Q1 2021 Atlantica Sustainable Infrastructure PLC Earnings Call

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6% with that our board of directors has declared a quarterly dividend of 43 cents per share one <unk> higher than in the previous quarter. Additionally, in April we announced a new investment of 49% interest in our 600 megawatt wind.

So in the U S on for.

Finally doing.

On the first.

For months of the year, we have closed two previously announced investments caso of 135 megawatt contracted renewable energy plant in California.

And our second PV plant in Chile through our investment platform.

If we take a look.

The results for the quarter on page for you.

You can see that.

That revenue as I mentioned before increased by 11, 8%, reaching $235 million, while adjusted EBITDA, including unconsolidated affiliates increased by a $2 five 5%.

Up to $170 million.

Regarding coffee, we generated $51 two.

For your maintenance something that he spent expected at the end of each year.

Trying to make our lives continued show isn't very good availability levels and finally in Walter you can see a significant increase in revenue and maybe the a thanks to the contribution from our third assets in.

In this sector.

Moving on to page six and we can see that the electricity produced by a renewable energy assets reached the more than 600, you got what hours the first quarter and.

An increase of 15% compared to the same quarter last year, if we look at availability based contracts in AC D availability for.

For the first quarter.

Lower due to scheduled maintenance or stops on deep D. Z then have any impact on revenue.

Transmission lines and what their assets continued to show high availability levels I will now turn the call over to layer to cover the financial part.

Thank you San Diego hung with morning, everyone. Let's now move on to slide seven add to walk you through our cash flow for the first quarter.

Our operating cash flow for the first quarter of 2021 reached $147 million showing unimportant increase that does the same class of last year, mostly thanks to one improvement in variations in working copy that.

Announcing cash flow for the first three months of 2021 includes the positive impact of $131 million corresponding to the second round of the equity arrays closed in January.

Actually upset by scheduled project debt repayment for approximately $23 million and $51 million of dividend space to share holders and I'm controlling interest.

All in all the net change in consolidated cash for the first quarter of 2021 was an increase of approximately $200 million.

On the next flight number eight we would like to review our <unk> position.

We closed the for first quarter of 2021 with net corporate debt of $531 million with this our net corporate debt to Kathy free corporate debt service ratio stood at 2.6 times, including the impact of course for investment at West closed in April.

Net protected as of March 31st 2021 was 4570 $6 million.

I will now turn the call back over to San Diego.

Hi, Danielle.

Good morning.

So on page 15 of our book is.

As you mentioned, we have a chart that we try to update every quarter showing.

The PPA life of each of the assets the contracted life show when the life of the debt when the nonrecourse project debt gets for amortize.

And.

Beyond that PPA life, we do believe that many of our assets will be able to enjoy let's say second lives in some cases that might be.

Contracting.

<unk>.

Long ppas or with shorter ppas and in some other cases it might be a merchant lives at this point in time, it's difficult to be very specific regarding what kind of economics or what type of second life. We expect for the assets as you can see on that page in the current portfolio.

First assets.

<unk>.

To find themselves in this situation so it will be it.

To a smaller assets, where the contracted life finishes in 2032 for <unk>.

It is typical of this point in time to be very specific regarding economics, obviously in many cases.

Prices will be lower than what we enjoy today.

Secret about that but it's difficult to have a crystal ball on be very specific regarding 2032 and beyond.

Okay, Great and then second question.

Just wanted to ask on the status of <unk>.

Pts.

Should we at this point, let's assume that this is not.

Not included in guidance.

A better way to ask that is.

If you were to announce that that one that acquisition is not going through.

Is there risk to your long term growth guidance or do you feel like you could effectively mitigate that at this point.

So.

<unk>.

That project is not included in our projections.

Therefore, if we did not.

Do it it should not affect we believe our projections.

Okay alright, thank you.

Thank you.

Okay. Our next question comes from the line of the EBIT Cusano from Raymond James Your line is now open.

Thanks. Good morning, everyone. My first question just on the pace of investments we've seen so far this year, obviously, you've been quite successful and exceeded your $300 million target would you say that.

The outlook for investments for you has improved significantly.

Significantly since you.

Since you came out with that target and maybe maybe just an add on could you just discuss your preference today in terms of relative preference in terms of geographies.

The debt you operate in today.

Great. Thank you David and good morning.

Yes, obviously at this point in time.

For five months into the year.

We have been able to sign and close.

A number of transactions.

We remain optimistic regarding opportunities.

Opportunities to invest in.

In the geographies and sectors, where we operate in terms of <unk>.

Reference.

Similar things to what we own today. So we are spending our time looking at opportunities in the geographies you are familiar with and the sectors you are familiar with.

In terms of preference probably what we're looking at is not different from from what we own today.

Really we will be doing more investments if we find opportunities with the right metrics that we believe makes sense.

We don't find them we.

We will not like we have always done.

Okay, Great. That's good color. Thank you and then just just a question here.

The wind sorry, the portfolio of assets in the U S that you acquired a 49% stake in recently.

I'm just curious when you look to re power or re contract those those assets well.

The majority owner would be the one that takes the lead on that or will you also play a role there and how close do you think youll get to the end of that.

The remaining contract term before you look to.

Re contract one of those assets or Repower.

So I think it's too soon to be very specific thats, why we havent closed yet.

They are as you know we have signed the agreement, but it hasnt closed it's subject to regulatory approval.

Both partners being been.

$51 49 partnership both partners need to be in agreement with when you look at things like the ones you're mentioning.

We do believe on our side that there are significant opportunities and we will be working with our partner towards those opportunities obviously.

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

Thank you.

Yeah.

Okay. Once again, if you wish to ask a question Please press star and one.

Okay no questions at the moment in the audio.

<unk>.

Great. So we will leave it here unless anybody else comes up with any questions. Thank you very much for joining us.

Good day, and looking forward to talking with you in conferences.

Later next week I think most of them. Thank you very much. Thank you.

Okay that does conclude our conference for today. Thank you for participating you may all disconnect.

Yeah.

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