Atlantica turns to H1 loss, CAFD rises 2.9%

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) has turned to a first-half (H1) net loss of USD 28.2 million (EUR 24m) versus a profit of USD 17 million a year earlier, with both revenue and EBITDA going down.

The sustainable infrastructure company, which has interests in 1.55 GW of renewable energy plants, saw its revenue for January-June 2020 decline by 7.7% year-on-year to USD 465.7 million and its adjusted earnings, before interest, tax, depreciation and amortisation (EBITDA), including unconsolidated affiliates, decrease by 7.4% to USD 380.1 million.

On a constant currency basis, revenue went down by 6.1% and adjusted EBITDA dropped 5.5%.

Atlantica explained the declines in both figures with a lower solar resource in Europe, the Middle East and Africa (EMEA) and lower production at the KaXu Solar One concentrated solar power (CSP) park in South Africa, caused by the previously announced unscheduled outage.

Cash available for distribution (CAFD), though, increased by 2.9% to USD 97.3 million.

Below you can see more details about the company’s H1 financial performance.

The company noted that to date, it has not experienced any significant disruptions in availability or production due to the COVID-19 pandemic.

The board of directors approved a dividend of USD 0.42 per share, to be paid on September 15, 2020 to shareholders of record as of August 31, 2020.

(USD 1.0 = EUR 0.851)

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