Atlantica narrows loss in Q1, CAFD rises 7.6%

Wind farm in USA. Author: Brian Jeffery Beggerly. License: Creative Commons. Attribution-2.0 Generic

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) on Thursday reported that its net loss attributable to the company narrowed to USD 19.2 million (EUR 15.9m) in the first quarter of 2021 from USD 40.5 million a year ago.

Revenue and cash available for distribution (CAFD) rose by 11.8% and 7.6% year-over-year, respectively.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) including unconsolidated affiliates edged up 2.5% to USD 170.1 million.

Atlantica owns renewable energy, natural gas, power transmission and water assets in North and South America, and certain EMEA (Europe, the Middle East and Africa) markets. More details of its performance are in the following table:

Figures in USD million	Q1 2021	Q1 2020
Revenue	235.2	210.4
-- from renewable energy	166.7	150.8
Adjusted EBITDA incl. unconsolidated affiliates	170.1	166
-- from renewable energy	115.9	113.7
Profit (loss) for the period attributable to the company	(19.2)	(40.5)
Net cash provided by operating activities	146.7	85.7
CAFD	51.2	47.6

The increase in revenues mainly reflects the contribution of new assets, foreign exchange differences and higher solar resource and production in some assets, the company said.

At the end of the quarter, the total capacity of its renewable energy assets in operation was 1,591 MW, compared to 1,496 MW a year ago. The renewable energy portfolio's generation rose by 15.2% to 606 GWh.

Chief executive Santiago Seage said that in the quarter, the company has made progress on its growth strategy, highlighting the deal for the acquisition of a 49% stake in a 596-MW US wind portfolio and closings of the purchases of the 135-MW Coso geothermal power plant in California and the 40-MW Chile PV 2 photovoltaic (PV) plant.

(USD 1.0 = EUR 0.831)

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