Atlantica Sustainable Infrastructure PLC (NASDAQ:AY) Q4 2024 Earnings Conference Call March 1, 2024 8:00 AM ET

Company Participants

Santiago Seage - Chief Executive Officer

Francisco Martinez-Davis - Chief Financial Officer

Conference Call Participants

Nelson Ng - RBC Capital Markets

Mark Jarvi - CIBC Capital Markets

Angie Storozynski - Seaport

William Grippin - UBS

Rupert Merer - National Bank of Canada

Operator

Welcome to Atlantica's Full Year 2023 Financial Results Conference Call. Just a reminder that this call is being webcast live on the Internet, and a replay of this call will be available on Atlantica's corporate website.

Atlantica will be making forward-looking statements during this call, which are based on current expectations and assumptions and are subject to risks and uncertainties. Actual results could differ materially from our forward-looking statements. If any of our key assumptions are incorrect or because of other factors, including the Risk Factors section of the accompanying presentation and in our latest reports and filings with the Securities and Exchange Commission, all of which can be found on our website. Atlantica does not undertake any duty to update any forward-looking statements.

Joining us for today's conference call are Atlantica's CEO, Santiago Seage; and the CFO, Francisco Martinez-Davis. As usual, at the end of the conference call, we will open the lines for the Q&A session.

I will now pass you over to Mr. Seage. Please, sir, go ahead.

Santiago Seage

Thank you very much. Good morning, and thank you for joining us for our 2023 conference call results.

In 2023, we have met the guidance we provided at the beginning of the year, both regarding EBITDA and for CAFD. If we cover briefly some of the achievements during the year, we remind you that in early 2023 we were able to refinance two large assets in Spain, creating long-term value by extending maturities at what -- at the time we're still very reasonable in costs.

Additionally, 2023 has been a year where we have continued evolving in our growth strategy, demonstrating that Atlantica can grow through a combination of development and construction of our own pipeline, and through the acquisition of assets whenever we find opportunities with reasonable returns. In fact, during the year, several new solar assets have reached commercial operation.

Additionally, our development team in the U.S. has made very significant progress during the year. At this point in time, we have three new projects, fully contracted and under construction or about to start construction in the Southwest of the U.S., leveraging the IRA. As you all know, North America continues to be our main target geography in terms of new investments, in terms of capital allocation.