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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of ~~July~~August 2024

Commission File Number 001-36487

Atlantica Sustainable Infrastructure plc

(Exact name of Registrant as Specified in its Charter)

Not Applicable

(Translation of Registrant’s name into English)

Great West House, GW1, 17th floor

Great West Road

Brentford, TW8 9DF

United Kingdom

Tel.: +44 203 499 0465

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F

☐ Form 40-F

~~COURT~~ATLANTICA ~~MEETING~~SUSTAINABLE OFINFRASTRUCTURE ~~SHAREHOLDERS AND GENERAL MEETING OF SHAREHOLDERS~~PLC

AsTABLE ~~previously~~OF disclosed in the Report of Foreign Private Issuer on Form 6-K dated May 28, 2024, by Atlantica Sustainable Infrastructure plc (the “Company” or “Atlantica”), on May 27, 2024, the Company entered into a transaction agreement with California Buyer Limited (“Bidco”) providing for, subject to the terms and conditions of such transaction agreement, the acquisition of the Company by Bidco (the “Transaction”), which is expected to be implemented by means of a scheme of arrangement under the laws of England and Wales (the “Scheme”).CONTENTS

On July 16, 2024, the Company issued a press release announcing the publication of a scheme circular setting out further information relating to the Scheme (the “Scheme Circular”). The Scheme Circular includes a notice convening a meeting of the shareholders of the Company by the High Court of Justice of England and Wales at which shareholders will be asked to approve the Scheme (the “Court Meeting”) and a general meeting of the shareholders of the Company to approve certain other matters in connection with the Scheme (the “General Meeting”). The Court Meeting and the General Meeting will each be held on August 8, 2024. A copy of the press release is furnished herewith as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.

		Page
PART I – FINANCIAL INFORMATION

Item 1	Financial Statements	10

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43

Item 3	Quantitative and Qualitative Disclosures about Market Risk	69

Item 4	Controls and Procedures	74

PART II – OTHER INFORMATION

Item 1	Legal Proceedings	74

Item 1A	Risk Factors	74

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	74

Item 3	Defaults upon Senior Securities	75

Item 4	Mine Safety Disclosures	75

Item 5	Other Information	75

Item 6	Exhibits	75

Signature		75

A copy of the Scheme Circular, form of proxy card for the Court Meeting and form of proxy for the General Meeting are furnished herewith as Exhibits 99.2, 99.3 and 99.4, respectively, to this Report of Foreign Private Issuer on Form 6-K.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This Report of Foreign Private Issuer on Form 6-K is being made in respect of the Transaction. This communication is not a substitute for the Scheme Circular or any other document that may be filed or furnished by the Company with the SEC. Investors and security holders are urged to carefully read the entire Scheme Circular (which includes an explanatory statement in respect of the Scheme in accordance with the requirements of the U.K. Companies Act 2006) and other relevant documents as and when they become available because they will contain important information. You may obtain copies of all documents filed with or furnished to the SEC regarding this transaction, free of charge, at the SEC’s website (www.sec.gov).

In addition, investors and shareholders will be able to obtain free copies of the Scheme Circular and other documents filed with or furnished to the SEC by the Company on its Investor Relations website (https://www.atlantica.com/web/en/investors/).

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, likely to be, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict, aim and intend or words of similar meaning) or the negative of these terms or other comparable terminology are not statements of historical facts and may be forward looking. Such statements occur throughout this report and include statements with respect to the Transaction and the implementation of the Scheme, the proposed timing and various actions and other conditions contemplated in respect of the Transaction and the Scheme.

The forward-looking statements in this report are subject to numerous risks, uncertainties, estimates and assumptions, including risks relating to (a) Bidco’s and Atlantica’s ability to complete the Transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory and other third-party approvals, including the Company Shareholder Approvals, the sanction of the Scheme by the Court or the satisfaction of other closing conditions to consummate the Transaction; (b) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction Agreement or any unanticipated difficulties or expenditures relating to the proposed Transaction; (c) risks related to diverting the attention of Atlantica’s management from ongoing business operations; (d) failure to realize the expected benefits of the Transaction; (e) significant transaction costs and/or unknown or inestimable liabilities; (f) the risk of shareholder litigation in connection with the Transaction, including resulting expense or delay; (g) Bidco’s ability to fund the cash required to consummate the Transaction; (h) risks related to future opportunities and plans for the Company, including the uncertainty of expected future regulatory filings, financial performance and results of the Company following completion of the Transaction; (i) disruption of currents plans and operations caused by the announcement of the proposed Transaction, making it more difficult to conduct business as usual or maintain relationships with current or future customers, employees or suppliers, financing sources, governmental authorities, and joint-venture partners; (j) effects relating to the announcement of the Transaction or any further announcements or the consummation of the Transaction on the market price of Atlantica’s shares and, if the Transaction is not completed, and the Company continues as a publicly-traded entity, risks that the announcement of the proposed Transaction and the dedication of substantial resources of the Company to the completion of the Transaction could have an impact on its business, strategic relationships, operating results and activities in general; (k) risk of having to pay the Company Termination Fee pursuant to the terms of the Transaction Agreement; (l) regulatory initiatives and changes in tax laws that may impact the Transaction; (m) market volatility; and (n) other risks and uncertainties affecting Bidco and Atlantica and more. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in “Part I—Item 3.D.—Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023 and in any subsequent reports on Form 6-K (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements).

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time, and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the business or the extent to which any factor, or combination of factors, may cause actual results, performance or achievements, and the timing of events to differ materially from those contained or implied in any forward-looking statement.

NO OFFER OR SOLICITATION

This report is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

~~EXHIBIT~~Table ~~INDEX~~of Contents

Exhibit No.		Description
99.1		Press Release of the Company, dated July 16, 2024.
99.2		Scheme Circular, dated July 16, 2024.
99.3		Form of proxy for the Court Meeting.
99.4		Form of proxy for the General Meeting.

Definitions

Unless otherwise specified or the context requires otherwise in this quarterly report:

•

references to “2020 Green Private Placement” refer to the €290 million ($313 million) senior secured notes maturing on June 20, 2026, which were issued under a senior secured note purchase agreement entered with a group of institutional investors as purchasers of the notes issued thereunder as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—2020 Green Private Placement”;

•

references to “Abengoa” refer to Abengoa, S.A. together with its subsidiaries unless the context otherwise requires;

•

references to “ACT” refer to the gas-fired cogeneration facility located inside the Nuevo Pemex Gas Processing Facility near the city of Villahermosa in the State of Tabasco, Mexico;

•

references to “Adjusted EBITDA” have the meaning set forth in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Financial Measures”;

•

references to “Albisu” refer to the 10 MW solar PV plant located in Uruguay;

•

references to “Algonquin” refer to, as the context requires, either Algonquin Power & Utilities Corp., a North American diversified generation, transmission and distribution utility, or Algonquin Power & Utilities Corp. together with its subsidiaries;

•

references to “Amherst” refer to the holding company of Windlectric Inc;

•

references to “Annual Consolidated Financial Statements” refer to the audited annual consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, including the related notes thereto, prepared in accordance with IFRS as issued by the IASB (as such terms are defined herein), included in our Annual Report;

•

references to “Annual Report” refer to our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 1, 2024;

•

references to “Atlantica Jersey” refer to Atlantica Sustainable Infrastructure Jersey Limited, a wholly-owned subsidiary of Atlantica;

•

references to “ATN” refer to ATN S.A., the operational electric transmission asset in Peru, which is part of the Guaranteed Transmission System;

•

references to “ATS” refer to Atlantica Transmision Sur S.A.;

•

references to “AYES Canada” refer to Atlantica Sustainable Infrastructure Energy Solutions Canada Inc., a vehicle formed by Atlantica and Algonquin to channel co-investment opportunities;

•

references to “Befesa Agua Tenes” refer to Befesa Agua Tenes, S.L.U.;

•

references to “Bidco” refer to California Buyer Limited, a private limited company incorporated in England

and Wales, controlled by Energy Capital Partners;

•

references to “cash available for distribution” or “CAFD” refer to the cash distributions received by the Company from its subsidiaries minus cash expenses of the Company (including third-party debt service and general and administrative expenses), including proceeds from the sale of assets;

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references to “Calgary District Heating” or “Calgary” refer to the 55 MWt thermal capacity district heating asset in the city of Calgary which we acquired in May 2021;

•

references to “Chile PV 1” refer to the solar PV plant of 55 MW located in Chile;

•

references to “Chile PV 2” refer to the solar PV plant of 40 MW located in Chile;

•

references to “Chile PV 3” refer to the solar PV plant of 73 MW located in Chile;

•

references to “Consolidated Condensed Interim Financial Statements” refer to the consolidated condensed unaudited interim financial statements as of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023, including the related notes thereto prepared in accordance with IFRS as issued by the IASB, which form a part of this quarterly report;

•

references to “COD” refer to the commercial operation date of the applicable facility;

•

references to “Coso” refer to the 135 MW geothermal plant located in California;

•

references to “Distribution Agreement” refer to the agreement entered into with BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets LLC, as sales agents, dated February 28, 2022, as amended on May 9, 2022, under which we may offer and sell from time to time up to $150 million of our ordinary shares and pursuant to which such sales agents may sell our ordinary shares by any method permitted by law deemed to be an “at the market offering” as defined by Rule 415(a)(4) promulgated under the U.S. Securities Act of 1933;

•

references to “EMEA” refer to Europe, Middle East and Africa;

•

references to “Eskom” refer to Eskom Holdings SOC Limited, together with its subsidiaries, unless the context otherwise requires;

•

references to “EURIBOR” refer to Euro Interbank Offered Rate, a daily reference rate published by the European Money Markets Institute, based on the average interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market;

•

references to “Federal Financing Bank” refer to a U.S. government corporation by that name;

•

references to “Fitch” refer to Fitch Ratings Inc.;

•

references to “GAAP” refer to generally accepted accounting standards;

•

references to “Green Exchangeable Notes” refer to the $115 million green exchangeable senior notes due in 2025 issued by Atlantica Jersey on July 17, 2020, and fully and unconditionally guaranteed on a senior, unsecured basis, by Atlantica, as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Exchangeable Notes”;

•

references to “Green Project Finance” refer to the green project financing agreement entered into between Logrosan, the sub-holding company of Solaben 1 & 6 and Solaben 2 & 3, as borrower, and ING Bank, B.V. and Banco Santander S.A., as lenders, as amended in June 2023;

•

references to “Green Senior Notes” refer to the $400 million green senior notes due in 2028, as further described in “Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Green Senior Notes”;

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•

references to “gross capacity” refer to the maximum, or rated, power generation capacity, in MW, of a facility or group of facilities, without adjusting for the facility’s power parasitics’ consumption, or by our percentage of ownership interest in such facility as of the date of this quarterly report;

•

references to “GW” refer to gigawatts;

•

references to “GWh” refer to gigawatt hour;

•

references to “Honda 1” refer to the 10 MW solar PV plant located in Colombia;

•

references to “IASB” refer to the International Accounting Standards Board;

•

references to “IFRIC 12” refer to International Financial Reporting Interpretations Committee’s Interpretation 12—Service Concessions Arrangements;

•

references to “IFRS as issued by the IASB” or “IFRS” refer to International Financial Reporting Standards as issued by the IASB;

•

references to “IRA” refer to the U.S. Inflation Reduction Act;

•

references to “ITC” refer to investment tax credits;

•

references to “Kaxu” refer to the 100 MW solar plant located in South Africa;

•

references to “La Sierpe” refer to the 20 MW solar PV plant located in Colombia;

•

references to “La Tolua” refer to the 20 MW solar PV plant located in Colombia;

•

references to “Lone Star II” refer to one of the assets included in our wind portfolio Vento II;

•

references to “Mft³” refer to million standard cubic feet;

•

references to “Monterrey” refer to the 142 MW gas-fired engine facility including 130 MW installed capacity and 12 MW battery capacity, located in Monterrey, Mexico, that was sold in April 2024;

•

references to “Multinational Investment Guarantee Agency” refer to the Multinational Investment Guarantee Agency, a financial institution member of the World Bank Group which provides political insurance and credit enhancement guarantees;

•

references to “MW” refer to megawatts;

•

references to “MWh” refer to megawatt hour;

•

references to “MWt” refer to thermal megawatts;

•

references to “Moody’s” refer to Moody’s Investor Service Inc.;

•

references to “Note Issuance Facility 2020” refer to the senior unsecured note facility dated July 8, 2020, as amended on March 30, 2021, of €140 million ($151 million), with Lucid Agency Services Limited, as facility agent and a group of funds managed by Westbourne Capital, as purchasers of the notes issued thereunder as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Note Issuance Facility 2020”;

•

references to “O&M” refer to operation and maintenance services provided at our various facilities;

•

references to “operation” refer to the status of projects that have reached COD (as defined above);

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•

references to “Pemex” refer to Petróleos Mexicanos;

•

references to “PG&E” refer to PG&E Corporation and its regulated utility subsidiary, Pacific Gas and Electric Company, collectively;

•

references to “PPA” refer to the power purchase agreements through which our power generating assets have contracted to sell energy to various off-takers;

•

references to “Proposed Acquisition” refer to the proposed acquisition of the Company by Bidco, pursuant to the Transaction Agreement;

•

references to “PV” refer to photovoltaic power;

•

references to “Revolving Credit Facility” refer to the credit and guaranty agreement with a syndicate of banks entered into on May 10, 2018, as amended on January 24, 2019, August 2, 2019, December 17, 2019, August 28, 2020, March 1, 2021 and May 5, 2022 providing for a senior secured revolving credit facility in an aggregate principal amount of $450 million as further described in “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Sources of Liquidity—Revolving Credit Facility”;

•

references to “SEC” refer to the U.S. Securities and Exchange Commission;

•

references to “Skikda” refer to the seawater desalination plant in Algeria, which is 34% owned by Atlantica;

•

references to “SOFR” refer to Secured Overnight Financing Rate;

•

references to “S&P” refer to S&P Global Rating;

•

references to “Tenes” refer to Ténès Lilmiyah SpA, a water desalination plant in Algeria, which is 51% owned by Befesa Agua Tenes;

•

references to “Tierra Linda” refer to the 10 MW solar PV plant located in Colombia;

•

references to “Transaction Agreement” refer to the transaction agreement dated May 27, 2024, entered into, among others, the Company and Bidco providing for, subject to the terms and conditions of such transaction agreement, the acquisition of the Company by Bidco;

•

references to “UK” refer to the United Kingdom;

•

references to “UK Wind 1” refer to the 24.75 MW wind facility located in the United Kingdom which we acquired in March 2024;

•

references to “UK Wind 2” refer to the 7.5 MW wind facility located in the United Kingdom which we acquired in March 2024;

•

references to “U.S.” or “United States” refer to the United States of America;

•

references to “Vento II” refer to the wind portfolio in the U.S. in which we acquired a 49% interest in June 2021; and

•

references to “we,” “us,” “our,” “Atlantica” and the “Company” refer to Atlantica Sustainable Infrastructure plc and its consolidated subsidiaries, and where the context otherwise requires to Atlantica Sustainable Infrastructure plc.

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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, strategies, future events or performance (often, but not always, through the use of words or phrases such as may result, are expected to, will continue, is anticipated, likely to be, believe, will, could, should, would, estimated, may, plan, potential, future, projection, goals, target, outlook, predict, aim and intend or words of similar meaning) are not statements of historical facts and may be forward looking. Such statements occur throughout this quarterly report and include statements with respect to our expected trends and outlook, potential market and currency fluctuations, occurrence and effects of certain trigger and conversion events, our capital requirements, changes in market price of our shares, future regulatory requirements, the ability to identify and/or make future investments and acquisitions on favorable terms, ability to capture growth opportunities, reputational risks, divergence of interests between our company and that of our largest shareholder, tax and insurance implications, our Company’s and Bidco’s ability to complete the Proposed Acquisition on the proposed terms or on anticipated timeline and more. Forward-looking statements involve estimates, assumptions and uncertainties. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in “Part I—Item 3.D.—Risk Factors” in our Annual Report (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) and the forward looking statements sections under the Reports of Foreign Private Issuer on Form 6-K dated May 28, 2024, and July 16, 2024, that could have a significant impact on our operations and financial results, and could cause our actual results, performance or achievements, to differ materially from the future results, performance or achievements expressed or implied in forward-looking statements made by us or on our behalf in this quarterly report, in our Annual Report, in presentations, on our website, in response to questions or otherwise. These forward-looking statements include, but are not limited to, statements relating to:

•

the failure to realize the expected benefits of the Proposed Acquisition;

•

uncertainties related to securing the necessary regulatory approvals, our Company’s shareholders’ approval, the sanction of the High Court of Justice of England and Wales and satisfaction of other closing conditions to consummate the Proposed Acquisition or the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction Agreement;

•

risks related to diverting the attention of our management from ongoing business operations;

•

significant transaction costs and/or unknown or inestimable liabilities, including the risk of shareholder litigation related to the Proposed Acquisition;

•

Bidco’s ability to fund the Proposed Acquisition;

•

disruption from the Proposed Acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers;

•

effects relating to the announcement of the Proposed Acquisition or any further announcements or the consummation of the Proposed Acquisition on the market price of our Company’s shares;

•

the condition of and changes in the debt and equity capital markets and other traditional liquidity sources and our ability to borrow additional funds, refinance existing debt and access capital markets, as well as our substantial indebtedness and the possibility that we may incur additional indebtedness going forward;

•

our plans relating to our financings, including refinancing plans or plans to cancel any credit line;

•

the ability of our assets to serve our project debt and comply with financial or other covenants on their terms, including but not limited to our projects’ debts in Chile, and our ability to serve our corporate debt;

•

the ability of our counterparties, including Pemex, to satisfy their financial commitments or business obligations and our ability to seek new counterparties in a competitive market;

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•

government regulation, including compliance with regulatory and permit requirements and changes in, market rules, rates, tariffs, environmental laws and policies affecting renewable energy, including the IRA and recent changes in regulation defining the remuneration of our solar assets in Spain;

•

changes in tax laws and regulations, including new legislation on restrictions to tax deductibility in Spain;

•

risks relating to our activities in areas subject to economic, social and political uncertainties;

•

global recession risks, volatility in the financial markets, a persistent inflationary environment, increases in interest rates and supply chain issues, and the related increases in prices of materials, labor, services and other costs and expenses required to operate our business;

•

risks related to our ability to capture growth opportunities, develop, build and complete projects in time and within budget, including construction risks and risks associated with the arrangements with our joint venture partners;

•

our ability to grow organically and inorganically, which depends on our ability to identify attractive development opportunities, attractive potential acquisitions, finance such opportunities and make new investments and acquisitions on favorable terms;

•

our ability to distribute a significant percentage of our cash for distribution as cash dividends;

•

risks relating to new assets and businesses which have a higher risk profile and our ability to transition these successfully;

•

potential environmental liabilities and the cost and conditions of compliance with applicable environmental laws and regulations;

•

risks related to our reliance on suppliers, including financial or technical uncertainties of original equipment manufacturer (OEM) suppliers, among others;

•

risks related to disagreements and disputes with our employees, a union and employees represented by a union;

•

risks related to our ability to maintain appropriate insurance over our assets;

•

risks related to our facilities not performing as expected, unplanned outages, higher than expected operating costs and/ or capital expenditures, including as a result of interruptions or disruptions caused by supply chain issues and trade restrictions;

•

risks related to curtailments in the assets where we do not get compensation for such curtailments;

•

risks related to our exposure to electricity market prices, including regulated assets which have certain exposure to electricity market prices;

•

risks related to our exposure in the labor market;

•

risks related to extreme and chronic weather events related to climate change could damage our assets or result in significant liabilities and cause an increase in our operation and maintenance costs;

•

the effects of litigation, arbitration and other legal proceedings (including bankruptcy) against us, our subsidiaries, our assets and our employees;

•

price fluctuations, revocation and termination provisions in our off-take agreements and PPAs;

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•

risks related to information technology systems and cyber-attacks could significantly impact our operations and business;

•

our electricity generation, our projections thereof and factors affecting production;

•

risks related to our current or previous relationship with Abengoa, our former largest shareholder, including litigation risk;

•

performing the O&M services directly and the successful integration of the O&M employees where the services thereunder have been recently replaced and internalized;

•

our guidance targets or expectations with respect to Adjusted EBITDA derived from low-carbon footprint assets;

•

risks related to our relationship with our shareholders, including Algonquin, our major shareholder;

•

impact of potential pandemics on our business and our off-takers’ financial condition, results of operations and cash flows;

•

reputational and financial damage caused by our off-takers PG&E, Pemex and Eskom;

•

the final proceeds expected from the sale of our equity interest in Monterrey, for which we have already received $38.1 million and for which we expect to receive an additional $3.1 million in the third quarter of 2024 and potential additional proceeds from earn-out mechanism;

•

risks related to Russian military actions in Ukraine, military actions in the Middle East, or to the potential escalation of any of the foregoing global geopolitical tensions; and

•

other factors discussed in “Part I—Item 3.D.—Risk Factors” in our Annual Report.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unanticipated events, after the date on which such statement is made, unless otherwise required by law. New factors emerge from time to time, and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement.

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Consolidated condensed statements of financial position as of June 30, 2024 and December 31, 2023

Amounts in thousands of U.S. dollars

			As of June 30,		As of December 31,
	Note (1)		2024		2023
Assets
Non-current assets
Contracted concessional, PP&E and other intangible assets		6		7,065,132		7,204,267
Investments carried under the equity method		7		221,558		230,307
Derivative asstes		10		68,896		56,708
Other financial assets		9		82,676		79,874
Deferred tax assets				177,911		160,995

Total non-current assets				7,616,173		7,732,151

Current assets
Inventories				35,036		29,870
Trade and other receivables		13		335,290		286,483
Derivative assets		10		3,684		4,989
Other financial assets		9		190,543		183,897
Cash and cash equivalents				355,529		448,301
				920,082		953,540
Assets held for sale		8		-		28,642
Total current assets				920,082		982,182

Total assets				8,536,255		8,714,333

(1)	Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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Consolidated condensed statements of financial position as of June 30, 2024 and December 31, 2023

Amounts in thousands of U.S. dollars

			As of June 30,			As of December 31,
	Note (1)		2024			2023
Equity and liabilities
Equity attributable to the Company
Share capital		14		11,616			11,616
Share premium		14		536,594			736,594
Capital reserves		14		954,838			858,220
Other reserves		10		327,598			308,002
Accumulated currency translation differences		14		(151,391	)		(139,434	)
Accumulated deficit		14		(333,575	)		(351,521	)
Non-controlling interest		14		151,892			165,332

Total equity				1,497,572			1,588,809

Non-current liabilities
Long-term corporate debt		15		1,125,496			1,050,816
Long-term project debt		16		3,763,395			3,931,873
Grants and other liabilities		17		1,161,840			1,233,808
Derivative liabilities		10		16,351			29,957
Deferred tax liabilities				288,371			271,288

Total non-current liabilities				6,355,453			6,517,742

Current liabilities
Short-term corporate debt		15		66,611			34,022
Short-term project debt		16		400,529			387,387
Trade payables and other current liabilities		18		169,231			141,713
Income and other tax payables				46,859			44,660

Total current liabilities				683,230			607,782

Total equity and liabilities				8,536,255			8,714,333

(1)	Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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Consolidated condensed statements of profit or loss for the six-month periods ended June 30, 2024 and 2023

Amounts in thousands of U.S. dollars

			For the six-month period ended June 30,
	Note (1)		2024			2023
Revenue		4		571,195			554,619
Other operating income		19		56,830			40,479
Employee benefit expenses				(56,720	)		(49,535	)
Depreciation, amortization, and impairment charges		6		(210,217	)		(207,118	)
Other operating expenses		19		(183,403	)		(161,287	)

Operating profit				177,685			177,158

Financial income		20		11,316			10,590
Financial expense		20		(163,634	)		(162,945	)
Net exchange differences		20		(2,992	)		(89	)
Other financial expense, net		20		(11,020	)		(6,943	)

Financial expense, net				(166,330	)		(159,387	)

Share of profit of entities carried under the equity method		7		14,860			10,852

Profit before income tax				26,215			28,623

Income tax		21		(3,942	)		2,168

Profit for the period				22,273			30,791

Profit attributable to non-controlling interest				(6,240	)		(6,130	)

Profit for the period attributable to the Company				16,033			24,661

Weighted average number of ordinary shares outstanding (thousands) - basic		22		116,159			116,147
Weighted average number of ordinary shares outstanding (thousands) - diluted		22		119,920			119,717
Basic earnings per share (U.S. dollar per share)		22		0.14			0.21
Diluted earnings per share (U.S. dollar per share) (*)		22		0.14			0.21

(*)	Antidilutive effect applied, where applicable (see Note 22)

(1)	Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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Consolidated condensed statements of comprehensive income for the six-month periods ended June 30, 2024 and 2023

Amounts in thousands of U.S. dollars

			For the six-month period ended June 30,
	Note (1)		2024			2023
Profit for the period				22,273			30,791
Items that may be subject to transfer to profit or loss statement in subsequent periods
Change in fair value of cash flow hedges				40,755			5,369
Currency translation differences				(14,435	)		12,888
Tax effect				(9,766	)		(4,533	)

Net income recognized directly in equity				16,554			13,724

Cash flow hedges		10		(12,264	)		(10,134	)
Tax effect				3,066			2,534

Transfers to profit or loss statement				(9,198	)		(7,600	)

Other comprehensive income				7,356			6,124

Total comprehensive income for the period				29,629			36,915

Total comprehensive income attributable to non-controlling interest				(5,957	)		(5,357	)

Total comprehensive income attributable to the Company				23,672			31,558

(1)	Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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Consolidated condensed statements of changes in equity for the six-month periods ended June 30, 2024 and 2023

Amounts in thousands of U.S. dollars

	Share capital		Share premium			Capital reserves			Other reserves			Accumulated currency translation differences			Accumulated deficit			Total equity attributable to the Company			Non- controlling interest			Total equity
Balance as of January 1, 2023		11,606		986,594			814,951			345,567			(161,307	)		(397,540	)		1,599,871			189,176			1,789,047

Profit for the six -month period after taxes		-		-			-			-			-			24,661			24,661			6,130			30,791
Change in fair value of cash flow hedges net of transfer to the income statement		-		-			-			(3,148	)		-			-			(3,148	)		(1,617	)		(4,765	)
Currency translation differences		-		-			-			-			12,580			-			12,580			308			12,888
Tax effect		-		-			-			(2,535	)		-			-			(2,535	)		536			(1,999	)
Other comprehensive income		-		-			-			(5,683	)		12,580			-			6,897			(773	)		6,124

Total comprehensive income		-		-			-			(5,683	)		12,580			24,661			31,558			5,357			36,915

Changes in the scope		-		-			-			-			-			-			-			(2,817	)		(2,817	)

Reduction of share premium (Note 14)		-		(250,000	)		250,000			-			-			-			-			-			-

Share-based compensation (Note 14)		9		-			-			-			-			1,214			1,223			-			1,223

Capital contribution (Note 14)		-		-			-			-			-			-			-			10,476			10,476

Distributions (Note 14)		-		-			(103,376	)		-			-			-			(103,376	)		(23,707	)		(127,083	)

Balance as of June 30, 2023		11,615		736,594			961,575			339,884			(148,727	)		(371,665	)		1,529,276			178,485			1,707,761

Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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	Share capital		Share premium			Capital reserves			Other reserves			Accumulated currency translation differences			Accumulated deficit			Total equity attributable to the Company			Non- controlling interest			Total equity
Balance as of January 1, 2024		11,616		736,594			858,220			308,002			(139,434	)		(351,521	)		1,423,477			165,332			1,588,809

Profit for the six -month period after taxes		-		-			-			-			-			16,033			16,033			6,240			22,273
Change in fair value of cash flow hedges net of transfer to profit or loss statement		-		-			-			25,852			-			-			25,852			2,639			28,491
Currency translation differences		-		-			-			-			(11,957	)		-			(11,957	)		(2,478	)		(14,435	)
Tax effect		-		-			-			(6,256	)		-			-			(6,256	)		(444	)		(6,700	)
Other comprehensive income		-		-			-			19,596			(11,957	)		-			7,639			(283	)		7,356

Total comprehensive income		-		-			-			19,596			(11,957	)		16,033			23,672			5,957			29,629

Reduction of share premium (Note 14)		-		(200,000	)		200,000			-			-			-			-			-			-

Share-based compensation (Note 14)		-		-			-			-			-			1,913			1,913			-			1,913

Capital contribution (Note 14)		-		-			-			-			-			-			-			1,200			1,200

Distributions (Note 14)		-		-			(103,382	)		-			-			-			(103,382	)		(20,597	)		(123,979	)

Balance as of June 30, 2024		11,616		536,594			954,838			327,598			(151,391	)		(333,575	)		1,345,680			151,892			1,497,572

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Consolidated condensed cash flows statements for the six-month periods ended June 30, 2024 and 2023

Amounts in thousands of U.S. dollars

			For the six-month periods ended June 30,
	Note (1)		2024			2023
I. Profit for the period				22,273			30,791
Financial expense and non-monetary adjustments				291,730			353,058

II. Profit for the period adjusted by non-monetary items				314,003			383,849

III. Changes in working capital				(28,003	)		(106,334	)

Net interest and income tax paid				(144,138	)		(138,845	)

A. Net cash provided by operating activities				141,862			138,670

Business combinations and investments in entities under the equity method		5, 7&12		(65,900	)		(15,194	)
Investments in operating concessional assets		6		(5,670	)		(19,671	)
Investments in assets under development or construction		6		(94,024	)		(13,761	)
Distributions from entities under the equity method		7		25,061			15,464
Net divestment in other non-current financial assets				39,826			16,835

B. Net cash used in investing activities				(100,707	)		(16,327	)

Proceeds from project debt		16		7,753			214,343
Proceeds from corporate debt		15		161,505			73,135
Repayment of project debt		16		(142,349	)		(362,530	)
Repayment of corporate debt		15		(43,066	)		(50,345	)
Dividends paid to Company´s shareholders		14		(103,382	)		(103,376	)
Dividends paid to non-controlling interest		14		(12,849	)		(17,191	)
Non-controlling interest capital contribution		14		1,200			10,476

C. Net cash used in financing activities				(131,188	)		(235,488	)

Net decrease in cash and cash equivalents				(90,033	)		(113,145	)

Cash and cash equivalents at the beginning of the period				448,301			600,990

Translation differences in cash and cash equivalents				(2,739	)		(1,001	)

Cash and cash equivalents at the end of the period				355,529			486,844

(1) Notes 1 to 23 form an integral part of the Consolidated Condensed Interim Financial Statements.

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Notes to the consolidated condensed interim financial statements

Note 1.- Nature of the business	18

Note 2.- Basis of preparation	22

Note 3.- Financial risk management	23

Note 4.- Financial information by segment	23

Note 5.- Business combinations	28

Note 6.- Contracted concessional, PP&E and other intangible assets	29

Note 7.- Investments carried under the equity method	30

Note 8.- Assets held for sale	31

Note 9.- Financial assets	31

Note 10.- Derivative financial instruments	32

Note 11.- Fair value of financial instruments	32

Note 12.- Related parties	33

Note 13.- Trade and other receivables	34

Note 14.- Equity	34

Note 15.- Corporate debt	36

Note 16.- Project debt	38

Note 17.- Grants and other liabilities	39

Note 18.-Trade payables and other current liabilities	39

Note 19.- Other operating income and expenses	40

Note 20.- Financial expense, net	41

Note 21.- Income tax	41

Note 22.- Earnings per share	42

Note 23.- Subsequent events	42

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Note 1. - Nature of the business

Atlantica Sustainable Infrastructure plc (“Atlantica” or the “Company”) is a sustainable infrastructure company with a majority of its business in renewable energy assets. Atlantica currently owns, manages and invests in renewable energy, storage, efficient natural gas and heat, electric transmission lines and water assets focused on North America (the United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (United Kingdom, Spain, Italy, Algeria and South Africa). Its registered address is Great West House, GW1 Great West Road Brentford TW8 9DF, London (United Kingdom).

Atlantica’s shares trade on the NASDAQ Global Select Market under the symbol “AY”.

On May 27, 2024, Atlantica entered into a definitive agreement (the "Transaction Agreement") pursuant to which a private limited company, Bidco, incorporated in England and Wales agreed, subject to the terms of the Transaction Agreement, to acquire 100% of the shares of Atlantica for $22 per share in cash. Bidco is controlled by Energy Capital Partners and includes a large group of institutional co-investors. The transaction is to be completed pursuant to a scheme of arrangement under the U.K. Companies Act 2006. Algonquin Power & Utilities Corp. and Liberty (AY Holdings), B.V., which hold approximately 42.2% of Atlantica’s shares, have entered into a support agreement with Bidco pursuant to which they have agreed, subject to the terms of that agreement, to vote their shares in favor of the proposed acquisition of the Company by Bidco, pursuant to the Transaction Agreement and the scheme of arrangement.

The proposed acquisition by Bidco is subject to, among other conditions, approval by Atlantica’s shareholders of the scheme of arrangement, sanction of the transaction by the High Court of Justice of England and Wales, and regulatory approvals in different jurisdictions, including but not limited to clearance under the Hart-Scott-Rodino Act, by the Committee on Foreign Investment in the United States and by the Federal Energy Regulatory Commission in the United States. The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025. Upon the completion of the proposed acquisition by Bidco, Atlantica will become a privately held company and its shares will no longer be listed on any public market. Some transaction costs, including financial advisors, transaction-related bonuses and long-term incentive plans are subject to the occurrence of closing. As such, these are contingent liabilities, which have therefore not been accrued for in these Consolidated Condensed Interim Financial Statements as of June 30, 2024 in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets.

On March 22, 2024, the Company closed the acquisition of a 100% equity interest stake in two wind assets, UK Wind 1 and UK Wind 2, with a combined installed capacity of 32 MW in Scotland, United Kingdom. The assets are regulated under the UK green attribute regulation and are granted renewables obligation certificates until 2031 on average. The investment amounted to approximately $66 million and the assets currently do not have any project debt. These are Atlantica’s first operating assets in the UK, and the Company expects that the return from these assets will be enhanced by the use of the existing net operating loss carryforwards of the Company in the UK, in the upcoming years.

In April 2024, the Company acquired the Imperial project from Algonquin, a 100 MW PV + storage (4 hours) project in Southern California. On May 6, 2024, the project entered into a 15-year PPA with an investment grade Community Choice Aggregator as off-taker. Total investment is expected to be within the range of $320 million to $340 million, mostly in 2025 and 2026.

In May 2022, the Company agreed to develop and construct Honda 1 and 2, two PV assets in Colombia with a combined capacity of 20 MW, where it has a 50% ownership. Each plant has a 7-year PPA with Enel Colombia. Honda 1 entered in operation in December 2023 and Honda 2 entered into operation in July 2024.

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The following table provides an overview of the main operating assets the Company owned or had an interest in as of June 30, 2024:

Assets	Type	Ownership	Location	Currency⁽⁹⁾	Capacity (Gross)	Counterparty Credit Ratings⁽¹⁰⁾	COD*	Contract Years Remaining⁽¹⁷⁾

Solana	Renewable (Solar)	100%	Arizona (USA)	USD	280 MW	BBB+/Baa1/BBB+	2013	19
Mojave	Renewable (Solar)	100%	California (USA)	USD	280 MW	BB/ Ba1/BB+	2014	15
Coso	Renewable (Geothermal)	100%	California (USA)	USD	135 MW	Investment Grade⁽¹¹⁾	1987-1989	18
Elkhorn Valley⁽¹⁶⁾	Renewable (Wind)	49%	Oregon (USA)	USD	101 MW	BBB/Baa1/--	2007	4
Prairie Star⁽¹⁶⁾	Renewable (Wind)	49%	Minnesota (USA)	USD	101 MW	--/A3/A-	2007	4
Twin Groves II⁽¹⁶⁾	Renewable (Wind)	49%	Illinois (USA)	USD	198 MW	BBB+/Baa1/--	2008	2
Lone Star II⁽¹⁶⁾	Renewable (Wind)	49%	Texas (USA)	USD	196 MW	N/A	2008	N/A
Chile PV 1	Renewable (Solar)	35%⁽¹⁾	Chile	USD	55 MW	N/A	2016	N/A
Chile PV 2	Renewable (Solar)	35%⁽¹⁾	Chile	USD	40 MW	Not rated	2017	7
Chile PV 3	Renewable (Solar)	35%⁽¹⁾	Chile	USD	73 MW	Not rated	2014	10
La Sierpe	Renewable (Solar)	100%	Colombia	COP	20 MW	Not rated	2021	12
La Tolua	Renewable (Solar)	100%	Colombia	COP	20 MW	Not rated	2023	9
Tierra Linda	Renewable (Solar)	100%	Colombia	COP	10 MW	Not rated	2023	9
Honda 1	Renewable (Solar)	50%	Colombia	COP	10 MW	BBB-/-/BBB	2023	7
Albisu	Renewable (Solar)	100%	Uruguay	UYU	10 MW	Not rated	2023	14
Palmatir	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB+/Baa1/BBB⁽¹²⁾	2014	10
Cadonal	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB+/Baa1/BBB⁽¹²⁾	2014	10
Melowind	Renewable (Wind)	100%	Uruguay	USD	50 MW	BBB+/Baa1/BBB⁽¹²⁾	2015	12
Mini-Hydro	Renewable (Hydraulic)	100%	Peru	USD	4 MW	BBB-/Baa1/BBB	2012	9
Solaben 2 & 3	Renewable (Solar)	70%⁽²⁾	Spain	Euro	2x50 MW	A/Baa1/A-	2012	13/13
Solacor 1 & 2	Renewable (Solar)	87%⁽³⁾	Spain	Euro	2x50 MW	A/Baa1/A-	2012	13/13
PS10 & PS20	Renewable (Solar)	100%	Spain	Euro	31 MW	A/Baa1/A-	2007&2009	8/10
Helioenergy 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2011	12/12
Helios 1 & 2	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2012	13/13
Solnova 1, 3 & 4	Renewable (Solar)	100%	Spain	Euro	3x50 MW	A/Baa1/A-	2010	11/11/11
Solaben 1 & 6	Renewable (Solar)	100%	Spain	Euro	2x50 MW	A/Baa1/A-	2013	14/14
Seville PV	Renewable (Solar)	80%⁽⁴⁾	Spain	Euro	1 MW	A/Baa1/A-	2006	12
Italy PV 1	Renewable (Solar)	100%	Italy	Euro	1.6 MW	BBB/Baa3/BBB	2010	7
Italy PV 2	Renewable (Solar)	100%	Italy	Euro	2.1 MW	BBB/Baa3/BBB	2011	7
Italy PV 3	Renewable (Solar)	100%	Italy	Euro	2.5 MW	BBB/Baa3/BBB	2012	7
Italy PV 4	Renewable (Solar)	100%	Italy	Euro	3.6 MW	BBB/Baa3/BBB	2011	7

UK Wind 1	Renewable (Wind)	100%	United Kingdom	GBP	25 MW	AA/Aa3/AA-	2012	9
UK Wind 2	Renewable (Wind)	100%	United Kingdom	GBP	8 MW	AA/Aa3/AA-	2003	4
Kaxu	Renewable (Solar)	51%⁽⁵⁾	South Africa	Rand	100 MW	BB-/Ba2/BB-⁽¹³⁾	2015	11
Calgary	Efficient natural gas &heat	100%	Canada	CAD	55 MWt	~60% AA- or higher⁽¹⁴⁾	2010	12
ACT	Efficient natural gas & heat	100%	Mexico	USD	300 MW	BBB/B3/B+	2013	9

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ATN ⁽¹⁵⁾	Transmission line	100%	Peru	USD	379 miles	BBB-/Baa1/BBB	2011	17
ATS	Transmission line	100%	Peru	USD	569 miles	BBB-/Baa1/BBB	2014	20
ATN 2	Transmission line	100%	Peru	USD	81 miles	Not rated	2015	9
Quadra 1 & 2	Transmission line	100%	Chile	USD	49 miles/32 miles	Not rated	2014	10/11
Palmucho	Transmission line	100%	Chile	USD	6 miles	BBB/ -- /BBB+	2007	13
Chile TL3	Transmission line	100%	Chile	USD	50 miles	A/A2/A-	1993	N/A
Chile TL4	Transmission line	100%	Chile	USD	63 miles	Not rated	2016	48
Skikda	Water	34.20%⁽⁶⁾	Algeria	USD	3.5 M ft3/day	Not rated	2009	10
Honaine	Water	25.50%⁽⁷⁾	Algeria	USD	7 M ft3/day	Not rated	2012	13
Tenes	Water	51%⁽⁸⁾	Algeria	USD	7 M ft3/day	Not rated	2015	16

(1)	65% of the shares in Chile PV 1, Chile PV 2 and Chile PV 3 are indirectly held by financial partners through the renewable energy platform of the Company in Chile.

(2)	Itochu Corporation holds 30% of the shares in each of Solaben 2 and Solaben 3.

(3)	JGC holds 13% of the shares in each of Solacor 1 and Solacor 2.

(4)	Instituto para la Diversificación y Ahorro de la Energía (“Idae”) holds 20% of the shares in Seville PV.

(5)	Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (“IDC”, 29%) and Kaxu Community Trust (20%).

(6)	Algerian Energy Company, SPA owns 49% of Skikda and Sacyr Agua, S.L. owns the remaining 16.8%.

(7)	Algerian Energy Company, SPA owns 49% of Honaine and Sacyr Agua, S.L. owns the remaining 25.5%.

(8)

Algerian Energy Company, SPA owns 49% of Tenes. The Company has an investment in Tenes through a secured loan to Befesa Agua Tenes (the holding company of Tenes) and the right to appoint a majority at the board of directors of the project company. Therefore, the Company controls Tenes since May 31, 2020, and fully consolidates the asset from that date.

(9)	Certain contracts denominated in U.S. dollars are payable in local currency.

(10)	Reflects the counterparty’s credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch. Not applicable (“N/A”) when the asset has no PPA.

(11)	Refers to the credit rating of two Community Choice Aggregators: Silicon Valley Clean Energy and Monterrey Bar Community Power, both with A Rating from S&P and Southern California Public Power Authority. The third off-taker is not rated.

(12)	Refers to the credit rating of Uruguay, as UTE (Administración Nacional de Usinas y Transmisoras Eléctricas) is unrated.

(13)	Refers to the credit rating of the Republic of South Africa. The off-taker is Eskom, which is a state-owned utility company in South Africa.

(14)	Refers to the credit rating of a diversified mix of 22 high credit quality clients (~60% AA- rating or higher, the rest is unrated).

(15)	Including ATN Expansion 1 & 2.

(16)	Part of Vento II Portfolio.

(17)	As of June 30, 2024.

(*)	Commercial Operation Date.

Additionally, Atlantica currently has the following assets under construction or ready to start construction in the short term:

Asset	Type	Location	Capacity (gross)⁽¹⁾	Expected COD	Expected Investment⁽²⁾ ($ million)	Off-taker
Coso Batteries 1	Battery Storage	California, US	100 MWh	2025	40-50	Investment grade utility
Coso Batteries 2	Battery Storage	California, US	80 MWh	2025	35-45	Investment grade utility
Chile PMGD	Solar PV	Chile	80 MW	2024-2025	33	Regulated
ATN Expansion 3	Transmission Line	Peru	2.4miles 220kV	2024	12	Conelsur
ATS Expansion 1	Transmission Line	Peru	n.a. (substation)	2025	31	Republic of Peru
Apulo 1⁽³⁾	Solar PV	Colombia	10 MW	2024	5.5	-
Chile PV 3 expansion	Battery storage	Chile	142 MWh	2024	14-15	Emoac

(1)	Includes nominal capacity on a 100% basis, not considering Atlantica’s ownership.

(2)	Corresponds to the expected investment by Atlantica.

(3)	Atlantica owns 50% of the shares in Apulo 1.

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In October 2023, the Company entered into two 15-year tolling agreements (PPAs) with an investment grade utility for Coso Batteries 1 and Coso Batteries 2. Under each of the tolling agreements, Coso Batteries 1 and 2 will receive fixed monthly payments adjusted by the financial settlement of CAISO’s (California Independent System Operator) Day-Ahead market. In addition, the Company expects to obtain revenue from ancillary services in each of the assets.

Coso Batteries 1 is a standalone battery storage project of 100 MWh (4 hours) capacity, located inside Coso, its geothermal asset in California. Additionally, Coso Batteries 2 is a standalone battery storage project with 80 MWh (4 hours) capacity also located inside Coso. The investment is expected to be in the range of $40 million to $50 million for Coso Batteries 1, and in the range of $35 to $45 million for Coso Batteries 2. Both projects were fully developed in-house and are now under construction. Atlantica has closed a contract with Tesla for the procurement of the batteries. COD is expected in 2025 for both projects.

In November 2022, the Company closed the acquisition of a 49% interest, with joint control, in an 80 MW portfolio of solar PV projects in Chile, Chile PMGD, which is currently under construction. Atlantica´s economic rights are expected to be approximately 70%. Total investment in equity and preferred equity is expected to be approximately $33 million and COD is expected to be progressive in 2024 and 2025. Revenue for these assets is regulated under the Small Distributed Generation Means Regulation Regime (“PMGD”) for projects with a capacity equal or lower than 9MW, which allows to sell electricity through a stabilized price.

In July 2022 the Company closed a 17-year transmission service agreement denominated in U.S. dollars that allows to build a substation and a 2.4-miles transmission line connected to ATN transmission line serving a new mine in Peru (ATN Expansion 3). The substation is expected to enter in operation in 2024 and the investment is expected to be approximately $12 million.

In July 2023, as part of the New Transmission Plan Update in Peru, the Ministry of Energy and Mines published the Ministerial Resolution that enables to start construction of ATS Expansion 1 project, consisting in the reinforcement of two existing substations with new equipment. The expansion will be part of the existing concession contract, a 30-year contract with a fixed-price tariff base denominated in U.S. dollars adjusted annually in accordance with the U.S. Finished Goods Less Foods and Energy Index as published by the U.S. Department of Labor. Given that the concession ends in 2044, Atlantica will be compensated with a one-time payment for the remaining 9 years of concession. The expansion is expected to enter in operation in 2025 and the investment is expected to be approximately $31 million.

In April 2024, Chile PV 3 signed a 10-year PPA covering part of the production of the PV plant in operation and the 142 MWh battery storage expansion under construction.

Chile PV 1 and PV 2 events of default

Due to low electricity prices in Chile, the project debts of Chile PV 1 and PV 2, where the Company owns a 35% equity interest, are under an event of default as of June 30, 2024. As a result, although Atlantica does not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2, did not have a right to defer the settlement of the debts for at least twelve months as of December 31, 2023 and June 30, 2024, and therefore the project debts, which amount to $73 million as of June 30, 2024, were classified as current in these Consolidated Condensed Interim Financial Statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The Company is, together with the partner, in conversations with the banks, regarding a potential plan for the plants.

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Note 2. - Basis of preparation

The accompanying Consolidated Condensed Interim Financial Statements represent the consolidated results of the Company and its subsidiaries.

The Company’s annual consolidated financial statements as of December 31, 2023, were approved by the Board of Directors on February 29, 2024.

These Consolidated Condensed Interim Financial Statements are presented in accordance with International Accounting Standards (“IAS”) 34, “Interim Financial Reporting”. In accordance with IAS 34, interim financial information is prepared solely in order to update the most recent annual consolidated financial statements prepared by the Company, placing emphasis on new activities, occurrences and circumstances that have taken place during the six-month period ended June 30, 2024, and not duplicating the information previously published in the annual consolidated financial statements for the year ended December 31, 2023. Therefore, the Consolidated Condensed Interim Financial Statements do not include all the information that would be required in a complete set of consolidated financial statements prepared in accordance with the IFRS-IASB (“International Financial Reporting Standards-International Accounting Standards Board”). In view of the above, for an adequate understanding of the information, these Consolidated Condensed Interim Financial Statements must be read together with Atlantica’s consolidated financial statements for the year ended December 31, 2023 included in the 2023 20-F.

In determining the information to be disclosed in the notes to the Consolidated Condensed Interim Financial Statements, Atlantica, in accordance with IAS 34, has taken into account its materiality in relation to the Consolidated Condensed Interim Financial Statements.

The Consolidated Condensed Interim Financial Statements are presented in U.S. dollars, which is the parent company’s functional and presentation currency. Amounts included in these Consolidated Condensed Interim Financial Statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.

These Consolidated Condensed Interim Financial Statements were approved by the Board of Directors of the Company on July 31, 2024.

Application of new accounting standards

a)	Standards, interpretations and amendments effective from January 1, 2024, under IFRS-IASB, applied by the Company in the preparation of these Consolidated Condensed Interim Financial Statements:

The applications of these amendments have not had any impact on these Consolidated Condensed Interim Financial Statements.

b)	Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2025:

The Company does not anticipate any significant impact on the Consolidated Condensed Interim Financial Statements derived from the application of the new standards and amendments that will be effective for annual periods beginning on or after January 1, 2025, although it is currently still in the process of evaluating such application.

The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Use of estimates

Some of the accounting policies applied require the application of significant judgment by management to select the appropriate assumptions to determine these estimates. These assumptions and estimates are based on the Company´s historical experience, advice from experienced consultants, forecasts and other circumstances and expectations as of the close of the financial period. The assessment is considered in relation to the global economic situation of the industries and regions where the Company operates, taking into account future development of its businesses. By their nature, these judgments are subject to an inherent degree of uncertainty; therefore, actual results could materially differ from the estimates and assumptions used. In such cases, the carrying values of assets and liabilities are adjusted.

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The most critical accounting policies, which require significant management estimates and judgment are as follows:

Estimates:

Impairment of contracted concessional, PP&E and other intangible assets.

Recoverability of deferred tax assets.

Fair value of derivative financial instruments.

Fair value of identifiable assets and liabilities arising from a business combination.

Judgement:

Assessment of assets agreements.

Assessment of control.

As of the date of preparation of these Consolidated Condensed Interim Financial Statements, no relevant changes in estimates made are anticipated and, therefore, no significant changes in the value of assets and liabilities recognized at June 30, 2024, are expected.

Although these estimates and assumptions are being made using all available facts and circumstances, it is possible that future events may require management to amend such estimates and assumptions in future periods. Changes in accounting estimates are recognized prospectively, in accordance with IAS 8, in the consolidated profit or loss statement of the period in which the change occurs.

Note 3. - Financial risk management

Atlantica’s activities are exposed to various financial risks: market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Risk is managed by the Company’s Risk Management and Finance Departments, which are responsible for identifying and evaluating financial risks, quantifying them by project, region and company, in accordance with mandatory internal management rules. The internal management rules provide written policies for the management of overall risk, as well as for specific areas. The internal management policies of the Company also define the use of hedging instruments and derivatives and the investment of excess cash.

These Consolidated Condensed Interim Financial Statements do not include all financial risk management information and disclosures required for annual financial statements and should be read together with the information included in Note 3 to Atlantica’s annual consolidated financial statements as of December 31, 2023 included in the 2023 20-F.

Note 4. - Financial information by segment

Atlantica’s segment structure reflects how management currently makes financial decisions and allocates resources. Its operating and reportable segments are based on the following geographies where the contracted concessional assets are located: North America, South America and EMEA. In addition, based on the type of business, as of June 30, 2024, the Company had the following business sectors: Renewable energy, Efficient natural gas and heat, Transmission lines and Water.

Atlantica’s Chief Operating Decision Maker (CODM), which is the CEO, assesses the performance and assignment of resources according to the identified operating segments. The CODM considers the revenue as a measure of the business activity and the Adjusted EBITDA as a measure of the performance of each segment. Adjusted EBITDA is calculated as profit/(loss) for the period attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in these Consolidated Condensed Interim Financial Statements and depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership).

In order to assess performance of the business, the CODM receives reports of each reportable segment using revenue and Adjusted EBITDA. Net interest expense evolution is assessed on a consolidated basis. Financial expense and amortization are not taken into consideration by the CODM for the allocation of resources.

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In the six-month period ended June 30, 2024, Atlantica had three customers with revenues representing more than 10% of total revenue, two in the renewable energy and one in the efficient natural gas and heat business sector. In the six-month period ended June 30, 2023, Atlantica had two customers with revenues representing more than 10% of total revenue, both in the renewable energy business sector.

a)	The following tables show Revenue and Adjusted EBITDA by operating segment and business sector for the six-month periods ended June 30, 2024 and 2023:

	Revenue				Adjusted EBITDA
	For the six-month period ended June 30,				For the six-month period ended June 30,
	($ in thousands)
Geography	2024		2023		2024		2023
North America		223,027		202,171		164,079		154,038
South America		92,936		91,513		71,325		74,428
EMEA		255,232		260,935		171,930		175,362
Total		571,195		554,619		407,334		403,828

	Revenue				Adjusted EBITDA
	For the six-month period ended June 30,				For the six-month period ended June 30,
	($ in thousands)
Business sectors	2024		2023		2024		2023
Renewable energy		409,682		411,210		286,492		292,570
Efficient natural gas & heat		71,580		54,810		53,767		44,006
Transmission lines		61,544		60,998		49,533		49,250
Water		28,389		27,601		17,542		18,002
Total		571,195		554,619		407,334		403,828

The reconciliation of segment Adjusted EBITDA with the profit attributable to the Company is as follows:

	For the six-month period ended June 30, ($ in thousands)
	2024		2023
Profit attributable to the Company		16,033		24,661
Profit attributable to non-controlling interest		6,240		6,130
Income tax		3,942		(2,168	)
Financial expense, net		166,330		159,387
Depreciation, amortization, and impairment charges		210,217		207,118
Depreciation and amortization, financial expense and income tax expense of unconsolidated affiliates (pro rata of Atlantica’s equity ownership)		4,572		8,700
Total segment Adjusted EBITDA		407,334		403,828

b)	The assets and liabilities by operating segment and business sector as of June 30, 2024, and December 31, 2023 are as follows:

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Assets and liabilities by geography as of June 30, 2024:

	North America		South America		EMEA		Balance as of June 30, 2024
	($ in thousands)
Assets allocated
Contracted concessional, PP&E and other intangible assets		3,047,576		1,162,965		2,854,591		7,065,132
Investments carried under the equity method		165,479		9,134		46,945		221,558
Other current financial assets		117,646		31,168		45,413		194,227
Cash and cash equivalents (project companies)		122,934		101,022		111,045		335,001
Subtotal allocated		3,453,635		1,304,289		3,057,994		7,815,918
Unallocated assets
Other non-current assets								329,483
Other current assets (including cash and cash equivalents at holding company level)								390,854
Subtotal unallocated								720,337
Total assets								8,536,255

	North America		South America		EMEA		Balance as of June 30, 2024
	($ in thousands)
Liabilities allocated
Long-term and short-term project debt		1,599,378		792,420		1,772,126		4,163,924
Grants and other liabilities		919,387		35,515		206,938		1,161,840
Subtotal allocated		2,518,765		827,935		1,979,064		5,325,764
Unallocated liabilities
Long-term and short-term corporate debt								1,192,107
Other non-current liabilities								304,722
Other current liabilities								216,090
Subtotal unallocated								1,712,919
Total liabilities								7,038,683
Equity unallocated								1,497,572
Total liabilities and equity unallocated								3,210,491
Total liabilities and equity								8,536,255

Assets and liabilities by geography as of December 31, 2023:

	North America		South America		EMEA		Balance as of December 31, 2023
Assets allocated
Contracted concessional, PP&E and other intangible assets		3,063,019		1,184,599		2,956,649		7,204,267
Investments carried under the equity method		177,260		9,178		43,869		230,307
Other current financial assets		110,016		30,803		48,067		188,886
Cash and cash equivalents (project companies)		137,480		121,945		155,551		414,976
Assets held for sale		28,642		-		-		28,642
Subtotal allocated		3,516,417		1,346,525		3,204,136		8,067,078
Unallocated assets
Other non-current assets								297,577
Other current assets (including cash and cash equivalents at holding company level)								349,678
Subtotal unallocated								647,255
Total assets								8,714,333

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	North America		South America		EMEA		Balance as of December 31, 2023
Liabilities allocated
Long-term and short-term project debt		1,629,278		808,481		1,881,501		4,319,260
Grants and other liabilities		945,888		36,307		251,613		1,233,808
Subtotal allocated		2,575,166		844,788		2,133,114		5,553,068
Unallocated liabilities
Long-term and short-term corporate debt								1,084,838
Other non-current liabilities								301,245
Other current liabilities								186,373
Subtotal unallocated								1,572,456
Total liabilities								7,125,524
Equity unallocated								1,588,809
Total liabilities and equity unallocated								3,161,265
Total liabilities and equity								8,714,333

Assets and liabilities by business sector as of June 30, 2024:

	Renewable energy		Efficient natural gas & heat		Transmission lines		Water		Balance as of June 30, 2024
	($ in thousands)
Assets allocated
Contracted concessional assets, PP&E and other intangible assets		5,693,192		441,891		764,213		165,836		7,065,132
Investments carried under the equity method		178,367		-		-		43,191		221,558
Other current financial assets		8,582		112,074		31,082		42,489		194,227
Cash and cash equivalents (project companies)		235,837		19,553		51,856		27,755		335,001
Subtotal allocated		6,115,978		573,518		847,151		279,271		7,815,918
Unallocated assets
Other non-current assets										329,483
Other current assets (including cash and cash equivalents at holding company level)										390,854
Subtotal unallocated										720,337
Total assets										8,536,255

	Renewable energy		Efficient natural gas & Heat		Transmission lines		Water		Balance as of June 30, 2024
Liabilities allocated
Long-term and short-term project debt		3,162,041		383,424		549,889		68,570		4,163,924
Grants and other liabilities		1,113,131		33,329		12,884		2,496		1,161,840
Subtotal allocated		4,275,172		416,753		562,773		71,066		5,325,764
Unallocated liabilities
Long-term and short-term corporate debt										1,192,107
Other non-current liabilities										304,722
Other current liabilities										216,090
Subtotal unallocated										1,712,919
Total liabilities										7,038,683
Equity unallocated										1,497,572
Total liabilities and equity unallocated										3,210,491
Total liabilities and equity										8,536,255

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Assets and liabilities by business sector as of December 31, 2023:

	Renewable energy		Efficient natural gas & heat		Transmission lines		Water		Balance as of December 31, 2023
Assets allocated
Contracted concessional, PP&E and other intangible assets		5,798,818		460,766		777,360		167,323		7,204,267
Investments carried under the equity method		189,672		-		-		40,635		230,307
Other current financial assets		10,866		103,907		30,746		43,367		188,886
Cash and cash equivalents (project companies)		299,987		35,098		58,004		21,887		414,976
Assets held for sale		-		28,642		-		-		28,642
Subtotal allocated		6,299,343		628,413		866,110		273,212		8,067,078
Unallocated assets
Other non-current assets										297,577
Other current assets (including cash and cash equivalents at holding company level)										349,678
Subtotal unallocated										647,255
Total assets										8,714,333

	Renewable energy		Efficient natural gas & heat		Transmission lines		Water		Balance as of December 31, 2023
Liabilities allocated
Long-term and short-term project debt		3,280,618		401,460		560,906		76,276		4,319,260
Grants and other liabilities		1,185,487		32,916		12,884		2,521		1,233,808
Subtotal allocated		4,466,105		434,376		573,790		78,797		5,553,068
Unallocated liabilities
Long-term and short-term corporate debt										1,084,838
Other non-current liabilities										301,245
Other current liabilities										186,373
Subtotal unallocated										1,572,456
Total liabilities										7,125,524
Equity unallocated										1,588,809
Total liabilities and equity unallocated										3,161,265
Total liabilities and equity										8,714,333

c)	The amount of depreciation, amortization and impairment charges recognized for the six-month periods ended June 30, 2024 and 2023 are as follows:

	For the six-month period ended June 30,
Depreciation, amortization and impairment by geography	2024			2023
	($ in thousands)
North America		(68,899	)		(70,634	)
South America		(32,731	)		(30,014	)
EMEA		(108,587	)		(106,470	)
Total		(210,217	)		(207,118	)

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	For the six-month period ended June 30,
Depreciation, amortization and impairment by business sectors	2024			2023
	($ in thousands)
Renewable energy		(195,581	)		(189,792	)
Efficient natural gas & heat		57			(3,770	)
Transmission lines		(15,370	)		(14,079	)
Water		677			523
Total		(210,217	)		(207,118	)

Note 5. – Business combinations

For the six-month period ended June 30, 2024

In March 2024, the Company completed the acquisition of a 100% equity interest stake in two wind assets, UK Wind 1 and UK Wind 2, with a combined installed capacity of 32 MW in Scotland, United Kingdom. This acquisition has been accounted for in these Consolidated Condensed Interim Financial Statements in accordance with IFRS 3, Business Combinations and is included within the Renewable energy sector and the EMEA geography.

The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

	Business combinations for the six-month period ended June 30, 2024
Property, plant and equipment under IAS 16		19,724
Intangible assets under IAS 38		45,678
Intangible assets under IFRS 16		6,525
Cash & cash equivalents		4,199
Other current assets		4,829
Deferred tax liabilities		(3,969	)
Lease liabilities		(6,525	)
Other current and non-current liabilities		(4,781	)
Total net assets acquired at fair value		65,680
Asset acquisition – purchase price		(65,680	)
Net result of business combinations		-

The purchase price equals the fair value of the net assets acquired.

The allocation of the purchase price is provisional as of June 30, 2024, and amounts indicated above may be adjusted during the measurement period to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized as of June 30, 2024. The measurement period will not exceed one year from the acquisition date.

The amount of revenue contributed by the acquisitions during the six-month period ended June 30, 2024 to the Consolidated Condensed Interim Financial Statements of the Company is $2.5 million, and the amount of profit after tax is $0.2 million. Had the acquisitions been consolidated from January 1, 2024, the consolidated statement of comprehensive income would have included additional revenue of $2.8 million and additional profit after tax of $1.0 million.

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For the year ended December 31, 2023

On March 1, 2023, the Company completed the process of transitioning the O&M services for the assets in Spain where Abengoa was still the supplier to an Atlantica’ subsidiary. This acquisition had been accounted for in these Consolidated Financial Statements in accordance with IFRS 3, Business Combinations. The O&M services are included within the Renewable energy sector and the EMEA geography.

The fair value of assets and liabilities consolidated at the effective acquisition date is shown in the following table:

	Business combinations for the year ended December 31, 2023
Property, plant and equipment under IAS 16		1,565
Intangible assets under IAS 38		4,487
Inventories		1,646
Other current and non-current liabilities		(5,917	)
Total net assets acquired at fair value		1,781
Asset acquisition – purchase price		(1,781	)
Net result of business combinations		-

The purchase price equals the fair value of the net assets acquired.

The amount of revenue contributed by the acquisitions performed during 2023 to the Consolidated Financial Statements of the Company was nil, and the amount of loss after tax was $0.8 million. Had the acquisitions been consolidated from January 1, 2023, the consolidated statement of comprehensive income would not have included any additional revenue and additional loss after tax of $0.2 million.

In March 2024, the provisional period for the purchase price allocation closed, and did not result in significant adjustments to the initial amounts recognized.

Note 6. - Contracted concessional, PP&E and other intangible assets

The Company has assets recorded as contracted concessional assets in accordance with IFRIC 12, property plant and equipment in accordance with IAS 16 and right of use assets under IFRS 16 or intangible assets under IAS 38.

The detail of assets included in the heading ‘Contracted concessional, PP&E and other intangible assets’ as of June 30, 2024, and December 31, 2023, is as follows:

	Financial assets under IFRIC 12			Financial assets under IFRS 16 (Lessor)		Intangible assets under IFRIC 12			Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38			Property, plant and equipment under IAS 16
	Financial assets under IFRIC 12			Financial assets under IFRS 16 (Lessor)		Intangible assets under IFRIC 12						Land		Technical installations			Total assets
Cost		758,424			2,623		8,860,086			213,619			142,009		1,071,077			11,047,838
Amortization and impairment		(54,267	)		-		(3,616,607	)		(44,801	)		-		(267,031	)		(3,982,706	)
Total as of June 30, 2024		704,157			2,623		5,243,479			168,818			142,009		804,046			7,065,132

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	Financial assets under IFRIC 12			Financial assets under IFRS 16 (Lessor)		Intangible assets under IFRIC 12			Right of use assets under IFRS 16 (Lessee) and intangible assets under IAS 38			Property, plant and equipment under IAS 16
	Financial assets under IFRIC 12			Financial assets under IFRS 16 (Lessor)		Intangible assets under IFRIC 12						Land		Technical installations			Total assets
Cost		785,179			2,655		8,957,090			150,947			139,344		993,992			11,029,207
Amortization and impairment		(56,378	)		-		(3,479,464	)		(38,813	)		-		(250,285	)		(3,824,940	)
Total as of December 31, 2023		728,801			2,655		5,477,626			112,134			139,344		743,707			7,204,267

No losses from impairment of contracted concessional, PP&E and other intangible assets, excluding the change in the provision for expected credit losses under IFRS 9, Financial instruments, were recorded during the six-month period ended June 30, 2024 and 2023. The impairment provision based on the expected credit losses on contracted concessional financial assets decreased by $2 million in the six-month period ended June 30, 2024 (increase of $1 million in the six-month period ended June 30, 2023), primarily in ACT.

Note 7. - Investments carried under the equity method

The table below shows the breakdown of the investments held in associates and joint ventures as of June 30, 2024, and December 31, 2023:

	Balance as of June 30, 2024		Balance as of December 31, 2023
	($ in thousands)
2007 Vento II, LLC		165,479		175,351
Myah Bahr Honaine, S.P.A.		43,191		40,635
Akuo Atlantica PMGD Holding S.P.A.		5,380		4,409
Colombian portfolio of renewable energy entities		3,755		4,754
Windlectric Inc		-		1,910
Pectonex, R.F. Proprietary Limited		1,300		1,337
SailH2 Ingeniería, S.L.		1,202		653
Evacuación Valdecaballeros, S.L.		800		807
Fontanil Solar, S.L.U.		229		229
Murum Solar, S.L.U.		222		222
Total		221,558		230,307

None of the entities referred to above is a listed company.

2007 Vento II, LLC, is the holding company of a 596 MW portfolio of wind assets (“Vento II”) in the U.S., 49% owned by Atlantica since June 16, 2021, and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L., which is accounted for using the equity method in these Consolidated Condensed Interim Financial Statements. Geida Tlemcen, S.L. is 50% owned by Atlantica.

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Akuo Atlantica PMGD Holding S.P.A.(“Akuo”) is the holding company of an 80 MW portfolio of solar PV assets in Chile, which is currently under construction, 49% owned by Atlantica, with joint control since November 2022 and accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

The Colombian portfolio of renewable energy entities includes the following entities: Atlantica – HIC Renovables S.A.S., SJ Renovables Sun 1 S.A.S. E.S, AC Renovables Sol 1 S.A.S. E.S, SJ Renovables Wind 1 S.A.S. E., PA Renovables Sol 1 S.A.S. E.S and Atlantica Hidro Colombia S.A.S. Atlantica holds 50% of the shares and has joint control over these entities in accordance with IFRS 11, Joint arrangements.

Windlectric Inc., the project entity, is 100% owned by Amherst Island Partnership, itself 30% owned by Atlantica Yield Energy Solutions Canada Inc. (“AYES Canada”) and therefore accounted for under the equity method in these Consolidated Condensed Interim Financial Statements.

The decrease in investments carried under the equity method as of June 30, 2024 is primarily due to the decrease in the investment in Vento II as a result of the distributions received from this asset by the Company for $15.4 million, partially offset by the share of profit in Vento II for the six-month period ended June 30, 2024 for $5.5 million.

Note 8. - Assets held for sale

In 2023, Atlantica´s partner in Monterrey initiated a process to sell its 70% stake in the asset and, as part of it, Atlantica intended to sell its interest as well under the same terms.

In October 30, 2023, the conditions to classify the loan granted by Atlantica to Arroyo II and the investment in Pemcorp as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were met. As a consequence, the book value of the equity investment held by Atlantica in Pemcorp and the loan granted by Atlantica to Arroyo II, were classified as held for sale since that date for an amount of US$ 28.7 million as of December 31, 2023.

The transaction was subject to certain conditions precedent and final transaction closing occurred in April 2024. The difference between the book value of the asset held for sale at closing date, and the fair value of the consideration received, which amounts to $8.9 million, has been registered as an operating income in these Consolidated Condensed Interim Financial Statements.

Atlantica received $38.1 million of proceeds net of transaction costs and taxes and expects to receive an additional amount of $3.1 million in the third quarter of 2024. In addition, there is an earn-out mechanism that could result in additional proceeds for Atlantica of up to approximately $7 million between 2026 and 2028.

Note 9. - Financial assets

The detail of non-current and current financial assets as of June 30, 2024, and December 31, 2023, is as follows:

	Balance as of June 30, 2024		Balance as of December 31, 2023
	($ in thousands)
Fair Value through OCI (Investment in Ten West link)		11,719		11,719
Derivative assets (Note 10)		68,896		56,708
Other receivable accounts at amortized cost		70,957		68,155
Total non-current financial assets		151,572		136,582
Contracted concessional financial assets		184,812		177,407
Derivative assets (Note 10)		3,684		4,989
Other receivable accounts at amortized cost		5,731		6,490
Total current financial assets		194,227		188,886

Investment in Ten West Link is a 12.5% interest in a 114-mile transmission line in the U.S., which reached COD in June 2024.

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Note 10. - Derivative financial instruments

The breakdowns of the fair value amount of the derivative financial instruments as of June 30, 2024, and December 31, 2023, are as follows:

	Balance as of June 30, 2024				Balance as of December 31, 2023
	($ in thousands)
	Assets		Liabilities		Assets		Liabilities
Interest rate cash flow hedge		70,202		16,351		60,102		29,163
Foreign exchange derivatives instruments		2,378		-		1,595		-
Notes conversion option (Note 15)		-		-		-		794
Total		72,580		16,351		61,697		29,957

The derivatives are primarily interest rate cash flow hedges, which are classified as non-current assets or non-current liabilities, as they hedge long-term financing agreements.

The net amount of the fair value of interest rate derivatives designated as cash flow hedges transferred to the consolidated condensed profit or loss statement is a profit of $12.3 million for the six-month period ended June 30, 2024 (profit of $10.1 million for the six-month period ended June 30, 2023).

The after-tax results accumulated in equity in connection with derivatives designated as cash flow hedges as of June 30, 2024, and December 31, 2023, amount to a profit of $327.6 million and $308.0 million, respectively.

Additionally, the Company has currency options with leading international financial institutions, which guarantee minimum Euro-U.S. dollar and British pounds-U.S. dollar exchange rates. The strategy of the Company is to hedge the exchange rate for the net distributions from its European assets after deducting euro-denominated interest payments and euro and British pounds-denominated general and administrative expenses. Through currency options, the strategy of the Company is to hedge 100% of its euro and British pounds-denominated net exposure for the next 12 months and 75% of its euro and British pounds-denominated net exposure for the following 12 months, on a rolling basis. Change in fair value of these foreign exchange derivatives instruments are directly recorded in the consolidated profit or loss statement.

Finally, the conversion option of the Green Exchangeable Notes issued in July 2020 (Note 15) is recorded as a derivative with a fair value (liability) of $ nil as of June 30, 2024 ($0.8 million as of December 31, 2023).

Note 11. - Fair value of financial instruments

Financial instruments measured at fair value are classified based on the nature of the inputs used for the calculation of fair value:

Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.

Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: Fair value is measured based on unobservable inputs for the asset or liability.

As of June 30, 2024, all the financial instruments measured at fair value correspond to derivatives and have been classified as Level 2, except for the investments held in Ten West Link, which has been classified as Level 3.

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Note 12. - Related parties

The related parties of the Company are primarily Algonquin Power & Utilities Corp. (“Algonquin”) and its subsidiaries, non-controlling interest (Note 14), entities accounted for under the equity method (Note 7), as well as the Directors and the Senior Management of the Company.

Details of balances with related parties as of June 30, 2024, and December 31, 2023, are as follows:

		Receivables (current)		Receivables (non-current)		Payables (current)		Payables (non-current)
Entities accounted for under the equity method:		($ in thousands)
Amherst Island Partnership	2024		5,106		-		-		-
Amherst Island Partnership	2023		5,817		-		-		-
Arroyo Netherland II B.V (Note 8)	2024		-		-		-		-
Arroyo Netherland II B.V (Note 8)	2023		18,448		-		-		-
Akuo Atlantica PMGD Holding S.P.A	2024		89		18,717		-		-
Akuo Atlantica PMGD Holding S.P.A	2023		-		16,677		-		-
Colombian assets portfolio	2024		548		15,714		279		-
Colombian assets portfolio	2023		-		13,578		34		-
Other	2024		138		171		-		-
Other	2023		21		148		-		-
Non controlling interest:
Non controlling interest:
Algonquin Power Co.	2024		-		-		4,994		-
Algonquin Power Co.	2023		-		-		5,683		-
JGC Corporation	2024		-		-		-		3,749
JGC Corporation	2023		-		-		-		4,612
Algerian Energy Company, SPA	2024		-		-		7,763		-
Algerian Energy Company, SPA	2023		-		-		-		-
Other	2024		-		-		1,596		25
Other	2023		-		-		2,314		27
Other related parties:
Other related parties:
Atlantica´s partner in Colombia	2024		918		-		-		-
Atlantica´s partner in Colombia	2023		918		-		-		-
Total	2024		6,799		34,602		14,632		3,774
Total	2023		25,204		30,403		8,031		4,639

Current receivables with Amherst Island Partnership as of June 30, 2024 include a dividend to be collected by AYES Canada for $5.1 million ($5.8 million as of December 31, 2023). A significant portion of the distributions received from Amherst Island Partnership are distributed by the Company to Algonquin Power Co. (Note 14).

Receivables with Arroyo Netherland II B.V, the holding company of Pemcorp SAPI de CV, Monterrey´s project entity, corresponded as of December 31, 2023 to the loan that was granted at acquisition date of the project that accrued an interest of SOFR plus 6.31% with maturity date on November 25, 2027. In April 2024, Atlantica sold its interests in Monterrey and the loan was repaid in full. (Note 8)

Non-current receivables include a loan that accrues a fixed interest of 8.75% with Akuo Atlantica PMGD Holding S.P.A and a loan with the Colombian portfolio of renewable energy entities in which the Company has a 50% equity interest, which accrues a fixed interest of 8%.

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Current payables as of June 30, 2024, and as of December 31, 2023 primarily include the dividend to be paid by AYES Canada to Algonquin Power Co. and by Skikda and Tenes to Algerian Energy Company, SPA.

Non-current payables with JGC Corporation include a subordinated debt with Solacor 1 and Solacor 2 that accrues an interest of Euribor plus 2.5% and with maturity date in 2037.

Current receivables with the partner of the Company in Colombia include Atlantica´s pending purchase price payment to be received for the partial sale of its investment in the Colombian portfolio of renewable energy entities.

The profit and loss impact of transactions carried out by entities included in these Consolidated Condensed Interim Financial Statements with related parties, for the six-month periods ended June 30, 2024 and 2023 has been as follows:

		Financial income		Financial expense			Operating income
Entities accounted for under the equity method:		($ in thousands)
Arroyo Netherland II B.V	2024		606		-		-
Arroyo Netherland II B.V	2023		1,106		-		-
Akuo Atlantica PMGD Holding	2024		712		-		160
Akuo Atlantica PMGD Holding	2023		205		-		116
Colombian assets portfolio	2024		202		-		-
Colombian assets portfolio	2023		-		-		-
Other	2024		-		-		5
Other	2023		-		-		4
Non controlling interest:
Non controlling interest:
Other	2024		-		(274	)	-
Other	2023		7

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