Atlantica (company)
{{Short description|British sustainable infrastructure company}}
{{Infobox company
| name = Atlantica Sustainable Infrastructure
| type = Private
| traded_as = {{NASDAQ was|AY}}
| hq_location_city = London
| key_people = {{Unbulleted list|Santiago Seage (CEO) | Francisco Martinez-Davis (CFO)}}
| ISIN =
| industry = {{ubl|Sustainable infrastructure|Renewable energy}}
| hq_location_country = United Kingdom
| founded = {{Start date and age|2013}}
| revenue = {{US$|1.1 billion|link=yes}} (2023)
| num_employees = 1,400 (2023)
| website = {{URL|https://www.atlantica.com}}
| footnotes = {{cite web|title=Un grupo de inversores liderado por Energy Capital Partners acuerda adquirir Atlantica por 2.400 millones|url=https://www.europapress.es/economia/noticia-grupo-inversores-liderado-energy-capital-partners-acuerda-adquirir-atlantica-2400-millones-20240528135125.html|website=Europa Press}}{{cite web|title=Atlantica Sustainable Infrastructure plc (AY)|url=https://finance.yahoo.com/quote/AY/|website=Yahoo Finance}}
}}
Atlantica Sustainable Infrastructure is a UK-based sustainable infrastructure company headquartered in London. The company operates a diverse portfolio of assets, including renewable energy, efficient natural gas and electric transmission lines across several countries.{{Cite web |last=Bhattacharjee |first=Ananya |date=2023-05-04 |title=Akuo and Atlantica to Construct Nine Solar Farms in Chile to Accelerate Energy Transition |url=https://solarquarter.com/2023/05/04/akuo-and-atlantica-to-construct-nine-solar-farms-in-chile-to-accelerate-energy-transition/ |access-date=2024-12-04 |website=SolarQuarter |language=en-GB}}{{Cite web |last=chiva27 |date=2024-07-04 |title=Andalucía apuesta por el impulso de “una política industrial ambiciosa y útil” en el marco de la transición energética y digital |url=https://www.executive-forum.biz/single-post/andaluc%C3%ADa-apuesta-por-el-impulso-de-una-pol%C3%ADtica-industrial-ambiciosa-y-%C3%BAtil-en-el-marco-de-la-tra |access-date=2024-12-04 |website=executive-forum |language=es}}
History
Atlantica was founded in 2013, established to manage a portfolio of long-term contracted energy and environmental infrastructure assets. The company went public on the NASDAQ in 2014, initially focusing on solar power plants, transmission lines, and water assets.{{Cite web |title=Atlantica Sustainable Infrastructure PLC - Company Profile and News |url=https://www.bloomberg.com/profile/company/AY:US |access-date=2024-12-04 |website=Bloomberg.com |language=en}}{{Cite web |date=2014-04-01 |title=Solar energy spinoff Abengoa Yield files for a $600 million IPO |url=https://www.nasdaq.com/articles/solar-energy-spinoff-abengoa-yield-files-600-million-ipo-2014-04-01}}{{Cite web |last=Agencias |date=2018-11-22 |title=Abengoa cierra la venta de Atlantica Yield valorada en 700 millones |url=https://cincodias.elpais.com/cincodias/2018/11/22/companias/1542874418_632292.html |access-date=2024-12-04 |website=Cinco Días |language=es}} Santiago Seage has served as Atlantica's CEO since its founding in 2013, with a brief departure in 2015.{{Cite web |last=FORBES |date=2023-01-23 |title=Hombre del día: Santiago Seage, CEO y director general de Atlantica Sustainable Infrastructure |url=https://forbes.es/nombre-del-dia/222511/hombre-del-dia-santiago-seage-ceo-y-director-general-de-atlantica-sustainable-infrastructure/ |access-date=2024-12-04 |website=Forbes España |language=es}}
In 2020, the company rebranded as Atlantica Sustainable Infrastructure to reflect its growing focus on renewable energy and sustainability.{{Cite web |last=MarketScreener |date=2020-05-05 |title=Atlantica Yield plc has Changed its Name to Atlantica Sustainable Infrastructure Plc - MarketScreener |url=https://uk.marketscreener.com/quote/stock/ATLANTICA-SUSTAINABLE-INF-16686514/news/Atlantica-Yield-plc-has-Changed-its-Name-to-Atlantica-Sustainable-Infrastructure-Plc-33884966/ |access-date=2024-12-04 |website=uk.marketscreener.com |language=en-GB}}
In 2021, Atlantica further diversified its portfolio by acquiring the Coso Geothermal Plant in California, which provides base-load renewable energy.{{Cite web |last=20minutos |date=2021-08-04 |title=Atlantica factura 513 millones de euros hasta junio, un 31% más |url=https://www.20minutos.es/lainformacion/economia/atlantica-factura-513-millones-euros-hasta-junio-un-31-mas-4784964/ |access-date=2024-12-04 |website=www.20minutos.es - Últimas Noticias |language=es}}{{Cite web |last=Agencias |date=2024-03-02 |title=Atlantica gana 40 millones en 2023 y eleva su Ebitda hasta los 734 millones |url=https://www.elconfidencial.com/empresas/2024-03-02/atlantica-gana-millones-ebitda_3841275/ |access-date=2024-12-04 |website=elconfidencial.com |language=es}} In the same year, Atlantica purchased a 49% stake in a wind portfolio with a total capacity of 596 MW for $196.5 million. Known as Vento II, the portfolio includes four wind assets located across Illinois, Texas, Oregon, and Minnesota.{{Cite web |last=Chong |first=Florence |last2=staff2021-04-09T11:12:00+01:00 |first2=I. P. E. |title=Atlantica buys OMERS Infrastructure’s stake in 596MW US wind portfolio |url=https://realassets.ipe.com/news/atlantica-buys-omers-infrastructures-stake-in-596mw-us-wind-portfolio/10052109.article |access-date=2024-12-04 |website=Real Assets |language=en}}
By the end of 2023, Atlantica's renewable energy portfolio comprised 2,171 MW in operation.{{Cite web |title=Atlantica Sustainable Infrastructure PLC, AY:NSQ profile - FT.com |url=https://markets.ft.com/data/equities/tearsheet/profile?s=AY:NSQ |access-date=2024-12-04 |website=markets.ft.com}} In 2024, the company expanded its portfolio further by acquiring two wind assets in Scotland, adding a combined capacity of 32 MW to its operations.{{Cite web |last=Markosyan |first=Martina |date=2024-03-25 |title=Atlantica snaps up 32 MW of wind assets in Scotland {{!}} Renewable Energy News {{!}} Renewables Now |url=https://renewablesnow.com/news/atlantica-snaps-up-32-mw-of-wind-assets-in-scotland-852695/ |access-date=2024-12-04 |website=renewablesnow.com |language=en}}
In December 2024, Atlantica was acquired by Energy Capital Partners and a group of co-investors, leading to its delisting from the NASDAQ.{{Cite news |title=Atlantia set to be delisted as buyout bid reaches 90% threshold |url=https://www.reuters.com/markets/deals/atlantia-set-be-delisted-buyout-bid-reaches-90-threshold-2022-11-24/ |archive-url=http://web.archive.org/web/20231113040819/https://www.reuters.com/markets/deals/atlantia-set-be-delisted-buyout-bid-reaches-90-threshold-2022-11-24/ |archive-date=2023-11-13 |access-date=2025-01-27 |work=Reuters |language=en-US}}https://atlantica.com/wp-content/uploads/documents/0001140361-24-049098.pdf
Operations
As of 2024, Atlantica manages assets with a total installed capacity of 2.2 gigawatts (GW) of renewable energy, including solar, wind, and geothermal power plants.{{Cite web |date=2024-11-18 |title=Atlantica creix al 7%, amb uns ingressos de 919 milions de dòlars |url=https://www.elnacional.cat/ca/economia/atlantica-creix-7-ingressos-919-milions-dolars_1319155_102.html |access-date=2024-12-04 |website=ElNacional.cat |language=ca}} The company's portfolio spans several regions: in North America, Atlantica operates the Solana and Mojave solar power plants and holds a 49% stake in a 596 MW wind energy portfolio.{{Cite web |last=Mesones |first=Javier |last2=Esteller |first2=Rubén |title=Atlantica compra la filial de Abengoa en Mojave y Solana |url=https://www.eleconomista.es/empresas-finanzas/noticias/10037903/08/19/Atlantica-compra-la-filial-de-Abengoa-en-Mojave-y-Solana.html}}{{Cite web |date=2019-08-13 |title=Atlantica Yield buys Abengoa’s subsidiary in Mojave and Solana concencentrated solar power plants {{!}} REVE News of the wind sector in Spain and in the world |url=https://www.evwind.es/2019/08/13/atlantica-yield-buys-abengoas-subsidiary-in-mojave-and-solana-concencentrated-solar-power-plants/68434 |access-date=2024-12-04 |language=en-US}} In Europe, Atlantica operates renewable energy projects, particularly in Spain.{{Cite news |date=2024-05-02 |title=ECP Is in Advanced Talks to Acquire Atlantica Sustainable |url=https://www.bloomberg.com/news/articles/2024-05-02/ecp-is-said-in-advanced-talks-to-acquire-atlantica-sustainable |access-date=2024-12-04 |work=Bloomberg.com |language=en}}{{Cite web |last=Shumkov |first=Ivan Tsvetanov |date=2020-08-03 |title=Atlantica closes green notes offering and unveils EUR-326m solar refinancing {{!}} Solar Power News {{!}} Renewables Now |url=https://renewablesnow.com/news/atlantica-closes-green-notes-offering-and-unveils-eur-326m-solar-refinancing-708677/ |access-date=2024-12-04 |website=renewablesnow.com |language=en}} In South America, Atlantica owns several wind farms in Uruguay.{{Cite web |last=Mesones |first=Javier |last2=Esteller |first2=Rubén |date=14 December 2018 |title=Atlantica Yield crece en eólica con dos plantas en Uruguay y Estados Unidos |url=https://www.eleconomista.es/empresas-finanzas/noticias/9583604/12/18/Atlantica-crece-en-eolica-con-dos-plantas-en-Uruguay-y-Estados-Unidos.html}}
Acquisition
In 2024, Energy Capital Partners (ECP), a U.S.-based private investor in energy transition together with a group of co-investors, announced its plan to acquire Atlantica for $2.555 billion, with a purchase price of $22 per share.{{Cite news |date=2024-05-28 |title=Energy Capital Partners to acquire Atlantica for $2.56 bln |url=https://www.reuters.com/markets/deals/energy-capital-partners-acquire-atlantica-25-bln-2024-05-28/ |access-date=2024-12-04 |work=Reuters}}{{Cite news |date=2024-05-28 |title=ECP to Buy Atlantica Sustainable for $22 Per Share in Cash |url=https://www.bloomberg.com/news/articles/2024-05-28/ecp-to-buy-atlantica-sustainable-for-22-per-share-in-cash |access-date=2024-12-04 |work=Bloomberg.com |language=en}}{{Cite news |last=Levingston |first=Ivan |date=2024-06-27 |title=How has private equity shaped the UK economy? |url=https://www.ft.com/content/e74d6a4d-9e88-41db-8c25-13e55602a7dc |access-date=2024-12-04 |work=Financial Times}}
On May 27, 2024, Atlantica entered into an agreement pursuant to which 100% of its shares would be acquired by Energy Capital Partners and co-investors. In August 2024, Atlantica’s shareholders approved the acquisition, with 97% voting in favor at the general meeting.{{Cite web |last=Markosyan |first=Martina |date=2024-08-09 |title=Atlantica obtains shareholder nod for USD-2.55bn go-private deal {{!}} Energy Storage News {{!}} Renewables Now |url=https://renewablesnow.com/news/atlantica-obtains-shareholder-nod-for-usd-2-55bn-go-private-deal-865822/ |access-date=2024-12-04 |website=renewablesnow.com |language=en}} The acquisition completed in the fourth quarter of 2024.{{Cite news |date=2024-05-28 |title=ECP to Buy Atlantica Sustainable for $22 Per Share in Cash |url=https://www.bloomberg.com/news/articles/2024-05-28/ecp-to-buy-atlantica-sustainable-for-22-per-share-in-cash |access-date=2024-12-04 |work=Bloomberg.com |language=en}}{{Cite web |last= |first= |date=2024-05-30 |title=Private Equity Firm Energy Capital Partners to buy Atlantica Sustainable Infrastructure for $2.56 Billion |url=https://esgnews.com/private-equity-firm-energy-capital-partners-to-buy-atlantica-sustainable-infrastructure-for-2-56-billion/ |access-date=2024-12-04 |website=ESG News |language=en-US}}
In December 2024, Atlantica Sustainable Infrastructure completed its acquisition by California Buyer Limited, a subsidiary of Energy Capital Partners and co-investors, through a scheme of arrangement under English law. Following the transaction, Atlantica's ordinary shares were delisted from the Nasdaq Global Select Market.{{Cite web |title=MIAX Exchange Group - Options Markets - Delisting of Atlantica Sustainable Infrastructure PLC (AY) {{!}} MIAX |url=https://www.miaxglobal.com/alert/2024/12/09/miax-exchange-group-options-markets-delisting-atlantica-sustainable-0 |access-date=2025-01-16 |website=www.miaxglobal.com |language=en}}{{Cite web |title=Equity Corporate Actions Alert #2024 - 602 (UPDATED: Closed) Information Regarding the Merger of Atlantica Sustainable Infrastructure plc (AY) |url=https://www.nasdaqtrader.com/TraderNews.aspx?id=ECA2024-602 |access-date=2025-01-16 |website=www.nasdaqtrader.com}}