Atlantica Sustainable Infrastructure plc:

Rhea-AI Summary

Atlantica Sustainable Infrastructure has successfully refinanced its Helios assets in Spain with a €326 million non-recourse project debt financing for two solar plants totaling 100 MW capacity. This refinancing will reduce financing costs from 4.2% to 1.9% per annum and extend the maturity from 7 to 17 years. After costs, Atlantica will have approximately $30 million in net proceeds to support its growth plan. The notes, rated AA by S&P, were privately placed with institutional investors and guaranteed by Assured Guaranty Europe S.A.

Positive

• Refinancing reduces interest costs from 4.2% to 1.9% per annum.
• Maturity extension from 7 years to 17 years enhances financial flexibility.
• Net proceeds of approximately $30 million will fund growth initiatives.

Negative

• None.

Atlantica Refinances its Helios Assets with a €326 bond

August 3, 2020 – Atlantica Sustainable Infrastructure plc (NASDAQ: AY) (“Atlantica”), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced today the refinancing of its Helios assets in Spain.

Atlantica has entered into a non-recourse, project debt financing for approximately €326 million in Helios 1/2 , two solar plants with a total installed capacity of 100 MW. The new debt has been used to repay the previous bank project debt with approximately €250 million outstanding and to cancel legacy interest rate swaps. With this refinancing, Atlantica is achieving an improvement in cost (1.9% per annum versus approximately 4.2% in the previous financing) and tenor (17-year maturity versus 7 year in the previous financing).

"With this financing, Atlantica is able to continue to diversify its financing sources", said Francisco Martinez-Davis, CFO of Atlantica.

After transaction costs and cancelation of legacy swaps, net refinancing proceeds (net “recap”) were approximately $30 million. Atlantica intends to use the net proceeds to finance its growth plan.

The notes were privately placed with a combination of European and US institutional investors and are guaranteed by Assured Guaranty Europe S.A. As a result of Assured Guaranty’s wrap, the notes are rated AA by S&P Global Ratings.

Cantor Fitzgerald Europe acted as sole bookerunner and placement agent.

Assured Guarantee Europe SA’s legal advisers on the transaction were Clifford Chance LLP.

The Issuer was advised by Watson Farley & Williams Spain, S.L.P

About Atlantica

Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North and South America, and certain markets in EMEA (www.atlantica.com).

Chief Financial Officer Francisco Martinez-Davis E  ir@atlantica.com

Investor Relations & Communication Leire Perez E  ir@atlantica.com T  +44 20 3499 0465

FAQ

What refinancing deal did Atlantica announce on August 3, 2020?

Atlantica announced a €326 million refinancing for its Helios solar assets in Spain, reducing interest costs and extending the debt maturity.

What is the significance of the refinancing for Atlantica's Helios assets?

The refinancing decreases financing costs from 4.2% to 1.9% per annum and extends the maturity period to 17 years, improving financial stability.

How much in net proceeds will Atlantica receive from the refinancing?

Atlantica will receive approximately $30 million in net proceeds from the refinancing to support its growth strategy.

Who guaranteed the notes issued by Atlantica for the refinancing?

The notes were guaranteed by Assured Guaranty Europe S.A. and rated AA by S&P Global Ratings.