Atlantica Sustainable Infrastructure closed the first half of the year with revenues of 571.2 million dollars (about 528.3 million euros), marking a 3% increase from the same period in the previous year, according to the company.
In the six months, the company kept its gross operating result steady, reporting EBITDA of 407.3 million dollars (around 377 million euros).
Net attributed income for the first half stood at 16 million dollars (14.8 million euros), a decline of 35.22% compared with 24.7 million dollars (22.8 million euros) in the prior year’s period.
Additionally, the operating cash flow rose 2.3% year over year to 141.9 million dollars (about 131.5 million euros).
During the second quarter, Atlantica pressed ahead with its growth strategy, signing a 10-year power purchase agreement in Spain for Caparacena, a 27.5 MW project expected to begin operation in 2026. The total projected investment for the project ranges from 16 to 18 million dollars (roughly 14.5 to 16.7 million euros).
Furthermore, the company strengthened its project backlog in development, reaching 2.2 GW of renewable energy capacity and 6.3 GWh of storage. Approximately 24% of the backlog is in an advanced development stage, and it is anticipated that 22% will be ready to construction between 2024 and 2025.
Junta general de accionistas prevista para el 8 de agosto
Por otra parte, Atlantica released these results a week ahead of the shareholders meeting that will decide on the acquisition. At the end of May, the group reached an agreement to acquire 100% of its shares by a investment group led by Energy Capital Partners, at 22 dollars per share. This price implies a 19% premium over the share price on the day before rumors of a potential offer began.
The transaction requires 75% shareholder approval and already has the backing of the key investor, Algonquin, the Canadian utility that owns 42.2% of Atlantica.
Additionally, two proxy advisory firms, ISS and Glass Lewis, have recommended that shareholders vote in favor at the meeting. Glass Lewis notes that Atlantica’s board has conducted a thorough review of strategic alternatives for the company. The voting results will be disclosed a few days after the meeting.