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Atlantica Sustainable Infrastructure plc (NASDAQ: AY) is a prominent sustainable infrastructure company that owns a diversified portfolio of contracted renewable energy assets, including solar, wind, and geothermal power plants, as well as efficient natural gas & heat, transmission lines, and water assets located across North & South America, and certain markets in EMEA. Atlantica is committed to delivering sustainable energy solutions while focusing on environmental, social, and governance (ESG) goals.
Atlantica's core business revolves around owning and operating renewable energy projects that provide reliable and sustainable energy to the grid. The company has a significant presence in the renewable energy sector, with solar, wind, and geothermal power plants contributing to its substantial energy production. Key financial results for 2022 include:
- Revenue of $1,102.0 million, a 2.9% increase year-over-year on a comparable basis.
- Net cash provided by operating activities was $586.3 million, a 16.0% increase compared to 2021.
- Cash available for distribution (CAFD) increased by 5.5% to $237.9 million.
In 2023, Atlantica reported significant growth and strategic initiatives:
- Revenue for the first half of 2023 reached $554.6 million, a 1.4% increase year-over-year.
- Adjusted EBITDA for the first half of 2023 was $403.8 million, a 1.9% increase year-over-year on a comparable basis.
- Net profit for the first half of 2023 attributable to the Company was $24.7 million, compared with a net profit of $4.1 million in the first half of 2022.
Atlantica is also focused on growth through development and construction. The company has several projects under development, including PV, storage, and wind, primarily in North America. Recent achievements include the construction of Coso Batteries 1 and 2 in California, and the acquisition of wind assets in the UK.
Atlantica continues to be recognized internationally for its ESG initiatives. The company has been ranked among the World's 100 Most Sustainable Corporations, included in the Bloomberg Gender-Equality Index, and recognized by the S&P Global Sustainability Yearbook.
As part of its strategic review process, Atlantica announced in May 2024 that it entered into a definitive agreement to be acquired by Energy Capital Partners and co-investors for $22 per share in cash, valuing the company at approximately $2.555 billion. The transaction is expected to close by early 2025, subject to regulatory and shareholder approvals.
Atlantica Sustainable Infrastructure has announced a deal to acquire a 49% interest in a 596 MW portfolio of wind assets across Illinois, Texas, Oregon, and Minnesota for approximately $196.5 million. The transaction, valued at an Enterprise Value/EBITDA multiple of 5.9, is debt-free, with plans to potentially secure non-recourse debt. The acquired assets have power purchase agreements with investment-grade off-takers and an average contract life of 5 years. This acquisition is expected to enhance Atlantica's North American presence and align with its ESG goals.
Atlantica Sustainable Infrastructure has announced an agreement to acquire Coso Geothermal Power Holdings for approximately $170 million. Coso, a 135 MW geothermal power plant, is the third largest in the U.S. and essential for California's decarbonization efforts. The acquisition aims to enhance Atlantica's renewable portfolio and is expected to close in the first half of 2021, pending regulatory approvals. Coso has long-term contracts with investment-grade offtakers, contributing to a stable revenue stream and aligning with Atlantica's sustainability goals.
Atlantica Sustainable Infrastructure reported 2020 financial results with a net profit of $12 million, down from $62.1 million in 2019. Adjusted EBITDA decreased by 3.1% to $796.1 million due to higher operating expenses and lower production at Kaxu. However, net cash provided by operating activities rose by 20.5% to $438.2 million. The company targets a 2021 CAFD range of $220 million to $240 million, with 2021 Adjusted EBITDA guidance between $820 million and $860 million. Overall, there were over $300 million in closed equity investments in 2020 and $280 million in agreements for 2021.
Atlantica Sustainable Infrastructure (NASDAQ: AY) will release its fiscal year 2020 financial results before the market opens on March 1, 2021. The press release will be available on their website. CEO Santiago Seage and CFO Francisco Martinez-Davis will lead a conference call at 8:30 am (ET) on the same day. Additionally, they will engage in virtual meetings with investors during the Morgan Stanley Virtual Global Energy & Power Conference and other events from March 1 to March 3, 2021. A replay of the call will be accessible shortly after its conclusion.
Atlantica Sustainable Infrastructure has announced its agreement to acquire a 20MW solar plant in Colombia from Algonquin Power & Utilities. The investment totals approximately US $20 million, marking Atlantica's inaugural venture in Colombia, a country recognized for its attractive growth prospects in renewables. The project will feature a 15-year Power Purchase Agreement (PPA) and is expected to commence commercial operations in mid-2021. The companies may also collaborate on additional solar projects in Colombia, with a total capacity of about 30MW.
Atlantica Sustainable Infrastructure has been recognized by the CDP for its leadership in climate change, receiving an A- in its 2020 Climate Change assessment, a one-notch improvement from 2019. This rating positions Atlantica above the average in the Renewable Power Generation sector. CEO Santiago Seage emphasized the company's commitment to environmental initiatives and transparency as part of its strategy for sustainability. CDP evaluates over 9,600 companies globally, driving efforts to reduce greenhouse gas emissions and manage environmental impacts.
Atlantica Sustainable Infrastructure reported its third-quarter financial results for 2020, highlighting a net profit of $61.2 million, a slight increase from $60.8 million in 2019. Revenue for the first nine months fell to $768.7 million, down from $798.2 million in 2019, mainly due to reduced solar output in Spain and an unscheduled outage in Kaxu. Adjusted EBITDA decreased by 5.6% to $621 million. However, cash available for distribution increased by 13.6% to $52 million in Q3. The company declared a quarterly dividend of $0.42 per share and secured $216 million through non-recourse refinancings for growth financing.
Atlantica Sustainable Infrastructure will announce its Q3 2020 financial results on November 6, 2020, before market opening. The results will be accessible on Atlantica’s website. CEO Santiago Seage and CFO Francisco Martinez-Davis will host a conference call at 8:30 AM (ET) on the same day, with virtual meetings for investors scheduled from November 9-11 and November 18-19. A replay of the call will be available approximately two hours after it concludes.
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