands) Raw materials and consumables used (13,710 ) (64,756 ) Leases and fees (8,571 ) (6,451 ) Operation and maintenance (106,118 ) (117,750 ) Independent professional services (28,096 ) (27,297 ) Supplies (45,678 ) (25,270 ) Insurance (34,446 ) (33,943 ) Levies and duties (13,596 ) (25,948 ) Other expenses (11,220 ) (19,458 ) Total (261,435 ) (320,873 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings per share [Abstract] | |
Earnings per share | Diluted earnings per share for the nine-month period ended September 30, 2022 have been calculated considering the potential issuance of 3,347,305 shares (3,347,305 shares for the nine-month period ended September 30, 2021) on the settlement of the Green Exchangeable Notes (Note 14) and the potential issuance of 596,681 shares (510,169 shares for the nine-month period ended September 30, 2021) to Algonquin under the agreement signed on August 3, 2021, according to which Algonquin has the option, on a quarterly basis, to subscribe such number of shares to maintain its percentage in Atlantica in relation to the use of the ATM program (Note 13). Item For the nine-month period ended September 30, 2022 2021 ($ in thousands) Loss attributable to Atlantica (9,473 ) (18,166 ) Average number of ordinary shares outstanding (thousands) - basic 114,236 110,749 Average number of ordinary shares outstanding (thousands) - diluted 118,197 114,156 Earnings per share for the period (U.S. dollar per share) - basic (0.08 ) (0.16 ) Earnings per share for the period (U.S. dollar per share) - diluted (0.08 ) (0.16 ) |
Nature of the business, Descrip
Nature of the business, Description (Details) $ in Thousands | 3 Months Ended | ||||
Sep. 02, 2022 USD ($) MWh MW | Apr. 04, 2022 USD ($) MW | Jan. 17, 2022 USD ($) Substation MW | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Nature of the business [Abstract] | |||||
Investments accounted for using equity method | $ 268,151 | $ 294,581 | |||
Chile TL4 [Member] | |||||
Nature of the business [Abstract] | |||||
Installed capacity | MW | 63 | ||||
Number of substations | Substation | 2 | ||||
Investments accounted for using equity method | $ 39,000 | $ 8,000 | |||
Contract life | 50 years | ||||
Italy PV 4 [Member] | |||||
Nature of the business [Abstract] | |||||
Installed capacity | MW | 3.6 | ||||
Investments accounted for using equity method | $ 3,700 | ||||
Chile PV 3 [Member] | |||||
Nature of the business [Abstract] | |||||
Installed capacity | MW | 73 | ||||
Investments accounted for using equity method | $ 7,700 | ||||
Percentage of equity interest acquired | 35% | ||||
Batteries capacity expected to install | MWh | 100 |
Nature of the business, Assets
Nature of the business, Assets acquired (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 14, 2021 USD ($) MW | Nov. 25, 2021 USD ($) MW | Aug. 06, 2021 USD ($) Plant MW | Jun. 16, 2021 MW | May 14, 2021 USD ($) MW | Apr. 07, 2021 USD ($) MW | Jan. 08, 2021 | Jan. 07, 2021 | Sep. 30, 2022 USD ($) Asset Plant MW | Dec. 31, 2021 USD ($) | Sep. 02, 2022 USD ($) | Sep. 30, 2021 | Jul. 15, 2021 USD ($) | Jun. 15, 2021 USD ($) | Dec. 04, 2020 | |
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 268,151 | $ 294,581 | |||||||||||||
Interest rate | 2.50% | ||||||||||||||
Number of assets under construction | Asset | 3 | ||||||||||||||
Solana [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Ownership interest | 100% | ||||||||||||||
Chile PV 3 [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 7,700 | ||||||||||||||
Percentage of interest acquired | 35% | ||||||||||||||
Italy Solar PV [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 9,000 | ||||||||||||||
Gross capacity | MW | 3.7 | ||||||||||||||
Number of solar plants acquired | Plant | 2 | ||||||||||||||
Italy Solar PV 3 [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 4,000 | ||||||||||||||
Gross capacity | MW | 2.5 | ||||||||||||||
Calgary District Heating Center [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 22,900 | ||||||||||||||
Gross capacity | MW | 55 | ||||||||||||||
Weighted average contract life | 20 years | ||||||||||||||
La Sierpe [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 23,500 | ||||||||||||||
Gross capacity | MW | 20 | ||||||||||||||
Rioglass [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 17,100 | ||||||||||||||
Percentage of interest acquired | 42.50% | 85% | 42.50% | ||||||||||||
Ownership interest | 57.50% | 15% | |||||||||||||
Rioglass [Member] | Solana [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Ownership interest | 100% | ||||||||||||||
Coso [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 130,000 | ||||||||||||||
Gross capacity | MW | 135 | ||||||||||||||
Period of PPA | 18 years | ||||||||||||||
Coso [Member] | Project Debt [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 40,000 | ||||||||||||||
Vento II [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Investment under the equity method | $ 180,700 | ||||||||||||||
Percentage of interest acquired | 49% | ||||||||||||||
Gross capacity | MW | 596 | ||||||||||||||
Ownership interest | 51% | ||||||||||||||
Period of PPA | 5 years | ||||||||||||||
Albisu [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Gross capacity | MW | 10 | ||||||||||||||
Period of PPA | 15 years | ||||||||||||||
la Tolua and Tierra Linda [Member] | |||||||||||||||
Nature of the business [Abstract] | |||||||||||||||
Gross capacity | MW | 30 | ||||||||||||||
Period of PPA | 15 years | ||||||||||||||
Number of solar plants acquired | Plant | 2 | ||||||||||||||
Number of assets under construction | Asset | 3 | ||||||||||||||
Additional capacity | MW | 30 |
Nature of the business, Main as
Nature of the business, Main assets owned (Details) - € / MWh | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Nature of the business [Abstract] | |||
Market price per MWh | 121.9 | 48.82 | |
Remuneration on operation payment per MWh | 0 | ||
ACT [Member] | |||
Nature of the business [Abstract] | |||
Type | Efficient natural gas & heat | ||
Ownership | 100% | ||
Location | Mexico | ||
Currency | [1] | USD | |
Capacity (gross) | 300 MW | ||
Counterparty credit ratings | [2] | BBB/B1/BB- | |
COD | [3] | 2013 | |
Contract years left | [4] | 11 years | |
Monterrey [Member] | |||
Nature of the business [Abstract] | |||
Type | Efficient natural gas &heat | ||
Ownership | 30% | ||
Location | Mexico | ||
Currency | [1] | USD | |
Capacity (gross) | 142 MW | ||
Counterparty credit ratings | [2],[5] | Not rated | |
COD | [3] | 2018 | |
Contract years left | [4] | 24 years | |
Calgary [Member] | |||
Nature of the business [Abstract] | |||
Type | Efficient natural gas &heat | ||
Ownership | 100% | ||
Location | Canada | ||
Currency | [1] | CAD | |
Capacity (gross) | 55 MWt | ||
Counterparty credit ratings | [2],[6] | ~41% A+ or higher | |
COD | [3] | 2010 | |
Contract years left | [4] | 18 years | |
ATN [Member] | |||
Nature of the business [Abstract] | |||
Type | [5] | Transmission line | |
Ownership | [5] | 100% | |
Location | [5] | Peru | |
Currency | [1],[5] | USD | |
Capacity (gross) | [5] | 379 miles | |
Counterparty credit ratings | [2],[5] | BBB/Baa1/BBB | |
COD | [3],[5] | 2011 | |
Contract years left | [4],[5] | 18 years | |
ATS [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | 100% | ||
Location | Peru | ||
Currency | [1] | USD | |
Capacity (gross) | 569 miles | ||
Counterparty credit ratings | [2] | BBB/Baa1/BBB | |
COD | [3] | 2014 | |
Contract years left | [4] | 21 years | |
ATN 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | 100% | ||
Location | Peru | ||
Currency | [1] | USD | |
Capacity (gross) | 81 miles | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2015 | |
Contract years left | [4] | 11 years | |
Quadra 1 & 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | 100% | ||
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 49 miles/32 miles | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2014 | |
Quadra 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 13 years | |
Quadra 2 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 13 years | |
Palmucho [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | 100% | ||
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 6 miles | ||
Counterparty credit ratings | [2] | BBB/ -- /A- | |
COD | [3] | 2007 | |
Contract years left | [4] | 15 years | |
Chile TL3 [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | 100% | ||
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 50 miles | ||
Counterparty credit ratings | [2] | A/A2/A- | |
COD | [3] | 1993 | |
Chile TL4 [Member] | |||
Nature of the business [Abstract] | |||
Type | Transmission line | ||
Ownership | [7] | 100% | |
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 63 miles | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2016 | |
Contract years left | [4] | 49 years | |
Skikda [Member] | |||
Nature of the business [Abstract] | |||
Type | Water | ||
Ownership | [8] | 34.20% | |
Location | Algeria | ||
Currency | [1] | USD | |
Capacity (gross) | 3.5 M ft3/day | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2009 | |
Contract years left | [4] | 11 years | |
Skikda [Member] | Algerian Energy Company, SPA [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 49% | ||
Skikda [Member] | Sacyr Agua S.L. [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 16.80% | ||
Honaine [Member] | |||
Nature of the business [Abstract] | |||
Type | Water | ||
Ownership | [9] | 25.50% | |
Location | Algeria | ||
Currency | [1] | USD | |
Capacity (gross) | 7 M ft3/day | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2012 | |
Contract years left | [4] | 15 years | |
Honaine [Member] | Algerian Energy Company, SPA [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 49% | ||
Honaine [Member] | Sacyr Agua S.L. [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 25.50% | ||
Tenes [Member] | |||
Nature of the business [Abstract] | |||
Type | Water | ||
Ownership | [10] | 51% | |
Location | Algeria | ||
Currency | [1] | USD | |
Capacity (gross) | 7 M ft3/day | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2015 | |
Contract years left | [4] | 18 years | |
Tenes [Member] | Algerian Energy Company, SPA [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 49% | ||
PS10 & PS20 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 31 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2007&2009 | |
PS10 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 10 years | |
PS20 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 12 years | |
Solana [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Arizona (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 280 MW | ||
Counterparty credit ratings | [2] | BBB+/A3/BBB+ | |
COD | [3] | 2013 | |
Contract years left | [4] | 21 years | |
Mojave [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | California (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 280 MW | ||
Counterparty credit ratings | [2] | BB-/ -- /BB | |
COD | [3] | 2014 | |
Contract years left | [4] | 17 years | |
Coso [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Geothermal) | ||
Ownership | 100% | ||
Location | California (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 135 MW | ||
Counterparty credit ratings | [11] | Investment Grade | |
COD | [3] | 1987-1989 | |
Contract years left | [4] | 17 years | |
Elkhorn Valley [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | 49% | ||
Location | Oregon (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 101 MW | ||
Counterparty credit ratings | [2] | BBB/Baa1/-- | |
COD | [3] | 2007 | |
Contract years left | [4] | 5 years | |
Prairie Star [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | 49% | ||
Location | Minnesota (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 101 MW | ||
Counterparty credit ratings | [2] | --/A3/A- | |
COD | [3] | 2007 | |
Contract years left | [4] | 5 years | |
Twin Groves II [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | 49% | ||
Location | Illinois (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 198 MW | ||
Counterparty credit ratings | [2] | BBB/Baa2/-- | |
COD | [3] | 2008 | |
Contract years left | [4] | 3 years | |
Lone Star II [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | 49% | ||
Location | Texas (USA) | ||
Currency | [1] | USD | |
Capacity (gross) | 196 MW | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2008 | |
Chile PV I [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [12] | 35% | |
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 55 MW | ||
Counterparty credit ratings | [2] | N/A | |
COD | [3] | 2016 | |
Percentage of non-controlling interests | 65% | ||
Chile PV 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [12] | 35% | |
Location | Chile | ||
Currency | [1] | USD | |
Capacity (gross) | 40 MW | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2017 | |
Contract years left | [4] | 8 years | |
Percentage of non-controlling interests | 65% | ||
Chile PV 3 [Member] | |||
Nature of the business [Abstract] | |||
Type | [12] | Renewable (Solar) | |
Ownership | [12] | 35% | |
Location | [12] | Chile | |
Currency | [1],[12] | USD | |
Capacity (gross) | [12] | 73 MW | |
Counterparty credit ratings | [2],[12] | Not rated | |
COD | [3],[12] | 2014 | |
Percentage of non-controlling interests | 65% | ||
La Sierpe [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Colombia | ||
Currency | [1] | COP | |
Capacity (gross) | 20 MW | ||
Counterparty credit ratings | [2] | Not rated | |
COD | [3] | 2021 | |
Contract years left | [4] | 13 years | |
Palmatir [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | [10] | 100% | |
Location | Uruguay | ||
Currency | [1] | USD | |
Capacity (gross) | 50 MW | ||
Counterparty credit ratings | [2],[13] | BBB/Baa2/BBB- | |
COD | [3] | 2014 | |
Contract years left | [4] | 12 years | |
Cadonal [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | [10] | 100% | |
Location | Uruguay | ||
Currency | [1] | USD | |
Capacity (gross) | 50 MW | ||
Counterparty credit ratings | [2],[13] | BBB/Baa2/BBB- | |
COD | [3] | 2014 | |
Contract years left | [4] | 12 years | |
Melowind [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Wind) | ||
Ownership | [10] | 100% | |
Location | Uruguay | ||
Currency | [1] | USD | |
Capacity (gross) | 50 MW | ||
Counterparty credit ratings | [2] | BBB/Baa2/BBB- | |
COD | [3] | 2015 | |
Contract years left | [4] | 13 years | |
Mini-Hydro [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Hydraulic) | ||
Ownership | [10] | 100% | |
Location | Peru | ||
Currency | [1] | USD | |
Capacity (gross) | 4 MW | ||
Counterparty credit ratings | [2] | BBB/Baa1/BBB | |
COD | [3] | 2012 | |
Contract years left | [4] | 10 years | |
Solaben 2 & 3 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [14] | 70% | |
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 2x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2012 | |
Solaben 2 & 3 [Member] | Itochu Corporation [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 30% | ||
Solaben 2 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 15 years | |
Solaben 3 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 15 years | |
Solacor 1 & 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [15] | 87% | |
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 2x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2012 | |
Solacor 1 & 2 [Member] | JGC [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 13% | ||
Solacor 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 14 years | |
Solacor 2 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 14 years | |
Helioenergy 1 & 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 2x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2011 | |
Helioenergy 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 14 years | |
Helioenergy 2 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 14 years | |
Helios 1 & 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 2x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2012 | |
Helios 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 15 years | |
Helios 2 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 15 years | |
Solnova 1, 3 & 4 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 3x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2010 | |
Solnova 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 13 years | |
Solnova 3 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 13 years | |
Solnova 4 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 13 years | |
Solaben 1 & 6 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 2x50 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2013 | |
Solaben 1 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 16 years | |
Solaben 6 [Member] | |||
Nature of the business [Abstract] | |||
Contract years left | [4] | 16 years | |
Italy PV 1 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Italy | ||
Currency | [1] | Euro | |
Capacity (gross) | 1.6 MW | ||
Counterparty credit ratings | [2] | BBB/Baa3/BBB | |
COD | [3] | 2010 | |
Contract years left | [4] | 8 years | |
Italy PV 2 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Italy | ||
Currency | [1] | Euro | |
Capacity (gross) | 2.1 MW | ||
Counterparty credit ratings | [2] | BBB/Baa3/BBB | |
COD | [3] | 2011 | |
Contract years left | [4] | 9 years | |
Italy PV 3 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Italy | ||
Currency | [1] | Euro | |
Capacity (gross) | 2.5 MW | ||
Counterparty credit ratings | [2] | BBB/Baa3/BBB | |
COD | [3] | 2012 | |
Contract years left | [4] | 10 years | |
Italy PV 4 [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | 100% | ||
Location | Italy | ||
Currency | [1] | Euro | |
Capacity (gross) | 3.6 MW | ||
Counterparty credit ratings | [2] | BBB/Baa3/BBB | |
COD | [3] | 2011 | |
Contract years left | [4] | 9 years | |
Seville PV [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [7] | 80% | |
Location | Spain | ||
Currency | [1] | Euro | |
Capacity (gross) | 1 MW | ||
Counterparty credit ratings | [2] | A/Baa1/A- | |
COD | [3] | 2006 | |
Contract years left | [4] | 13 years | |
Seville PV [Member] | Idae [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 20% | ||
Kaxu [Member] | |||
Nature of the business [Abstract] | |||
Type | Renewable (Solar) | ||
Ownership | [16] | 51% | |
Location | South Africa | ||
Currency | [1] | Rand | |
Capacity (gross) | 100 MW | ||
Counterparty credit ratings | [2],[17] | BB-/Ba2/BB- | |
COD | [3] | 2015 | |
Contract years left | [4] | 12 years | |
Kaxu [Member] | IDC [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 29% | ||
Kaxu [Member] | Kaxu Community Trust [Member] | |||
Nature of the business [Abstract] | |||
Percentage of non-controlling interests | 20% | ||
[1]Certain contracts denominated in U.S. dollars are payable in local currency.[2]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.[3]Commercial Operation Date.[4]As of September 30, 2022.[5]Including ATN Expansion 1 & 2.[6]Refers to the credit rating of a diversified mix of 22 high credit quality clients (~41% A+ rating or higher, the rest is unrated).[7]Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV.[8] Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%. Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%. 65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile. Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3. JGC holds 13% of the shares in each of Solacor 1 and Solacor 2. Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). |
Financial information by segm_3
Financial information by segment, Revenues and Adjusted EBITDA (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) Customer | Sep. 30, 2021 USD ($) Customer | |
Financial information by segment [Abstract] | ||
Number of customers representing more than 10% of total revenues | Customer | 2 | 2 |
Revenue | $ 858,405 | $ 940,418 |
Adjusted EBITDA | 630,641 | 634,081 |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 652,757 | 725,756 |
Adjusted EBITDA | 469,851 | 464,861 |
Efficient Natural Gas & Heat [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 81,944 | 93,524 |
Adjusted EBITDA | 66,808 | 76,387 |
Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 83,278 | 80,428 |
Adjusted EBITDA | 66,226 | 64,243 |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 40,424 | 40,710 |
Adjusted EBITDA | 27,756 | 28,590 |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 323,693 | 308,661 |
Adjusted EBITDA | 258,161 | 243,361 |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 122,549 | 117,129 |
Adjusted EBITDA | 95,080 | 90,626 |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Revenue | 412,163 | 514,628 |
Adjusted EBITDA | $ 277,400 | $ 300,094 |
Financial information by segm_4
Financial information by segment, Reconciliation of segment Adjusted EBITDA (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financial information by segment [Abstract] | ||
Loss attributable to the Company | $ 9,473 | $ 18,166 |
Profit attributable to non-controlling interests | (11,278) | (11,720) |
Income tax | 12,975 | 42,390 |
Financial expense, net | 224,893 | 251,422 |
Depreciation, amortization, and impairment charges | 374,059 | 334,916 |
Total segment Adjusted EBITDA | (630,641) | (634,081) |
Reconciling Item [Member] | ||
Financial information by segment [Abstract] | ||
Loss attributable to the Company | (9,473) | (18,166) |
Profit attributable to non-controlling interests | 11,278 | 11,720 |
Income tax | 12,975 | 42,390 |
Financial expense, net | 224,893 | 251,422 |
Depreciation, amortization, and impairment charges | 374,059 | 334,916 |
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica's equity ownership) | 16,909 | 11,799 |
Total segment Adjusted EBITDA | $ 630,641 | $ 634,081 |
Financial information by segm_5
Financial information by segment, Assets and liabilities by geography (Details) $ in Thousands, € in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 04, 2020 USD ($) | Dec. 04, 2020 EUR (€) |
Assets allocated [Abstract] | ||||||
Contracted concessional assets | $ 7,338,449 | $ 8,021,568 | ||||
Investments carried under the equity method | 268,151 | 294,581 | ||||
Current financial investments | 190,069 | 207,379 | ||||
Cash and cash equivalents (project companies) | 781,575 | 622,689 | $ 763,545 | $ 868,501 | ||
Total assets | 9,146,332 | 9,751,930 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,621,940 | 5,036,193 | ||||
Grants and other liabilities | 1,242,059 | 1,263,744 | ||||
Long-term and short-term corporate debt | 955,540 | 1,023,071 | $ 4,900 | € 5 | ||
Total liabilities | 7,340,964 | 8,003,325 | ||||
Equity | 1,805,368 | 1,748,605 | $ 1,761,589 | $ 1,740,881 | ||
Total liabilities and equity | 9,146,332 | 9,751,930 | ||||
North America [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 3,191,373 | 3,355,669 | ||||
Investments carried under the equity method | 222,624 | 253,221 | ||||
Current financial investments | 117,327 | 135,224 | ||||
Cash and cash equivalents (project companies) | 211,483 | 171,744 | ||||
Total assets | 3,742,807 | 3,915,858 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 1,771,257 | 1,792,739 | ||||
Grants and other liabilities | 1,019,619 | 1,051,679 | ||||
Total liabilities | 2,790,876 | 2,844,418 | ||||
South America [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 1,274,981 | 1,231,276 | ||||
Investments carried under the equity method | 0 | 0 | ||||
Current financial investments | 29,244 | 28,155 | ||||
Cash and cash equivalents (project companies) | 99,880 | 74,149 | ||||
Total assets | 1,404,105 | 1,333,580 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 857,401 | 887,497 | ||||
Grants and other liabilities | 25,115 | 14,445 | ||||
Total liabilities | 882,516 | 901,942 | ||||
EMEA [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 2,872,095 | 3,434,623 | ||||
Investments carried under the equity method | 45,528 | 41,360 | ||||
Current financial investments | 43,498 | 44,000 | ||||
Cash and cash equivalents (project companies) | 364,179 | 287,655 | ||||
Total assets | 3,325,300 | 3,807,638 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 1,993,282 | 2,355,957 | ||||
Grants and other liabilities | 197,325 | 197,620 | ||||
Total liabilities | 2,190,607 | 2,553,577 | ||||
Allocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 7,338,449 | 8,021,568 | ||||
Investments carried under the equity method | 268,151 | 294,581 | ||||
Current financial investments | 190,069 | 207,379 | ||||
Cash and cash equivalents (project companies) | 675,542 | 533,548 | ||||
Total assets | 8,472,211 | 9,057,076 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,621,940 | 5,036,193 | ||||
Grants and other liabilities | 1,242,059 | 1,263,744 | ||||
Total liabilities | 5,863,999 | 6,299,937 | ||||
Unallocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Other non-current assets | 305,507 | 268,876 | ||||
Other current assets (including cash and cash equivalents at holding company level) | 368,614 | 425,978 | ||||
Total assets | 674,121 | 694,854 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term corporate debt | 955,540 | 1,023,071 | ||||
Other non-current liabilities | 344,293 | 532,312 | ||||
Other current liabilities | 177,132 | 148,005 | ||||
Total liabilities | 1,476,965 | 1,703,388 | ||||
Equity | 1,805,368 | 1,748,605 | ||||
Total liabilities and equity | $ 3,282,333 | $ 3,451,993 |
Financial information by segm_6
Financial information by segment, Assets and liabilities by business sector (Details) $ in Thousands, € in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 04, 2020 USD ($) | Dec. 04, 2020 EUR (€) |
Assets allocated [Abstract] | ||||||
Contracted concessional assets | $ 7,338,449 | $ 8,021,568 | ||||
Investments carried under the equity method | 268,151 | 294,581 | ||||
Current financial investments | 190,069 | 207,379 | ||||
Cash and cash equivalents (project companies) | 781,575 | 622,689 | $ 763,545 | $ 868,501 | ||
Total assets | 9,146,332 | 9,751,930 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,621,940 | 5,036,193 | ||||
Grants and other liabilities | 1,242,059 | 1,263,744 | ||||
Long-term and short-term corporate debt | 955,540 | 1,023,071 | $ 4,900 | € 5 | ||
Total liabilities | 7,340,964 | 8,003,325 | ||||
Equity | 1,805,368 | 1,748,605 | $ 1,761,589 | $ 1,740,881 | ||
Total liabilities and equity | 9,146,332 | 9,751,930 | ||||
Renewable Energy [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 5,893,598 | 6,533,408 | ||||
Investments carried under the equity method | 211,156 | 240,302 | ||||
Current financial investments | 4,091 | 10,761 | ||||
Cash and cash equivalents (project companies) | 514,378 | 442,213 | ||||
Total assets | 6,623,223 | 7,226,684 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 3,483,395 | 3,857,313 | ||||
Grants and other liabilities | 1,201,593 | 1,244,346 | ||||
Total liabilities | 4,684,988 | 5,101,659 | ||||
Efficient Natural Gas & Heat [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 476,590 | 517,247 | ||||
Investments carried under the equity method | 13,841 | 15,358 | ||||
Current financial investments | 115,893 | 128,461 | ||||
Cash and cash equivalents (project companies) | 67,744 | 25,392 | ||||
Total assets | 674,068 | 686,458 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 452,360 | 478,724 | ||||
Grants and other liabilities | 31,998 | 11,212 | ||||
Total liabilities | 484,358 | 489,936 | ||||
Transmission Lines [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 806,781 | 805,987 | ||||
Investments carried under the equity method | 0 | 0 | ||||
Current financial investments | 28,999 | 27,813 | ||||
Cash and cash equivalents (project companies) | 66,008 | 44,574 | ||||
Total assets | 901,788 | 878,374 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 598,626 | 602,278 | ||||
Grants and other liabilities | 6,118 | 5,795 | ||||
Total liabilities | 604,744 | 608,073 | ||||
Water [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 161,480 | 164,926 | ||||
Investments carried under the equity method | 43,154 | 38,921 | ||||
Current financial investments | 41,086 | 40,344 | ||||
Cash and cash equivalents (project companies) | 27,412 | 21,369 | ||||
Total assets | 273,132 | 265,560 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 87,559 | 97,878 | ||||
Grants and other liabilities | 2,350 | 2,391 | ||||
Total liabilities | 89,909 | 100,269 | ||||
Allocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Contracted concessional assets | 7,338,449 | 8,021,568 | ||||
Investments carried under the equity method | 268,151 | 294,581 | ||||
Current financial investments | 190,069 | 207,379 | ||||
Cash and cash equivalents (project companies) | 675,542 | 533,548 | ||||
Total assets | 8,472,211 | 9,057,076 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term project debt | 4,621,940 | 5,036,193 | ||||
Grants and other liabilities | 1,242,059 | 1,263,744 | ||||
Total liabilities | 5,863,999 | 6,299,937 | ||||
Unallocated [Member] | ||||||
Assets allocated [Abstract] | ||||||
Other non-current assets | 305,507 | 268,876 | ||||
Other current assets (including cash and cash equivalents at holding company level) | 368,614 | 425,978 | ||||
Total assets | 674,121 | 694,854 | ||||
Liabilities allocated [Abstract] | ||||||
Long-term and short-term corporate debt | 955,540 | 1,023,071 | ||||
Other non-current liabilities | 344,293 | 532,312 | ||||
Other current liabilities | 177,132 | 148,005 | ||||
Total liabilities | 1,476,965 | 1,703,388 | ||||
Equity | 1,805,368 | 1,748,605 | ||||
Total liabilities and equity | $ 3,282,333 | $ 3,451,993 |
Financial information by segm_7
Financial information by segment, Depreciation, amortization and impairment charges recognized (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (374,059) | $ (334,916) |
North America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (167,497) | (119,196) |
South America [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (46,467) | (43,388) |
EMEA [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (160,095) | (172,332) |
Renewable Energy [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (322,183) | (334,513) |
Efficient Natural Gas & Heat [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (23,884) | 22,956 |
Transmission Lines [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | (26,321) | (24,194) |
Water [Member] | ||
Financial information by segment [Abstract] | ||
Depreciation, amortization, and impairment charges | $ (1,671) | $ 836 |
Business combinations, 2022 (De
Business combinations, 2022 (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Sep. 02, 2022 USD ($) MW | Apr. 04, 2022 USD ($) MW | Jan. 17, 2022 USD ($) Substation MW | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business combinations [Abstract] | |||||
Investments accounted for using equity method | $ 268,151 | $ 294,581 | |||
Fair Value, Assets and Liabilities Acquisition [Abstract] | |||||
Contracted concessional assets | 542,728 | ||||
Cash & cash equivalents | 21,012 | ||||
Other current assets | 61,010 | ||||
Non-current Project debt | (288,352) | ||||
Other current and non-current liabilities | (87,881) | ||||
Non-controlling interests | (8,287) | ||||
Total net assets acquired at fair value | 213,916 | ||||
Asset acquisition - purchase price paid | (210,868) | ||||
Net result of business combinations | 0 | ||||
Revenue contributed by the acquisitions | 163,500 | ||||
Amount of loss after tax | 800 | ||||
Additional revenue amount | 17,700 | ||||
Additional amount of profit after tax | $ 3,300 | ||||
Asset Acquisition [Member] | |||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | |||||
Contracted concessional assets | 74,969 | ||||
Cash & cash equivalents | 1,057 | ||||
Other current assets | 8,282 | ||||
Non-current Project debt | (1,422) | ||||
Other current and non-current liabilities | (18,919) | ||||
Non-controlling interests | (14,300) | ||||
Total net assets acquired at fair value | 49,667 | ||||
Asset acquisition - purchase price paid | (49,667) | ||||
Net result of business combinations | 0 | ||||
Revenue contributed by the acquisitions | 4,200 | ||||
Amount of loss after tax | (300) | ||||
Additional revenue amount | 4,800 | ||||
Additional amount of profit after tax | 2,100 | ||||
Chile TL4 [Member] | |||||
Business combinations [Abstract] | |||||
Installed capacity | MW | 63 | ||||
Number of substations | Substation | 2 | ||||
Investments accounted for using equity method | $ 39,000 | $ 8,000 | |||
Italy PV 4 [Member] | |||||
Business combinations [Abstract] | |||||
Installed capacity | MW | 3.6 | ||||
Investments accounted for using equity method | $ 3,700 | ||||
Chile PV 3 [Member] | |||||
Business combinations [Abstract] | |||||
Installed capacity | MW | 73 | ||||
Investments accounted for using equity method | $ 7,700 | ||||
Percentage of non-controlling interests | 65% |
Business combinations, 2021 (De
Business combinations, 2021 (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 14, 2021 USD ($) MW | Nov. 25, 2021 USD ($) MW | Aug. 06, 2021 USD ($) Plant MW | Jul. 22, 2021 USD ($) | May 14, 2021 USD ($) MW | Apr. 07, 2021 USD ($) MW | Jan. 08, 2021 USD ($) | Jan. 07, 2021 | Jan. 06, 2021 USD ($) MW | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 | |
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 542,728 | |||||||||||
Deferred tax asset | 4,410 | |||||||||||
Other non-current assets | 12,967 | |||||||||||
Cash & cash equivalents | 21,012 | |||||||||||
Other current assets | 61,010 | |||||||||||
Non-current project debt | (288,352) | |||||||||||
Current project debt | (38,781) | |||||||||||
Deferred tax liabilities | (4,910) | |||||||||||
Other current and non-current liabilities | (87,881) | |||||||||||
Non-controlling interests | (8,287) | |||||||||||
Total net assets acquired at fair value | 213,916 | |||||||||||
Asset acquisition - purchase price paid | (210,868) | |||||||||||
Fair value of previously held 15% stake in Rioglass | (3,048) | |||||||||||
Net result of business combinations | 0 | |||||||||||
Revenue contributed by the acquisitions | 163,500 | |||||||||||
Amount of profit after tax | 800 | |||||||||||
Additional revenue amount | 17,700 | |||||||||||
Additional amount of profit after tax | $ 3,300 | |||||||||||
Chile PV2 [Member] | Renewable Energy [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 40 | |||||||||||
Payment to acquire equity investment | $ 5,000 | |||||||||||
Percentage of non-controlling interests | 65% | |||||||||||
Asset Acquisition [Member] | ||||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 74,969 | |||||||||||
Cash & cash equivalents | 1,057 | |||||||||||
Other current assets | 8,282 | |||||||||||
Non-current project debt | (1,422) | |||||||||||
Other current and non-current liabilities | (18,919) | |||||||||||
Non-controlling interests | (14,300) | |||||||||||
Total net assets acquired at fair value | 49,667 | |||||||||||
Asset acquisition - purchase price paid | (49,667) | |||||||||||
Net result of business combinations | 0 | |||||||||||
Revenue contributed by the acquisitions | 4,200 | |||||||||||
Amount of profit after tax | (300) | |||||||||||
Additional revenue amount | 4,800 | |||||||||||
Additional amount of profit after tax | $ 2,100 | |||||||||||
Rioglass [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Percentage of interest acquired | 42.50% | 85% | 42.50% | |||||||||
Ownership interest | 57.50% | 15% | ||||||||||
Acquisition, purchase price paid | $ 4,800 | $ 8,600 | ||||||||||
Additional consideration paid | $ 3,700 | |||||||||||
Coso [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 135 | |||||||||||
Payment to acquire equity investment | $ 130,000 | |||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | $ 383,153 | |||||||||||
Deferred tax asset | 0 | |||||||||||
Other non-current assets | 11,024 | |||||||||||
Cash & cash equivalents | 6,363 | |||||||||||
Other current assets | 14,378 | |||||||||||
Non-current project debt | (248,544) | |||||||||||
Current project debt | (13,415) | |||||||||||
Deferred tax liabilities | 0 | |||||||||||
Other current and non-current liabilities | (22,959) | |||||||||||
Non-controlling interests | 0 | |||||||||||
Total net assets acquired at fair value | 130,000 | |||||||||||
Asset acquisition - purchase price paid | (130,000) | |||||||||||
Fair value of previously held 15% stake in Rioglass | 0 | |||||||||||
Net result of business combinations | 0 | |||||||||||
Calgary District Heating Center [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 55 | |||||||||||
Payment to acquire equity investment | $ 22,900 | |||||||||||
Italy PV 1 and 2 [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Number of solar plants acquired | Plant | 2 | |||||||||||
Gross capacity | MW | 3.7 | |||||||||||
Payment to acquire equity investment | $ 9,000 | |||||||||||
La Sierpe [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 20 | |||||||||||
Payment to acquire equity investment | $ 23,500 | |||||||||||
Italy PV 3 [Member] | ||||||||||||
Business combinations [Abstract] | ||||||||||||
Gross capacity | MW | 2.5 | |||||||||||
Payment to acquire equity investment | $ 4,000 | |||||||||||
Other [Member] | ||||||||||||
Fair Value, Assets and Liabilities Acquisition [Abstract] | ||||||||||||
Contracted concessional assets | 159,575 | |||||||||||
Deferred tax asset | 4,410 | |||||||||||
Other non-current assets | 1,943 | |||||||||||
Cash & cash equivalents | 14,649 | |||||||||||
Other current assets | 46,632 | |||||||||||
Non-current project debt | (39,808) | |||||||||||
Current project debt | (25,366) | |||||||||||
Deferred tax liabilities | (4,910) | |||||||||||
Other current and non-current liabilities | (64,922) | |||||||||||
Non-controlling interests | (8,287) | |||||||||||
Total net assets acquired at fair value | 83,916 | |||||||||||
Asset acquisition - purchase price paid | (80,868) | |||||||||||
Fair value of previously held 15% stake in Rioglass | (3,048) | |||||||||||
Net result of business combinations | $ 0 |
Contracted concessional asset_2
Contracted concessional assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | $ 7,338,449 | $ 8,021,568 | |
Impairment provision based on expected credit losses on contracted concessional financial assets | 27,000 | $ (24,000) | |
Solana [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Impairment loss on contracted concessional financial assets | 41,000 | 43,000 | |
Recoverable amount of contracted concessional financial assets value in use | $ 881,000 | 943,000 | |
Assumed percentage decrease in generation | 5% | ||
Assumed basis point increase in discount rate | 0.50% | ||
Additional impairment loss with increase in discount rate | $ 59,000 | ||
Additional impairment loss with increase in discount rate | $ 33,000 | ||
Solana [Member] | Bottom of Range [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Discount rate | 4.60% | ||
Solana [Member] | Top of Range [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Discount rate | 6.30% | ||
Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | $ 739,084 | 811,636 | |
Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 2,808 | 2,843 | |
Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 5,739,251 | 6,433,194 | |
Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 69,871 | 68,713 | |
Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 787,435 | 705,182 | |
Cost [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 10,492,732 | 11,019,135 | |
Cost [Member] | Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 829,083 | 874,525 | |
Cost [Member] | Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 2,808 | 2,843 | |
Cost [Member] | Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 8,622,516 | 9,202,539 | |
Cost [Member] | Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 85,932 | 82,818 | |
Cost [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 952,393 | 856,410 | |
Amortization and Impairment [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (3,154,283) | (2,997,567) | |
Amortization and Impairment [Member] | Financial assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (89,999) | (62,889) | |
Amortization and Impairment [Member] | Financial assets under IFRS 16 lessor [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | 0 | 0 | |
Amortization and Impairment [Member] | Intangible assets under IFRIC 12 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (2,883,265) | (2,769,345) | |
Amortization and Impairment [Member] | Intangible assets under IFRS 16 lessee [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | (16,061) | (14,105) | |
Amortization and Impairment [Member] | Property, plant and equipment under IAS 16 and other intangible assets under IAS 38 [Member] | |||
Contracted Concessional Assets [Abstract] | |||
Contracted concessional assets | $ (164,958) | $ (151,228) |
Investments carried under the_3
Investments carried under the equity method (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 MW | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 268,151 | $ 294,581 | ||
Share of profit of associates carried under the equity method | $ 20,668 | $ 4,245 | ||
Geida Tlemcen, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 50% | |||
Windlectric Inc. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 100% | |||
Arroyo Netherlands II B.V [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 30% | |||
Ownership interest | 100% | |||
AYES Canada [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 30% | |||
AYES Canada [Member] | Amherst Island [Member] | ||||
Investments in associates [Abstract] | ||||
Dividend distribution | $ 14,900 | |||
2007 Vento II, LLC [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 185,418 | 195,952 | ||
Ownership interest | 49% | |||
Gross capacity | MW | 596 | |||
2007 Vento II, LLC [Member] | Amherst Island [Member] | ||||
Investments in associates [Abstract] | ||||
Dividend distribution | 26,000 | |||
Share of profit of associates carried under the equity method | 17,200 | |||
Windlectric Inc. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 23,365 | 41,911 | ||
Myah Bahr Honaine, S.P.A. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 43,154 | 38,922 | ||
Myah Bahr Honaine, S.P.A. [Member] | Geida Tlemcen, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Ownership interest | 51% | |||
Pemcorp SAPI de CV [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 13,841 | 15,358 | ||
Pectonex, R.F. Proprietary Limited [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 1,430 | 1,495 | ||
Evacuacion Valdecaballeros, S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | 918 | 923 | ||
Liberty Infraestructuras S.L. [Member] | ||||
Investments in associates [Abstract] | ||||
Investment under the equity method | $ 25 | $ 20 |
Financial investments, Non-curr
Financial investments, Non-current and current financial investments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial investments [Abstract] | ||
Fair Value through OCI (Investment in Ten West link) | $ 15,959 | $ 14,459 |
Derivative assets (Note 9) | 99,044 | 10,807 |
Other receivable accounts at amortized cost | 71,872 | 71,342 |
Total non-current financial investments | 186,875 | 96,608 |
Contracted concessional financial assets | 184,392 | 188,912 |
Derivative assets (Note 9) | 5,046 | 2,153 |
Other receivable accounts at amortized cost | 631 | 16,314 |
Total current financial investments | $ 190,069 | $ 207,379 |
Financial investments, Restruct
Financial investments, Restructuring agreement of Abengoa (Details) - Ten West Link [Member] | 9 Months Ended |
Sep. 30, 2022 mi | |
Restructuring Agreement [Abstract] | |
Percentage of interest acquired | 12.50% |
Length of transmission lines | 114 |
Derivative financial instrume_3
Derivative financial instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Loss on cash flow hedges | $ 31,473 | $ 44,643 | |
Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 104,090 | $ 12,960 | |
Liabilities | $ 50,536 | 223,453 | |
Interest Rate Derivatives [Member] | Euros [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Percent of notional amount of debt hedged in next 12 months | 100% | ||
Percentage of notional amount of debt hedged in year two | 75% | ||
Interest Rate Derivatives [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | $ 97,044 | 9,550 | |
Liabilities | 40,645 | 206,763 | |
Loss on cash flow hedges | (31,500) | $ (44,700) | |
After-tax result accumulated in equity | 333,739 | 171,272 | |
Foreign Exchange Derivative Instruments [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 7,046 | 3,410 | |
Liabilities | 0 | 0 | |
Notes Conversion Option [Member] | Cash Flow Hedge [Member] | |||
Breakdown of fair value amount of derivative financial instruments [Abstract] | |||
Assets | 0 | 0 | |
Liabilities | $ 9,891 | $ 16,690 |
Related parties (Details)
Related parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Details of Balances [Abstract] | ||||
Credit receivables (current) | $ 3,695 | $ 19,387 | ||
Credit receivables (non-current) | 17,006 | 15,768 | ||
Total receivables from related parties | 20,701 | 35,155 | ||
Credit payables (current) | 8,053 | 9,494 | ||
Credit payables (non-current) | 0 | 5 | ||
Total payables to related parties | 8,053 | 9,499 | ||
Transactions with Related Party [Abstract] | ||||
Financial income | 3,367 | $ 1,848 | ||
Financial expenses | (244,305) | (277,000) | ||
Arroyo Netherlands II B.V [Member] | ||||
Details of Balances [Abstract] | ||||
Proceeds from related party related to current credit receivables | $ 8,200 | |||
Amherst Island Partnership [Member] | ||||
Details of Balances [Abstract] | ||||
Dividend receivable | 6,300 | |||
Algonquin [Member] | ||||
Details of Balances [Abstract] | ||||
Credit payables (current) | 2,300 | 6,100 | ||
Algerian Energy Company, SPA [Member] | ||||
Details of Balances [Abstract] | ||||
Credit payables (current) | 5,100 | 0 | ||
Sacyr Agua S.L. [Member] | ||||
Details of Balances [Abstract] | ||||
Credit payables (current) | 5,100 | $ 0 | ||
Subsidiaries [Member] | ||||
Transactions with Related Party [Abstract] | ||||
Financial income | 996 | 1,547 | ||
Financial expenses | $ (143) | $ (89) |
Trade and other receivables (De
Trade and other receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trade and other receivables [Abstract] | ||
Trade receivables | $ 158,611 | $ 227,343 |
Tax receivables | 39,700 | 59,350 |
Prepayments | 24,054 | 9,342 |
Other accounts receivable | 8,351 | 11,108 |
Trade and other receivables | $ 230,716 | $ 307,143 |
Equity (Details)
Equity (Details) | 9 Months Ended | 12 Months Ended | |||||||
Sep. 15, 2022 USD ($) $ / shares | Jun. 15, 2022 USD ($) $ / shares | Mar. 25, 2022 USD ($) $ / shares | Jan. 07, 2021 USD ($) shares | Dec. 11, 2020 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) Vote $ / shares shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | Feb. 28, 2022 USD ($) | |
Equity [Abstract] | |||||||||
Share capital | $ 11,605,512 | $ 11,240,000 | |||||||
Ordinary shares subscribed and disbursed (in shares) | shares | 116,055,126 | ||||||||
Nominal value per share (in dollars per share) | $ / shares | $ 0.1 | ||||||||
Voting right per share | Vote | 1 | ||||||||
Liability reclassified to equity | $ 9,000,000 | ||||||||
Reduction of share premium | $ 0 | ||||||||
Treasury shares held (in shares) | shares | 0 | 0 | |||||||
Number of treasury share transactions in the period (in shares) | shares | 0 | 0 | |||||||
Fourth Quarter [Member] | |||||||||
Equity [Abstract] | |||||||||
Dividend declaration date | Feb. 25, 2022 | ||||||||
Dividend paid date | Mar. 25, 2022 | ||||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.44 | ||||||||
Dividends paid | $ 49,700,000 | ||||||||
First Quarter [Member] | |||||||||
Equity [Abstract] | |||||||||
Dividend declaration date | May 05, 2022 | ||||||||
Dividend paid date | Jun. 15, 2022 | ||||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.44 | ||||||||
Dividends paid | $ 50,300,000 | ||||||||
Second Quarter [Member] | |||||||||
Equity [Abstract] | |||||||||
Dividend declaration date | Aug. 02, 2022 | ||||||||
Dividend paid date | Sep. 15, 2022 | ||||||||
Dividends paid (in dollars per share) | $ / shares | $ 0.445 | ||||||||
Dividends paid | $ 51,500,000 | ||||||||
Long-term Incentive Plans [Member] | |||||||||
Equity [Abstract] | |||||||||
Shares issued (in shares) | shares | 228,560 | 141,482 | |||||||
Algerian Energy Company, SPA [Member] | |||||||||
Equity [Abstract] | |||||||||
Dividends paid to non-controlling interests | $ 5,300,000 | 6,700,000 | |||||||
Algonquin [Member] | |||||||||
Equity [Abstract] | |||||||||
Ownership interest | 42.20% | ||||||||
Proportion of voting rights held by non-controlling interests | 41.50% | ||||||||
Net proceeds | $ 131,000,000 | ||||||||
Dividends paid to non-controlling interests | $ 14,600,000 | 10,900,000 | |||||||
Public Offering [Member] | |||||||||
Equity [Abstract] | |||||||||
Nominal value per share (in dollars per share) | $ / shares | $ 33 | ||||||||
Shares issued (in shares) | shares | 5,069,200 | ||||||||
Gross proceeds | $ 167,000,000 | ||||||||
Net proceeds | $ 161,000,000 | ||||||||
Over-Allotment Option [Member] | |||||||||
Equity [Abstract] | |||||||||
Shares issued (in shares) | shares | 661,200 | ||||||||
Private Placement [Member] | Algonquin [Member] | |||||||||
Equity [Abstract] | |||||||||
Ownership interest | 44.20% | ||||||||
Shares issued (in shares) | shares | 4,020,860 | ||||||||
Gross proceeds | $ 133,000,000 | ||||||||
At the Market Program [Member] | |||||||||
Equity [Abstract] | |||||||||
Nominal value per share (in dollars per share) | $ / shares | $ 33.57 | $ 38.43 | |||||||
Shares issued (in shares) | shares | 3,423,593 | 1,613,079 | |||||||
Net proceeds | $ 114,000,000 | $ 61,000,000 | |||||||
At the Market Program [Member] | Top of range [member] | |||||||||
Equity [Abstract] | |||||||||
Amount of offering | $ 150,000,000 | $ 150,000,000 | |||||||
Share Premium [Member] | |||||||||
Equity [Abstract] | |||||||||
Reduction of share premium | $ (200,000,000) |
Corporate debt, Breakdown of co
Corporate debt, Breakdown of corporate debt (Details) $ in Thousands, € in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 04, 2020 USD ($) | Dec. 04, 2020 EUR (€) |
Corporate debt [Abstract] | ||||
Non-current | $ 934,795 | $ 995,190 | ||
Current | 20,745 | 27,881 | ||
Total Corporate Debt | $ 955,540 | $ 1,023,071 | $ 4,900 | € 5 |
Corporate debt, Details of corp
Corporate debt, Details of corporate debt (Details) $ / shares in Units, $ in Thousands, € in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
Apr. 30, 2019 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 EUR (€) | Jan. 31, 2022 USD ($) | Jan. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | May 18, 2021 USD ($) | Dec. 04, 2020 USD ($) | Dec. 04, 2020 EUR (€) | Jul. 29, 2020 USD ($) | Jul. 17, 2020 USD ($) $ / shares shares | Jul. 08, 2020 USD ($) | Jul. 08, 2020 EUR (€) | Mar. 31, 2020 USD ($) | Mar. 31, 2020 EUR (€) | Dec. 31, 2019 USD ($) | Oct. 08, 2019 USD ($) | Oct. 08, 2019 EUR (€) | Apr. 30, 2019 EUR (€) | May 10, 2018 USD ($) | Jul. 20, 2017 USD ($) | Jul. 20, 2017 EUR (€) | |
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 2.50% | 2.50% | ||||||||||||||||||||||
Corporate debt | $ 955,540 | $ 1,023,071 | $ 4,900 | € 5 | ||||||||||||||||||||
Amount drawn | $ 57,503 | $ 409,023 | ||||||||||||||||||||||
Maturity date | December 4, 2025 | |||||||||||||||||||||||
2017 Credit Facility [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Corporate debt | $ 8,828 | 8,204 | ||||||||||||||||||||||
Amount drawn | $ 8,800 | $ 8,200 | ||||||||||||||||||||||
Maturity date | July 1, 2024 | July 1, 2023 | ||||||||||||||||||||||
2017 Credit Facility [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 9,800 | € 10 | ||||||||||||||||||||||
2017 Credit Facility [Member] | EURIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2% | 2% | ||||||||||||||||||||||
2017 Credit Facility [Member] | EURIBOR [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0% | 0% | ||||||||||||||||||||||
2017 Credit Facility [Member] | LIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2% | 2% | ||||||||||||||||||||||
2017 Credit Facility [Member] | LIBOR [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0% | 0% | ||||||||||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 450,000 | $ 425,000 | $ 215,000 | |||||||||||||||||||||
Credit facility amount available | $ 440,000 | $ 440,000 | ||||||||||||||||||||||
Revolving Credit Facility [Member] | Maturity December 31, 2024 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Maturity date | December 31, 2024 | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1.60% | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 2.25% | |||||||||||||||||||||||
Eurodollar Rate Loans [Member] | SOFR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.10% | |||||||||||||||||||||||
Base Rate Loans [Member] | Bottom of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.60% | |||||||||||||||||||||||
Base Rate Loans [Member] | Top of Range [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1% | |||||||||||||||||||||||
Base Rate Loans [Member] | Federal Funds Rate [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 0.50% | |||||||||||||||||||||||
Base Rate Loans [Member] | SOFR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Adjustment to interest rate | 1% | |||||||||||||||||||||||
Letters of Credit [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Credit facility amount | $ 100,000 | |||||||||||||||||||||||
Amount drawn | $ 10,000 | 10,000 | ||||||||||||||||||||||
Note Issuance Facility 2019 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 4.24% | 4.24% | ||||||||||||||||||||||
Credit facility amount | $ 263,000 | € 268 | ||||||||||||||||||||||
Maturity date | April 30, 2025 | |||||||||||||||||||||||
Note Issuance Facility 2019 [Member] | EURIBOR [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Variable interest period | 3 months | |||||||||||||||||||||||
Adjustment to interest rate | 4.50% | 4.50% | ||||||||||||||||||||||
Commercial Paper [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Corporate debt | $ 13,112 | 24,422 | ||||||||||||||||||||||
Short term notes issued amount | $ 13,100 | 22,400 | € 13.4 | € 21.5 | $ 49,000 | € 50 | ||||||||||||||||||
Term of short term notes | 2 years | |||||||||||||||||||||||
Percentage average cost of issued short term notes | 0.71% | |||||||||||||||||||||||
2020 Green Private Placement [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Principal amount | $ 284,000 | € 290 | ||||||||||||||||||||||
Corporate debt | $ 282,408 | 327,440 | ||||||||||||||||||||||
Adjustment to interest rate | 1.96% | 1.96% | ||||||||||||||||||||||
Maturity date | June 2026 | |||||||||||||||||||||||
Note Issuance Facility 2020 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 5.25% | 5.25% | ||||||||||||||||||||||
Credit facility amount | $ 137,000 | € 140 | ||||||||||||||||||||||
Corporate debt | $ 134,778 | 155,814 | ||||||||||||||||||||||
Maturity period | 7 years | |||||||||||||||||||||||
Green Exchangeable Notes Due 2025 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 4% | |||||||||||||||||||||||
Corporate debt | $ 107,287 | 106,410 | ||||||||||||||||||||||
Maturity date | July 15, 2025 | |||||||||||||||||||||||
Principal amount of notes issued | $ 15,000 | $ 100,000 | ||||||||||||||||||||||
Exchange rate of notes (in shares) | shares | 29.107 | |||||||||||||||||||||||
Principal amount of notes for exchange rate | $ 1,000 | |||||||||||||||||||||||
Initial exchange price of notes (in dollars per share) | $ / shares | $ 34.36 | |||||||||||||||||||||||
Amount of transaction date of fair value fair value are accounted for through the profit and loss statement | $ 10,000 | |||||||||||||||||||||||
BBVA Loan [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Fixed interest rate | 1.90% | 1.90% | ||||||||||||||||||||||
Corporate debt | $ 4,900 | € 5 | ||||||||||||||||||||||
Maturity date | January 31, 2026 | |||||||||||||||||||||||
Green Senior Notes Due 2028 [Member] | ||||||||||||||||||||||||
Corporate debt [Abstract] | ||||||||||||||||||||||||
Principal amount | $ 400,000 | |||||||||||||||||||||||
Fixed interest rate | 4.125% | |||||||||||||||||||||||
Corporate debt | $ 399,920 | $ 395,118 | ||||||||||||||||||||||
Maturity date | May 15, 2028 |
Corporate debt, Repayment sched
Corporate debt, Repayment schedule (Details) $ in Thousands, € in Millions | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 04, 2020 USD ($) | Dec. 04, 2020 EUR (€) |
Repayment schedule [Abstract] | ||||
Corporate debt | $ 955,540 | $ 1,023,071 | $ 4,900 | € 5 |
Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 17,398 | |||
Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 3,347 | |||
Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 1,634 | |||
2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 27,881 | |||
2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 10,094 | |||
2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 11,681 | 1,895 | ||
2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 109,189 | 106,151 | ||
2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 282,680 | 327,081 | ||
Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 529,611 | 549,969 | ||
2017 Credit Facility [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,828 | 8,204 | ||
2017 Credit Facility [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 6 | |||
2017 Credit Facility [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2017 Credit Facility [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2017 Credit Facility [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 5 | |||
2017 Credit Facility [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,199 | |||
2017 Credit Facility [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 8,822 | 0 | ||
2017 Credit Facility [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2017 Credit Facility [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2017 Credit Facility [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 13,112 | 24,422 | ||
Commercial Paper [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 10,967 | |||
Commercial Paper [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,145 | |||
Commercial Paper [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 24,422 | |||
Commercial Paper [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Commercial Paper [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Commercial Paper [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 282,408 | 327,440 | ||
2020 Green Private Placement [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 356 | |||
2020 Green Private Placement [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 359 | |||
2020 Green Private Placement [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Green Private Placement [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Green Private Placement [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 282,052 | 327,081 | ||
2020 Green Private Placement [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Note Issuance Facility [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 134,778 | 155,814 | ||
2020 Note Issuance Facility [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Note Issuance Facility [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Note Issuance Facility [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Note Issuance Facility [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Note Issuance Facility [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
2020 Note Issuance Facility [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Note Issuance Facility [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Note Issuance Facility [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
2020 Note Issuance Facility [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 134,778 | 155,814 | ||
Green Exchangeable Notes [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 107,287 | 106,410 | ||
Green Exchangeable Notes [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 957 | |||
Green Exchangeable Notes [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,121 | |||
Green Exchangeable Notes [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Exchangeable Notes [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Exchangeable Notes [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 106,330 | 104,289 | ||
Green Exchangeable Notes [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Exchangeable Notes [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 399,920 | 395,118 | ||
Green Senior Notes [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 5,087 | |||
Green Senior Notes [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 963 | |||
Green Senior Notes [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | |||
Green Senior Notes [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 0 | 0 | ||
Green Senior Notes [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 394,833 | 394,155 | ||
Other Bank Loans [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 9,207 | 5,663 | ||
Other Bank Loans [Member] | Remainder of 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 25 | |||
Other Bank Loans [Member] | Between January and September 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 1,202 | |||
Other Bank Loans [Member] | Between October and December 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 1,634 | |||
Other Bank Loans [Member] | 2022 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 11 | |||
Other Bank Loans [Member] | 2023 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 1,895 | |||
Other Bank Loans [Member] | 2024 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,859 | 1,895 | ||
Other Bank Loans [Member] | 2025 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 2,859 | 1,862 | ||
Other Bank Loans [Member] | 2026 [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | 628 | 0 | ||
Other Bank Loans [Member] | Subsequent Years [Member] | ||||
Repayment schedule [Abstract] | ||||
Corporate debt | $ 0 | $ 0 |
Project debt, Details of projec
Project debt, Details of project debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Project debt [Abstract] | ||
Cash held to satisfy non-recourse debt agreements | $ 231,000 | $ 254,000 |
Non-current | 4,249,902 | 4,387,674 |
Current | 372,038 | 648,519 |
Total Project debt | $ 4,621,940 | 5,036,193 |
Kaxu [Member] | ||
Project debt [Abstract] | ||
Current | $ 314,000 |
Project debt, Repayment schedul
Project debt, Repayment schedule (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Repayment schedule [Abstract] | ||
Project debt | $ 4,621,940 | $ 5,036,193 |
Remainder of 2022 [Member] | ||
Repayment schedule [Abstract] | ||
Interest payment | 52,074 | |
Nominal repayment | 170,195 | |
Between January and September 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 149,769 | |
Between October and December 2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 174,980 | |
2022 [Member] | ||
Repayment schedule [Abstract] | ||
Interest payment | 18,017 | |
Nominal repayment | 317,388 | |
2023 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 355,956 | |
2024 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 341,020 | 369,528 |
2025 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 453,890 | 498,712 |
2026 [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | 381,112 | 411,514 |
Subsequent Years [Member] | ||
Repayment schedule [Abstract] | ||
Project debt | $ 2,898,900 | $ 3,065,078 |
Grants and other liabilities (D
Grants and other liabilities (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Type | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Grants and other liabilities [Abstract] | |||
Grants | $ 926,085 | $ 970,557 | |
Other Liabilities | 315,974 | 293,187 | |
Grants and other non-current liabilities | $ 1,242,059 | 1,263,744 | |
Number of grant types | Type | 2 | ||
Income from grants | $ 44,364 | $ 44,449 | |
Solana and Mojave [Member] | |||
Grants and other liabilities [Abstract] | |||
Income from grants | 43,900 | $ 44,000 | |
Solar Plants in Spain [Member] | |||
Grants and other liabilities [Abstract] | |||
Provisions for high risk market prices | 86,000 | 75,000 | |
U.S. Department of Treasury [Member] | |||
Grants and other liabilities [Abstract] | |||
Grants | 618,000 | 642,000 | |
Federal Financing Bank [Member] | |||
Grants and other liabilities [Abstract] | |||
Grants | 306,000 | 326,000 | |
Liberty Interactive Corporation [Member] | |||
Grants and other liabilities [Abstract] | |||
Finance lease liabilities | 59,000 | 59,000 | |
Dismantling provisions | $ 129,000 | $ 125,000 |
Trade payables and other curr_3
Trade payables and other current liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Trade payables and other current liabilities [Abstract] | ||
Trade accounts payable | $ 87,054 | $ 79,052 |
Down payments from clients | 6,286 | 542 |
Other accounts payable | 42,354 | 34,313 |
Total | $ 135,694 | $ 113,907 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax [Abstract] | ||
Income tax expense | $ 12,975 | $ 42,390 |
Profit before income tax | $ 14,780 | $ 35,944 |
Financial expense, net (Details
Financial expense, net (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Financial income [Abstract] | ||
Interest income from loans and credits | $ 1,143 | $ 1,549 |
Interest rate gains on derivatives: cash flow hedges | 2,224 | 299 |
Total | 3,367 | 1,848 |
Financial expense [Abstract] | ||
Interest on loans and notes | (211,484) | (232,065) |
Interest rates losses derivatives: cash flow hedges | (32,821) | (44,935) |
Total | (244,305) | (277,000) |
Other financial income / (expenses) [Abstract] | ||
Other financial income | 18,790 | 35,355 |
Other financial losses | (16,582) | (13,671) |
Total | 2,208 | 21,684 |
Kaxu [Member] | ||
Other financial income / (expenses) [Abstract] | ||
Income for non-monetary change to fair value of derivatives | 6,200 | 5,600 |
Kaxu [Member] | Notes Conversion Option [Member] | ||
Other financial income / (expenses) [Abstract] | ||
Income for non-monetary change to fair value of derivatives | $ 6,800 | $ 13,900 |
Other operating income and ex_3
Other operating income and expenses (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Other operating income [Abstract] | ||
Grants (Note 16) | $ 44,364 | $ 44,449 |
Insurance proceeds and other | 10,496 | 13,148 |
Total | 54,860 | 57,597 |
Other operating expenses [Abstract] | ||
Raw materials and consumables used | (13,710) | (64,756) |
Leases and fees | (8,571) | (6,451) |
Operation and maintenance | (106,118) | (117,750) |
Independent professional services | (28,096) | (27,297) |
Supplies | (45,678) | (25,270) |
Insurance | (34,446) | (33,943) |
Levies and duties | (13,596) | (25,948) |
Other expenses | (11,220) | (19,458) |
Total | $ (261,435) | $ (320,873) |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings per share [Abstract] | ||
Potential issuance of shares on settlement of Green Exchangeable Notes (in shares) | 3,347,305 | 3,347,305 |
Potential issuance of subscribed shares (in shares) | 596,681 | 510,169 |
Loss attributable to Atlantica | $ (9,473) | $ (18,166) |
Average number of ordinary shares outstanding - basic (in shares) | 114,236,000 | 110,749,000 |
Average number of ordinary shares outstanding - diluted (in shares) | 118,197,000 | 114,156,000 |
Earnings per share for the period - basic (in dollars per share) | $ (0.08) | $ (0.16) |
Earnings per share for the period - diluted (in dollars per share) | $ (0.08) | $ (0.16) |
Subsequent events (Details)
Subsequent events (Details) € in Millions | 9 Months Ended | |||
Nov. 08, 2022 $ / shares | Oct. 20, 2022 EUR (€) | Sep. 30, 2022 | Dec. 04, 2020 | |
Refinanced Project Debt [Abstract] | ||||
Maturity date | December 4, 2025 | |||
Interest rate | 2.50% | |||
Subsequent Events [Member] | ||||
Refinanced Project Debt [Abstract] | ||||
Project debt financed amount | € | € 205 | |||
Maturity date | 2037 | |||
Dividends Approved [Abstract] | ||||
Dividend declaration date | Nov. 08, 2022 | |||
Dividend approved (in dollars per share) | $ / shares | $ 0.445 | |||
Dividend approved expected date to be paid | Dec. 15, 2022 | |||
Subsequent Events [Member] | EURIBOR [Member] | ||||
Refinanced Project Debt [Abstract] | ||||
Maturity date | 2025 | |||
Variable interest period | 6 months | |||
Percentage of exposure hedged | 19% | |||
Interest rate | 1% | |||
Subsequent Events [Member] | EURIBOR [Member] | Swap [member] | ||||
Refinanced Project Debt [Abstract] | ||||
Percentage of exposure hedged | 71% | |||
Interest rate | 2.36% | |||
Subsequent Events [Member] | EURIBOR [Member] | 2022-2027 [Member] | ||||
Refinanced Project Debt [Abstract] | ||||
Interest accrue rate | 1.50% | |||
Subsequent Events [Member] | EURIBOR [Member] | 2027-2032 [Member] | ||||
Refinanced Project Debt [Abstract] | ||||
Interest accrue rate | 1.60% | |||
Subsequent Events [Member] | EURIBOR [Member] | 2032-2037 [Member] | ||||
Refinanced Project Debt [Abstract] | ||||
Interest accrue rate | 1.70% |