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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.
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.
Atlantica Sustainable Infrastructure reported a net loss of $28.2 million for the first half of 2020, down from a profit of $17 million in the same period last year. Revenue decreased by 7.7% to $465.7 million, largely due to lower solar radiation and production issues. Adjusted EBITDA fell 7.4% to $380.1 million. Despite these declines, cash available for distribution rose 2.9% to $97.3 million. The company raised $489 million in new financing and declared a dividend of $0.42 per share, with plans for future growth through strategic acquisitions and refinancing initiatives.
Atlantica Sustainable Infrastructure will announce its second quarter 2020 financial results on August 3, 2020, prior to market opening. The results will be available on Atlantica's website. CEO Santiago Seage and CFO Francisco Martinez-Davis will host a conference call at 8:15 AM (New York time) on the same day. Additionally, management will engage with investors at upcoming conferences on August 11 and August 26. A replay of the call will be accessible on the Investor page of Atlantica's website shortly after the call concludes.
Atlantica announced a proposed offering of $100 million in green exchangeable senior notes due 2025. The notes will be unsecured obligations of Atlantica's subsidiary, with the final interest rate and exchange rate to be determined at pricing. The issuer may not redeem the notes before maturity unless certain tax events occur. Proceeds will finance projects meeting eligibility criteria in line with Atlantica’s Green Finance Framework. The offering is limited to qualified institutional buyers under Rule 144A.
Atlantica Yield Closes Green Project Financing
On May 7, 2020, Atlantica Yield plc (NASDAQ: AY) announced the closure of a green project financing agreement, securing approximately $143 million in net proceeds through a partnership with ING Bank and Banco Santander. This non-recourse financing will bolster Atlantica's financial position and facilitate investments in renewable assets, maintaining existing project debt agreements. The financing complies with the 2018 Green Loan Principles, supported by an unqualified Second Party Opinion from Sustainalytics.
Atlantica Yield reported a net loss of $40.5 million for Q1 2020, up from $9.0 million in Q1 2019. Revenue decreased by 5% to $210.4 million, with an 8.4% drop in Adjusted EBITDA to $166.0 million year-over-year, impacted by foreign exchange rates and reduced solar radiation. However, Cash Available for Distribution (CAFD) increased by 5.4% to $47.6 million. The Board declared a quarterly dividend of $0.41 per share. The company refinanced solar assets in Spain, unlocking $143 million for new renewable investments, and reported no significant COVID-19 impact.
Atlantica Yield announced it will release its First Quarter 2020 Financial Results on May 7, 2020, before the market opens. This information will be available on their website. CEO Santiago Seage and CFO Francisco Martinez-Davis will host a conference call and webcast at 8:45 am New York time the same day. Investors can join the call using specified phone numbers. Virtual meetings with investors will take place on May 12 and May 13 during global conferences. A replay of the call will be accessible shortly after.