AY - Atlantica Announces the Acquisition of Two Wind Assets in the United Kingdom | Benzinga
Atlantica Announces the Acquisition of Two Wind Assets in the United Kingdom
March 25, 2024 – Atlantica Sustainable Infrastructure plc (NASDAQ:AY) ("Atlantica" or the "Company"), announced today that it completed the acquisition of a 100% equity interest stake in two wind assets, 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 2033. They have demonstrated a solid operating track record and currently do not have any project debt. The acquisition closed on March 22, 2024, and Atlantica's investment amount was approximately $66 million. The purchase price represents an Enterprise Value1/EBITDA2 multiple of approximately 6.6 times. These are Atlantica's first operating assets in the U.K., and the Company expects that its return from these assets will be enhanced by the use of Atlantica's existing net operating loss carryforwards in the UK in the upcoming years.
Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this press release, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the markets in which we operate or are seeking to operate. In some cases, you can identify forward-looking statements by terminology such as "believe", "could", "estimate", "expect", "may", "potential", "should" or "will" or the negative of such terms or other similar expressions or terminology.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements speak only as of the date of this press release and are not guarantees of future performance and are based on numerous assumptions. In particular, Atlantica does not guarantee any future performance of the newly-acquired assets nor that it will be able to realize any anticipated benefits from such acquisition. Our actual results of operations, financial condition and the development of events may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements. Except as required by law, we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof or to reflect anticipated or unanticipated events or circumstances.
Non-GAAP Financial Measures
This press release also includes certain non-GAAP financial measures, including EBITDA and Enterprise Value to EBITDA. Non-GAAP financial measures are not measurements of our performance or liquidity under IFRS as issued by IASB and should not be considered alternatives to operating profit or profit for the period or net cash provided by operating activities or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities. Please refer to the appendix of this press release for a reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable financial measures prepared in accordance with IFRS as well as the reasons why management believes the use of non-GAAP financial measures (including EBITDA and Enterprise Value to EBITDA) in this press release provides useful information to investors.
Appendix 1: Reconciliation of Non-GAAP Measures
Our management believes ...