UK-headquartered power infrastructure company Atlantica Sustainable Infrastructure recorded a net profit of $35.65 million for the second quarter (Q2) of the financial year (FY) 2023, a year-over-year (YoY) increase of 121%.

The company’s revenue for the April-June period increased 1% YoY to $312.11 million.

The company owns a diversified portfolio of contracted renewable energy, storage, natural gas, power transmission, and water assets in North and South America and other regions globally.

The jump in net profit was attributed to the operational income from the company’s South American operations, which also helped boost the profits for the first six months of the year.

The adjusted Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) from all its businesses totaled $229.62 million, a 0.4% increase YoY.

Half year 2023

Atlantica recorded a net profit of $24.66 million for the first half (1H) FY 2023, a 506% YoY increase. The substantial increase in profit is primarily attributed to a 17% YoY rise in revenue, amounting to $91.51 million, from the company’s operations in South America.

The company’s revenue for the January-June period dipped 0.1% YoY to $554.62 million.

The adjusted EBITDA from all its businesses totaled $403.83 million, a 0.4% increase YoY.

The company’s renewable energy portfolio grew to 2,161 MW in 1H 2023 from 2,048 MW during the same period last year. The company has a pipeline of ~2 GW renewable energy projects and 5.9 GWh storage projects.

Production in the renewable energy portfolio increased by 5.9% for 1H FY 2023 compared to the first half of 2022, mainly due to the increase in production in solar assets in Spain, where solar radiation was higher in the period, and to the contribution from the recently consolidated assets and those that have entered into operation recently.

The production also increased in Atlantica’s U.S. solar assets despite lower solar radiation, mainly due to the higher availability of Solana’s storage system as well as higher solar field availability.

On the other hand, the production of wind assets in the U.S. decreased due to lower wind resources in the first half of 2023.

Atlantica’s net loss had narrowed to $11 million for the first quarter of FY 2023 compared with $12 million YoY due to lower operating expenses.

In December,  the Competition Tribunal conditionally approved the proposed merger whereby Atlantica Sustainable Infrastructure intends to acquire the employees of Abengoa, South Africa, and the assets of solar company Kaxu CSP. The primary acquiring firm is Atlantica South Africa Operations, an indirect subsidiary of Atlantica. Atlantica conducts activities in South Africa through Kaxu Solar One.