AY - Earnings call transcript Q1 2021 | Atlantica Sustainable Infrastructure plc

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Operator

Welcome to Atlantica’s First Quarter 2021 Financial Results Conference Call. Atlantica is a sustainable infrastructure company that owns a diversified portfolio of constructed renewable energy, power of generation, electricity distribution and weather assets in North and South America and certain markets in India.

As a reminder that this call is being broadcast live on the internet, and the replay of this call will be available on Atlantica’s corporate website. Atlantica will be making forward-looking statements during this call based on current expectations and assumptions, which are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements, if any of our key assumptions are incorrect, or because of other factors discussed in the today’s earning presentation, or because of other factors discussed, including the risk factors section of the accompanying presentation, and in our latest reports and filings with the Securities and Exchange Commission, all of which can be found on our website. any update undertake forward-looking not does duty any to statements. Atlantica

are for Relations, Santiago today's us Atlantica’s Leire conference Investor Joining of call CEO, Director Seage; Perez. and

open the usual, want I sir. you Seage. call, As end Mr. pass for of to go the we Q&A at to will Please the over session. lines the conference ahead,

Santiago Seage

for quarter XXXX first you much. very our Good Thank call. morning, joining everybody. And thanks conference

with of is revenue seen, probably QX, had a in $X.XX a strong previous in believe increase dividend that, performance declared higher of As X.X%. you have the share, quarterly quarter. CAFD growth what we $X.XX and Directors XX.X% With we per a than of of our has Board

in in during wind X, million, a And results have unconsolidated on energy XX.X% Additionally, Coso, the California, XXX-megawatt U.S. first a the closed in investments; a in the of we XX% contract before XXX-megawatt $XXX look two a April, by portfolio quarter year, finally, If announced EBITDA for adjusted a months that the through million. at Page we new take increased our affiliates four $XXX plant and can as PV I increased renewable the of investment announced our we second see in reaching revenue, previously interest plant mentioned up investment including by X.X% while you platform. Chile of to

quarter, the increase X.X% in Regarding close generated over first an million CAFD, $XX.X we year. year of to

XXXX. up million, a higher the due collection a in North insurance of X, certain can region by of of EBITDA the in see performance proceeds to Page $XX.X and that maintenance terms due OpEx in while X% to the scheduled revenue by quarter sector in Mojave year first was America we last mostly major to in and on geography, decrease increased In to

the In as to acquired contribution America increased a of X% solar revenue assets thanks and assets. better by well by the assets, EMEA, performance an increased rate. EBITDA from revenue and the EBITDA exchange as X% and case thanks respectively, new the increased South contribution to and certain radiation in of recently a XX%,

the levels. expected end below from operation very reasons we the in renewable can efficient contribution which previously, and this quarters and in natural while costs preceding EBITDA is significant In measure to revenue in energy, similar thanks EBITDA, to of by Water, thanks increase you see year. are see can show that good something effects. And availability of at in asset at increased higher maintenance Looking the the mainly mentioned this in was decrease revenue know sector. Lines to finally, you gas, continue maintenance, Transmission third sector, to and due results in the our as many a in EBITDA the

contracts the compared on first Moving If renewable Page turn the first show to Water scheduled availability availability the assets Lines Transmission cover stops I a high to for part. lower levels. quarter revenue. financial and continued have to to due will on didn’t impact call maintenance any was now over more Leire of produced and ACP, the quarter increase can look reached XX% to an the the in quarter, availability-based same we than our by we energy in gigawatt X, hours see XXX to year. electricity at last that the assets

Leire Perez

good Thank you, morning, Santiago. everyone. And

our X you to Slide flow to quarter. through the cash walk on move first now Let's for

for debt XXXX Financing project raise impact $XXX change in increase closed equity by same net year, an the months million, interest. of first schedule $XXX flow $XX cash of versus corresponding million the million. working for XXXX dividends to now repayment of paid positive cash operating increase the an in includes reached XXXX quarter was consolidated of in variations second three to last the for important non-controlling of quarter showing mostly Our thanks shareholders of $XX the quarter first the million, Only to an January, the capital. of for flow $XXX approximately offset the and approximately cash tranche million and in first partially improvement of

of with Slide the like X.X as to corporate $XXX the X, debt the next our turn On investment project at Net net was impact I With corporate debt quarter over number that review will our Santiago. debt $XXXX of debt in of debt including closed million. CAFD would first pre position. million. times service we April. March net XXXX call to closed this, was We corporate personal XXXX back to ratio stood now of the XX, net

Santiago Seage

Thanks.

And X. states, ago, average in PPAs and have acquisition the of announced assets U.S. we XXX Page with And the different an assets the agreement have XX% weeks portfolio interest few five-year or reached we as in portfolio more takers. at Looking four a of a less investment megawatts of in is grade composed for wind the

of initial Our approximately enterprise multiple. PPA to million. than life attractive We see significant in do to multiple represents assets. what this creation price EBITDA is value expected including six an opportunities $XXX value an is lower and times, the both investment be expansion And we repowering believe

diversifying further ready North we Q&A. presence Additionally, America. increasing renewable with are for in are our in this operator, With investment, that, we energy and

Operator

gentlemen, the Okay, take will ladies session. begin now question-and-answer will [Operator Instructions]. And question. first now we and our we

the America. line Bank Our Dumoulin-Smith from comes Julien of from of first question

is now line Your open.

Anya Shelekhin

for this Anya, just Good stepping morning. in Hey, is Julien.

of Could that? mind to about So, to ask, extend bit talk which see you maybe of assets. economics? you recontracting on little a -- how potentially do ones to and particular Slide comes What I wanted mentioned in XX, you some life opportunities the your

Santiago Seage

morning. good Anya Hi,

able in debt quarter it XX So, of with be of type assets what And believe lives. of project non-recourse we each contracted very some life the a enjoy, the debt might amortized. some the long in second be our when that the life point have on PPA PPA life mentioned, And be cases, we many merchant we say, gets of or what to try Page assets as will lives. PPAs. with specific showing beyond regarding it's to PPAs deck of our that that do of every we that life, you economics for to At update of the time, showing second assets. of kind difficult shorter chart life other re-contracting cases, let's In be this or might the expect the

on the As assets see current page, the in find in themselves you first can to this situation. that portfolio,

where in finishes the So life will assets, two XXXX. contracted be smaller

regarding to ball would be prices think than many it's and specific be difficult And So, cases, to this what regarding economics, very at it's obviously, about in I point be enjoy specific beyond. have secret today. crystal and lower XXXX But we difficult a that. time very no

Anya Shelekhin

like that were ask not that growth Okay, the great. this of Thanks. feel assume this effectively [ph] that a at then risk to is, you we going not long-term at Or the is if through, announced way that acquisition And that is to that guess status investment just on, guidance? this better one second point, could I do included you there point? mitigate should question, to to you ask is PCS wanted your on just or

Santiago Seage

we we in our it. not believe So, projections. do that not therefore, projections, not is our It and project included affect did should

Anya Shelekhin

All Okay. you. Thank right.

Santiago Seage

you. Thank

Operator

of line Quezada question David Raymond from next our James. from Okay, the

is Your line open. now

David Quezada

just since you the just you significantly of geographies outlook came could investments in been you first has improved that terms that an out Would just And today successful in target? My for maybe exceeded your that far operate investments relative everyone. the question morning, million of in your -- discuss as you preference add target. we've Thanks, you preference year, on, this of with on quite obviously, today? so terms and for pace seen $XXX say you've

Santiago Seage

months in operate. invest thank David. or close obviously, to Great, transactions. opportunities able into optimistic at in and We four number point been we and this have the And the geographies to sectors morning. we remain sign yes, you, where time, of regarding a year, five Good

what In terms similar own today. we to of things preference,

preference, we opportunities what the at you spending with. is time not are sectors terms familiar are at of sense. own if metrics not we geographies we investments we are have what looking from we like familiar in you that doing always And if probably make will we in we the find And right we with believe and with, done. more So, our opportunities the be today. different don't will Obviously, looking find we're them,

David Quezada

there? sorry, stake or in great. then good acquired the re-contract in majority recently, Thank you. to And re-contract get the of assets end here that close portfolio the term takes or a think that look owner remaining those will also you Okay, or that the just you you wind, you assets of the play that one question role lead curious you the XX% repower? color. to be when repower on a to will or a look And one before you'll U.S. on do the of assets, contract those just the how That's

Santiago Seage

as it's to specific be soon think well. very I So, too

there. We haven't closed

with it closed, opportunities, you will towards there to a in it's our know, believe look our do at be significant As we on partners the subject with We like in mentioning. working agreement regulatory partners opportunities in need those hasn't both that agreement approval are the and things you side are ones partner partnership, obviously. when you we XX-XX signed be have but to both be

David Quezada

Okay, you much. very Thank great. that's had. I all That's

Santiago Seage

you. Thank

Operator

[Operator Instructions].

at questions no Please from continue. audience. the Okay, moment the

Santiago Seage

Great.

comes anybody looking very I us Thank very it think, talking So, questions. here unless in next will any else to later with joining week, forward much conferences we today you up leave much. for with and you Thank mostly. you

Leire Perez

Thank you.

Operator

conclude for Okay, today. you Thank conference for our that does participating.

disconnect. may all You

Atlantica Sustainable Infrastructure (AY) 6 May 212021 Q1 Earnings call transcript