Atlantica’s Renewables Portfolio Up by 43.5%, Generates $928 Million in Revenue in 2021
The company produced 4,655 GWh of renewable energy in 2021
March 3, 2022
Atlantica Sustainable Infrastructure, a sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy (including solar power) and environment sectors, recorded total revenue of $271.33 million in the fourth quarter (Q4) of 2021, a year-over-year (YoY) increase of 11% compared to $244.52 million in Q4 2020.
In a quarter-over-quarter (QoQ) comparison, the decline in revenue was 17% compared to $329.24 million in Q3 2021.
Atlantica’s revenue from renewables in Q4 2021 was $202.76 million, a YoY increase of 16% compared to $173.85 million registered in Q4 2020 and a QoQ decline of 20% compared to $ 254.13 million recorded in Q3 2021.
The adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for Q4 2021 was $190.30 million, a YoY increase of 8% compared to $175.09 million registered in Q4 2020. The EBITDA margin for Q4 2021 was 70.1%.
The adjusted EBITDA from the renewables business in Q4 2021 was $137.72 million, a YoY increase of 15% compared to $119.41 million registered in Q4 2020. The EBITDA margin for renewables business in Q4 2021 was 67.9%.
The company owns, manages, and invests in renewable energy, storage, efficient natural gas and heat, transmission lines, and water assets. Atlantica’s portfolio consists of 39 assets with 2,044 MW of aggregate renewable energy installed generation capacity, of which approximately 71% is solar. The company owns and manages operating facilities in North America, South America, and EMEA (Europe, Middle East, and Africa).
2021 Full Year Results
Atlantica recorded a revenue of $1.21 billion for FY 2021, representing a year-over-year increase of 19% compared to the $1.01 billion registered last year.
The company’s renewables vertical contributed $928.5 million towards the total revenue. The revenue from renewables rose by 23%, compared to $753 million recorded in FY 2020.
Net loss for the year 2021 attributable to the company was $30.1 million, compared with a net profit of $12 million for 2020.
The adjusted EBITDA for FY 2021 was $824.4 million, an increase of 3.6% compared to the EBITDA of $796.1 million recorded last year. The EBITDA margin for 2021 was 68%.
The adjusted EBITDA from the renewables business was $602.6 million, an increase of 5% compared to the EBITDA of $576.3 million recorded last year. The EBITDA margin for renewables business was 65%.
Growth in revenue and adjusted EBITDA resulted mainly from the recent investments in new assets, higher production in our renewable energy business, and foreign exchange differences. It was partially offset by $77.1 million negative non-cash provisions recorded in the company’s solar assets in Spain for the difference between expected and actual electricity market prices.
The company produced 4,655 GWh of renewable energy in 2021; this figure was 3,244 GWh in 2020. Atlantica’s portfolio of renewables assets rose to 2,044 MW in 2021, compared to 1,551 MW in 2020.
Production in the renewable energy portfolio increased by 43.5% in 2021 compared to 2020, mainly due to better solar radiation in Spain and higher output at Kaxu. Production decreased primarily due to lower solar resources in Arizona and ongoing works in Solana in the US. Wind resource was lower than expected in the company’s wind assets in the U.S. and Uruguay.
In December 2021, the Competition Tribunal had conditionally approved the proposed merger whereby Atlantica intended to acquire the employees of Abengoa South Africa and the assets of solar company Kaxu CSP. Atlantica conducts activities in South Africa through Kaxu Solar One. This subsidiary has a 100 MW solar parabolic facility in Pofadder, in the Northern Cape, known as the Kaxu Facility.
In April 2021, Atlantica announced that it had reached an agreement to acquire a 49% interest in a 596 MW portfolio of four wind assets located in Illinois, Texas, Oregon, and Minnesota. Atlantica’s initial investment is expected to be approximately $196.51 million.