Atlantica’s Renewable Business Revenue Dips 8.7% YoY to $182.1 Million in Q1 2022

The company operationalized projects of over 2 GW in Q1, a YoY surge of 28.5%


Sustainable infrastructure company Atlantica, which manages and invests in renewable energy, reported first-quarter (Q1) revenue of $247.5 million, a year-over-year (YoY) decline of 7.6% from $268.1 million in the same period last year.

Atlantica’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) totaled $173.6 million, a minor YoY increase of 1.4% from $171.2 million in Q1 2021.

The net cash of Atlantica from operating activities amounted to $137.31 million in Q1 2022, a YoY decline of 6.6% from 147.15 million in the same period a year ago.

The company recorded a revenue of $182.10 million from its renewable business in Q1, a YoY fall of 8.7% from $199.67 million in the same period last year.

In Q1, Atlantica’s renewable energy production along with battery storage systems totaled 1.9 GWh (1,094 MWh), a record YoY surge of 80.5% from 606 GWh in the previous year.

The company operationalized renewable energy projects of about 2 GW in Q1, a YoY increase of 28.5 from 1.5 GW in the same period a year ago. Solar contributed approximately 71% to the overall renewable energy produced in the first quarter, while renewable production alone contributed 77% to the overall revenue of Atlantica in Q1 2022.

The company recorded a net loss of $12 million, a YoY fall of 37% compared to $19.1 million in the previous year’s first quarter.

Referring to the investments and acquisitions in the quarter, the CEO of Atlantica, Santiago Seage, said, “In the first months of 2022, we have closed or earmarked investments between $140 million and $150 million, including the $57 million in acquisitions. That includes the 63-mile transmission

line we discussed last quarter and two small PV assets in Italy. Additionally, we have between $80 million and $90 million in closed or earmarked investments, including renewable energy projects under construction.”

Atlantica had recorded a revenue of $271.33 million in the fourth quarter (Q4) of 2021, up 11% from $244.52 million in the same period of 2020.

In December 2021, Atlantica South Africa Operations, an indirect subsidiary of Atlantica, was permitted the acquisition of Abengoa South Africa and the assets of solar company Kaxu CSP by the Competition Tribunal. Through the acquisition, Atlantica procured a 100 MW solar parabolic facility in the Pofadder of Northern Cape.