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Different techniques can be used to make this estimate, including extrapolation of observable market data. The best indication of the initial fair value of a financial instrument is the price of the transaction, except when the value of the instrument can be obtained from other transactions carried out in the market with the same or similar instruments, or valued using a valuation technique in which the variables used only include observable market data, mainly interest rates. Differences between the transaction price and the fair value based on valuation techniques that use data that is not observed in the market, are not initially recognized in the income statement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Atlantica Yield derivatives correspond primarily to the interest rate swaps designated as cash flow hedges, which are classified as Level 2:</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>Description of the valuation method</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Interest rate swap valuations are made by valuing the swap part of the contract and valuing the credit risk. 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If the expected settlement is negative for the Company, its own credit risk will be applied to the final settlement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Classic models for valuing interest rate swaps use deterministic valuation of the future of variable rates, based on future outlooks. When quantifying credit risk, this model is limited by considering only the risk for the current paying party, ignoring the fact that the derivative could change sign at maturity. A payer and receiver swaption model is proposed for these cases. This enables the associated risk in each swap position to be reflected. Thus, the model shows each agent&#8217;s exposure, on each payment date, as the value of entering into the &#8216;tail&#8217; of the swap, i.e. the live part of the swap.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>Variables (Inputs)</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Interest rate derivative valuation models use the corresponding interest rate curves for the relevant currency and underlying reference in order to estimate the future cash flows and to discount them. Market prices for deposits, futures contracts and interest rate swaps are used to construct these curves. Interest rate options (caps and floors) also use the volatility of the reference interest rate curve.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">To estimate the credit risk of the counterparty, the credit default swap (CDS) spreads curve is obtained in the market for important individual issuers. For less liquid issuers, the spreads curve is estimated using comparable CDSs or based on the country curve. To estimate proprietary credit risk, prices of debt issues in the market and CDSs for the sector and geographic location are used.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The fair value of the financial instruments that results from the aforementioned internal models takes into account, among other factors, the terms and conditions of the contracts and observable market data, such as interest rates, credit risk and volatility. The valuation models do not include significant levels of subjectivity, since these methodologies can be adjusted and calibrated, as appropriate, using the internal calculation of fair value and subsequently compared to the corresponding actively traded price. However, valuation adjustments may be necessary when the listed market prices are not available for comparison purposes.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.16. Foreign currency transactions</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The consolidated financial statements are presented in U.S. dollars, which is Atlantica Yield functional and reporting currency. Financial statements of each subsidiary within the Company are measured in the currency of the principal economic environment in which the subsidiary operates, which is the subsidiary&#8217;s functional currency.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Transactions denominated in a currency different from the subsidiary&#8217;s functional currency are translated into the subsidiary&#8217;s functional currency applying the exchange rates in force at the time of the transactions. Foreign currency gains and losses that result from the settlement of these transactions and the translation of monetary assets and liabilities denominated in foreign currency at the year-end rates are recognized in the consolidated income statement, unless they are deferred in equity, as occurs with cash flow hedges and net investment in foreign operations hedges.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Assets and liabilities of subsidiaries with a functional currency different from the Company&#8217;s reporting currency are translated to U.S. dollars at the exchange rate in force at the closing date of the financial statements. Income and expenses are translated into U.S. dollars using the average annual exchange rate, which does not differ significantly from using the exchange rates of the dates of each transaction. The difference between equity translated at the historical exchange rate and the net financial position that results from translating the assets and liabilities at the closing rate is recorded in equity under the heading &#8220;Accumulated currency translation differences&#8221;.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Results of companies carried under the equity method are translated at the average annual exchange rate.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.11. Grants</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Grants are recognized at fair value when it is considered that there is a reasonable assurance that the grant will be received and that the necessary qualifying conditions, as agreed with the entity assigning the grant, will be adequately complied with.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Grants are recorded as liabilities in the consolidated statement of financial position and are recognized in &#8220;Other operating income&#8221; in the consolidated income statement based on the period necessary to match them with the costs they intend to compensate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In addition, as described in Note 2.12 below, grants correspond also to loans with interest rates below market rates, for the initial difference between the fair value of the loan and the proceeds received.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.13. Bonds and notes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company initially recognizes ordinary notes at fair value, net of issuance costs incurred. Subsequently, notes are measured at amortized cost until settlement upon maturity. Any other difference between the proceeds obtained (net of transaction costs) and the redemption value is recognized in the consolidated income statement over the term of the debt using the effective interest rate method.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.5 Asset impairment</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Atlantica Yield reviews its contracted concessional assets to identify any indicators of impairment at least annually.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use, defined as the present value of the estimated future cash flows to be generated by the asset. In the event that the asset does not generate cash flows independently of other assets, the Company calculates the recoverable amount of the Cash Generating Unit (&#8216;CGU&#8217;) to which the asset belongs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">When the carrying amount of the CGU to which these assets belong is higher than its recoverable amount, the assets are impaired.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Assumptions used to calculate value in use include a discount rate, growth rate and projections considering real data based in the contracts terms and projected changes in both selling prices and costs. The discount rate is estimated by Management, to reflect both changes in the value of money over time and the risks associated with the specific CGU.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For contracted concessional assets, with a defined useful life and with a specific financial structure, cash flow projections until the end of the project are considered and no terminal value is assumed.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Contracted concessional assets have a contractual structure that permits the Company to estimate quite accurately the costs of the project (both in the construction and in the operations periods) and revenue during the life of the project.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Projections take into account real data based on the contract terms and fundamental assumptions based on specific reports prepared by experts, assumptions on demand and assumptions on production. Additionally, assumptions on macro-economic conditions are taken into account, such as inflation rates, future interest rates, etc. and sensitivity analyses are performed over all major assumptions which can have a significant impact in the value of the asset.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Cash flow projections of CGUs are calculated in the functional currency of those CGUs and are discounted using rates that take into consideration the risk corresponding to each specific country and currency.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Taking into account that in most CGUs the specific financial structure is linked to the financial structure of the projects that are part of those CGUs, the discount rate used to calculate the present value of cash-flow projections is based on the weighted average cost of capital (WACC) for the type of asset, adjusted, if necessary, in accordance with the business of the specific activity and with the risk associated with the country where the project is performed.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In any case, sensitivity analyses are performed, especially in relation with the discount rate used and fair value changes in the main business variables, in order to ensure that possible changes in the estimates of these items do not impact the possible recovery of recognized assets.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Accordingly, the following table provides a summary of the discount rates used (WACC) and growth rates to calculate the recoverable amount for CGUs with the operating segment to which it pertains:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 60%;"><tr><td valign="bottom" style="width: 36%; vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Operating segment</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Discount rate</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Growth rate</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">EMEA</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">4% - 6</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">North America</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">4% - 6</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">South America</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5% - 7</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the event that the recoverable amount of an asset is lower than its carrying amount, an impairment charge for the difference would be recorded in the income statement under the item &#8220;Depreciation, amortization and impairment charges&#8221;.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify; margin-left: 0.1pt; margin-right: 0.1pt;">2.14. Income taxes</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Current income tax expense is calculated on the basis of the tax laws in force as of the date of the consolidated statement of financial position in the countries in which the subsidiaries and associates operate and generate taxable income.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Deferred income tax is calculated in accordance with the liability method, based upon the temporary differences arising between the carrying amount of assets and liabilities and their tax base. Deferred income tax is determined using tax rates and regulations which are expected to apply at the time when the deferred tax is realized.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Deferred tax assets are recognized only when it is probable that sufficient future taxable profit will be available to use deferred tax assets.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">2.2. Principles to include and record companies in the consolidated financial statements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Companies included in these consolidated financial statements are accounted for as subsidiaries as long as Atlantica Yield has had control over them and are accounted for as investments under the equity method as long as Atlantica Yield has had significant influence over them, in the periods presented.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Controlled entities</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Control is achieved when the Company:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Has power over the investee;</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Is exposed, or has rights, to variable returns from its involvement with the investee; and</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Has the ability to use its power to affect its returns.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Company reassesses whether or not it controls an investee when facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company uses the acquisition method to account for business combinations of companies controlled by a third party. According to this method, identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date and subsequent changes in its fair value are recognized in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Acquisition related costs are expensed as incurred. The Company recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquirer&#8217;s net assets on an acquisition by acquisition basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Acquisitions of businesses from Abengoa were until December 31, 2015, not considered business combinations, as Atlantica Yield was a subsidiary controlled by Abengoa. The assets acquired constituted an acquisition under common control by Abengoa and accordingly, were recorded using Abengoa&#8217;s historical basis in the assets and liabilities of the Predecessor. Abengoa has no control over the Company since December 31, 2015. Therefore, any purchase from Abengoa is accounted for in the consolidated accounts of Atlantica Yield since December 31, 2015, in accordance with IFRS 3, Business Combination.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">All assets and liabilities between entities of the group, equity, income, expenses, and cash flows relating to transactions between entities of the group are eliminated in full.</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Investments accounted for under the equity method</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company share of the profit or loss and other comprehensive income of the associate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Controlled entities and associates included in these financial statements as of December 31, 2017 and 2016 are set out in appendices.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.17. Equity</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company has recyclable balances in its equity, corresponding mainly to hedge reserves and translation differences arising from currency conversion in the preparation of these consolidated financial statements. These balances have been presented separately in Equity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Non-controlling interest represents interest from other partners in entities included in these consolidated financial statements which are not fully owned by Atlantica Yield as of the dates presented.</div><div style="text-align: justify; margin-left: 0.1pt; margin-right: 0.1pt;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt; margin-right: 0.1pt;">Parent company reserves together with the Share capital represent the Parent&#8217;s net investment in the entities included in these consolidated financial statements.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.6 Loans and accounts receivable</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments, not listed on an active market.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In accordance with IFRIC 12, certain assets under concessions qualify as financial assets and are recorded as is described in Note 2.3.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Loans and accounts receivable are initially recognized at fair value plus transaction costs and are subsequently measured at amortized cost in accordance with the effective interest rate method. Interest calculated using the effective interest rate method is recognized under other financial income within financial income.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.15. Trade payables and other liabilities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Trade payables are obligations arising from purchases of goods and services in the ordinary course of business and are recognized initially at fair value and are subsequently measured at their amortized cost using the effective interest method. Other liabilities are obligations not arising in the normal course of business and which are not treated as financing transactions. Advances received from customers are recognized as &#8220;Trade payables and other current liabilities&#8221;.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.9. Clients and other receivables</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Clients and other receivables are amounts due from customers for sales in the normal course of business. They are recognized initially at fair value and subsequently measured at amortized cost using the effective interest rate method, less allowance for doubtful accounts. Trade receivables due in less than one year are carried at their face value at both initial recognition and subsequent measurement, provided that the effect of not discounting flows is not significant.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">An allowance for doubtful accounts is recorded when there is objective evidence that the Company will not be able to recover all amounts due as per the original terms of the receivables.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.10. Cash and cash equivalents</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Cash and cash equivalents include cash in hand, cash in bank and other highly-liquid current investments with an original maturity of three months or less which are held for the purpose of meeting short-term cash commitments.</div></div> 0.05 0.07 0.04 0.06 0.06 0.04 0.067 0.050 0.051 0.041 0.070 0.047 Euro USD USD Euro USD Euro USD USD Euro USD USD USD USD USD USD Rand Euro USD Euro USD Euro Euro 0 0 0 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 23.- Other information</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">23.1 Restricted Net assets</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Certain of the consolidated entities are restricted from remitting certain funds to Atlantica Yield plc. as a result of a number of regulatory, contractual or statutory requirements. 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In addition, in 2017, Kaxu&#8217;s debt coverage ratio did not reach the minimum threshold due to the technical problems that the plant experienced since the end of 2016. 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font-family: 'Times New Roman'; text-align: left;">In 2016, the Company refinanced ATN2 debt. 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border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">January 1, 2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Cash Flow</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Non-cash changes</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">December 31, 2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 42%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Project debt</div></td><td valign="bottom" style="width: 1%; 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text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(248,472</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">393,212</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5,475,208</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 0.2pt; margin-right: 0.2pt;">The non-cash changes primarily relates to currency translation differences.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The equivalent in U.S. dollars of the most significant foreign-currency-denominated debts held by the Company is as follows:</div><div style="text-align: left;"><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 90%;"><tr><td valign="bottom" style="width: 66%; vertical-align: middle; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="6" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">Balance as of December 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: middle; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Currency</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Euro</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,286,771</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">456,179</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">419,708</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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When converted to US$ at US$/&#8364; closing exchange rate, it contributes to reduce the impact in translation difference reserves generated in the equity of these consolidated financial statements by the conversion of the net assets of the Spanish solar assets into US$.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On July 20, 2017, the Company signed a credit facility (the &#8220;Credit Facility 2017&#8221;) for up to &#8364;10 million, approximately $11.9 million, which is available in euros or US dollars. Amounts drawn accrue interest at a rate per year equal to EURIBOR plus 2.25% or LIBOR plus 2.25%, depending on the currency. The credit facility has a maturity date of July 20, 2018. 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font-weight: bold; text-align: center;">2020</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2021</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left;">&#160;</td><td valign="bottom" style="vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2022</div></td><td nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">53,778</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 16%; vertical-align: middle; 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text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">107,316</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">11,948</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 16%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; 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vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">-</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">256,467</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 16%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 9pt; text-indent: -9pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">(12,383</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 42%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Between 1 and 2 years</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">978</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; 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font-family: 'Times New Roman';">262</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(14,927</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 42%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Between 2 and 3 years</div></td><td valign="bottom" style="width: 1%; 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The Company owns eight solar platforms in Spain: Solacor 1 and 2 with a gross capacity of 100 MW, PS10 and PS20 with a gross capacity of 31 MW, Solaben 2 and 3 with a gross capacity of 100 MW, Helioenergy 1 and 2 with a gross capacity of 100 MW, Helios 1 and 2 with a gross capacity of 100 MW, Solnova 1, 3 and 4 with a gross capacity of 150 MW, Solaben 1 and 6 with a gross capacity of 100 MW and Seville PV with a gross capacity of 1 MW. The Company also owns a solar plant in South Africa, Kaxu with a gross capacity of 100 MW. 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padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; 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vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; 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text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 2px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">617,824</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 30%; 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padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">EMEA</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(146,354</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; 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border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(90,936</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; 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vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(90,995</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(81,853</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Interest rates losses derivatives: cash flow hedges</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(72,495</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(74,093</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(54,139</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 4px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(463,717</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(408,007</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(333,921</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">)</div></td></tr></table></div> <div style="font-family: 'Times New Roman'; 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vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Financial income</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td colspan="3" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2015</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Interest income from loans and credits</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">325</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">286</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">933</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Interest rates benefits derivatives: cash flow hedges</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">682</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">3,012</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">2,531</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1,007</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">3,298</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">3,464</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><table align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 80%;"><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">For the year ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Financial expenses</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: middle; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">- Loans from credit entities</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(253,660</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(242,919</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(197,929</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">- Other debts</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(137,562</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(90,995</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(81,853</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Interest rates losses derivatives: cash flow hedges</div></td><td valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(72,495</div></td><td nowrap="nowrap" valign="bottom" style="width: 1.22%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; 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Increase in 2017 is primarily due to the higher increase in the amortized cost of the Liberty debt by $50 million compared to the year 2016 (see Note 16). 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vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(9,638</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 64%; vertical-align: middle; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Total</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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font-family: 'Times New Roman'; text-align: justify;">According to the agreement reached with Abengoa in the third quarter of 2016, Abengoa acknowledged that Atlantica Yield is the legal owner of the dividends declared on February 24, 2017 and retained from Abengoa amounting to $10.4 million. 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In the event that Euribor and Libor had risen by 25 basis points as of December 31, 2017, with the rest of the variables remaining constant, the effect in the consolidated income statement would have been a loss of $228 thousand (a loss of $2,563 thousand in 2016 and a loss of $1,795 thousand in 2015) and an increase in hedging reserves of $37,767 thousand ($37,290 thousand in 2016 and $41,702 thousand in 2015). 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font-family: 'Times New Roman'; font-weight: bold;">(349,266</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">)</div></td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The table below shows the breakdown and the movement of the investments held in associates for 2017 and 2016:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 80%;"><tr><td valign="bottom" style="width: 56%; vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Investments in associates</div></td><td valign="bottom" style="width: 1%; 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text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Initial balance</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">55,009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">56,181</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">6,646</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dividend distribution</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(2,454</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,954</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Equity distribution</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(549</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,099</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Currency translation differences</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1,573</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Final balance</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">55,784</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">55,009</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr></table></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Note 7.- Investments carried under the equity method</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The table below shows the breakdown and the movement of the investments held in associates for 2017 and 2016:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 80%;"><tr><td valign="bottom" style="width: 56%; vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Investments in associates</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2016</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 56%; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">6,646</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Dividend distribution</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Equity distribution</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(549</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(3,099</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Currency translation differences</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(1,573</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(765</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; 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font-family: 'Times New Roman'; text-align: justify;">None of the associated companies referred to above is a listed company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt; margin-right: 0.1pt;">(*) Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L. which is accounted for using the equity method in these consolidated financial statements. 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The underwriters further purchased 3,727,500 additional shares from the selling shareholder, a subsidiary wholly owned by Abengoa, at the public offering price less fees and commissions to cover over-allotments (&#8220;greenshoe&#8221;) driving the total proceeds of the offering to $828,748 thousand.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Atlantica Yield&#8217;s shares began trading on the NASDAQ Global Select Market under the symbol &#8220;ABY&#8221; on June 13, 2014. The symbol changed to &#8220;AY&#8221; on November 11, 2017.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">On January 22, 2015, Abengoa closed an underwritten public offering and sale in the United States of 10,580,000 of ordinary shares of the Company for total proceeds of $327,980,000 (or $31 per share). 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The Asset Transfer and the acquisitions under the ROFO agreement were recorded in accordance with the Predecessor accounting principle, given that all these transactions occurred before December 2015, when Abengoa still had control over Atlantica Yield.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Non-controlling interests fully relate to interests held by JGC in Solacor 1 and Solacor 2, by Idae in Seville PV, by Itochu Corporation in Solaben 2 and Solaben 3, by Algerian Energy Company, SPA and Valoriza Agua S.L. in Skikda and by Industrial Development Corporation of South Africa (IDC) and Kaxu Community Trust in Kaxu Solar One (Pty) Ltd.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Additional information of subsidiaries including material Non-controlling interests as of December 31, 2017 and 2016, are disclosed in Appendix IV.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Dividends declared during the year 2017:</div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman';">On February 27, 2017, the Board of Directors declared a dividend of $0.25 per share corresponding to the four quarter of 2016. The dividend was paid on March 15, 2017. From that amount, the Company retained $10.4 million of the dividend attributable to Abengoa;</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman';">On May 15, 2017, the Board of Directors declared a dividend of $0.25 per share corresponding to the first quarter of 2017. The dividend was paid on June 15, 2017;</div></td></tr></table></div><div><br /></div><div style="text-align: left;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">-</td><td style="width: auto; vertical-align: top; text-align: left;"><div style="font-size: 10pt; font-family: 'Times New Roman';">On August 3, 2017, the Board of Directors declared a dividend of $0.26 per share corresponding to the second quarter of 2017. 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The dividend was paid on December 15, 2017.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">In addition, as of December 31, 2017, there was no treasury stock and there have been no transactions with treasury stock during the period then ended.</div></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 27pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 36pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">The following tables show Revenues and Further Adjusted EBITDA by operating segments and business sectors for the years 2017, 2016 and 2015:</div></td></tr></table></div><div><br /></div><table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; 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text-indent: -7.2pt;">Leases and fees</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(6,641</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Independent professional services</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(36,178</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; 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text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; 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text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; 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vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; 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vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; padding-bottom: 4px; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; 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Until December 2015, sales related to sale of energy by Spanish Solar plants were sometimes made through an Abengoa company acting as an agent for the plant. This service is not provided anymore by Abengoa since then.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The figures detailed in the table above do not include the following financial income recorded in these consolidated financial statements for the year ended December 31, 2017: compensation received from Abengoa in lieu of dividends from ACBH for $10.4 million resulting from the agreement signed with Abengoa in the third quarter of 2016 (see Note 8). 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This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Annual Improvements to IFRSs 2015-2017 cycles. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRIC 22 Foreign Currency Transactions and Advance Consideration. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRIC 23 Uncertainty over Income Tax Treatments. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB.</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 10 and IAS 28. Parent disposes of (or contributes) its controlling interest in a subsidiary to an existing associate or joint venture. Effective date beginning on or after a date to be determined by the IASB.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">The application of these accounting standards is not expected to have a material impact on the consolidated financial statements of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">The analysis performed by the Company, relating to the impact of the new relevant accounting standards is as follows:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>IFRS 15 &#8216;Revenues from contracts with Customers&#8217;</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In May 2014, the IASB (International Accounting Standards Board) published IFRS 15 &#8220;Recognition of Revenue from Contracts with Customers&#8221;. This Standard brings together all the applicable requirements and replaces the current standards for recognizing revenue: IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Program, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue&#8212;Barter Transactions Involving Advertising Services.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The new requirements may lead to changes in the current revenue profile, since the Standard's main principle is that the Company must recognize its revenue in accordance with the transfer of goods or services to the customers in an amount which reflects the consideration that the Company expects to receive in exchange for these goods or services. The model laid out by the Standard is structured in five steps:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 1: Identifying the contract with the customer.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 2: Identifying the performance obligations.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 3: Determining the transaction price.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 4: Assigning the transaction price in the performance obligations identified in the contract.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 5: Recognition of revenue when (or as) the Company performs the performance obligations.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with International Financial Reporting Interpretations Committee 12 (&#8220;IFRIC 12&#8221;), except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20 and Seville PV, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, cogeneration plants, wind farms and water plants.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Currently, assets recorded in accordance with IFRIC 12 are classified as intangible assets or as financial assets, depending on the nature of the payment entitlements established in the contracts.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">According to IFRS 15, the Company should assess the goods and services promised in the contracts with the customers and shall identify as a performance obligation each promise to transfer to the customer a good or service (or a bundle of goods or services).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the case of contracts related to financial assets, the Company has identified two performance obligations (construction and operation of the asset). The contracts state that each service (construction and operation) has its own transaction price. For this reason, both performance obligations are separately identifiable in the context of the contract. The Company must allocate the total consideration to be received by the contract to each performance obligation. As mentioned above, the different services performed have been identified as two different performance obligations (construction and operation). Each performance obligation has its own transaction price stated in the contract. Such transaction prices are agreed in the contract by the parties in an orderly transaction, with no interrelation between both transaction prices and therefore correspond to the fair value of the goods and services provided in each case. As a result, for IFRS 15 purposes, the total transaction price will be allocated to each performance obligation in accordance with the two transaction prices stated within the contract, as they represent the respective fair values of the identified performance obligations.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For the assets classified as intangible assets, the Company has identified the same performance obligations, (construction and operation), but in this case the consideration received by the Company for the construction services is a license. The grantor makes a non-cash payment for the construction services by giving the operator an intangible asset. When allocating fair value for IFRS 15 purposes, the Company will recognize as revenue for the first performance obligation the fair value of the construction services, and the amount corresponding to the sales of energy as the fair value of second performance obligation (operation).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Additionally, in both cases, the services are satisfied over time. Therefore, the Company satisfies the performance obligations and recognizes revenue over time. The same conclusion applies to concessional assets that are classified as tangible assets or leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IFRS 15 also incorporates specific criteria to determine which costs relating to a contract should be capitalized by distinguishing between incremental costs of obtaining a contract and costs associated with fulfilling a contract. No significant costs of obtaining a contract or compliance (other than those that are already capitalized) have been identified.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As the current practice for revenue recognition is consistent with the analysis above under IFRS 15, the Company considers that the adoption of this standard will not have impact in the consolidated financial statements of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Also, the Company has the intention to adopt IFRS 15 applying the full retrospective method to each prior reporting period presented, but without changes in the comparative reporting periods as the adoption of the standard has no effect in the financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>IFRS 9 &#8216;Financial Instruments&#8217;</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IFRS 9 Financial Instruments issued on 24 July 2014 is the IASB's replacement of IAS 39 Financial Instruments: Recognition and Measurement. The standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model for financial assets. The Company will be adopting the standard as of January 1, 2018, including the new requirements for hedge accounting (which application is voluntary for 2018). The Company will be adopting retrospectively without re-expressing comparative periods. The analysis performed by the Company is as follows:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Classification and measurement of financial instruments:</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financial assets IFRS 9 classifies all financial assets that are currently in the scope of IAS 39 into two categories:&#160; amortized cost and fair value. Where assets are measured at fair value, gains and losses are either recognized entirely in profit or loss (fair value through profit or loss, &#8220;FVTPL&#8221;), or recognized in other comprehensive income (fair value through other comprehensive income, &#8220;FVTOCI&#8221;). The new guidance has no significant impact on the classification and measurement of the financial assets of the Company as the vast majority of financial assets (except for derivatives) are currently measured at amortized cost, and meet the conditions for classification at amortized cost under IFRS9. The Company has the intention of maintaining this classification.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financial liabilities: IFRS 9 does not change the basic accounting model for financial liabilities under IAS 39. Two measurement categories continue to exist: FVTPL and amortized cost. Financial liabilities held for trading are measured at FVTPL, and all other financial liabilities are measured at amortized cost unless the fair value option is applied. As a result, the Company concluded that there will be no significant impact on the consolidated financial statements.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">The new impairment model requires the recognition of impairment provisions based on expected credit losses (&#8220;ECL&#8221;) rather than only incurred credit losses as is the case under IAS 39. The Company reviewed its portfolio of financial assets subject to the new model of impairment under the new methodology (using credit default swaps, rating from credit agencies and other external inputs in order to estimate the probability of default), and concluded that initial impact on the consolidated financial statements is not significant.</div></td></tr></table></div><div>&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">The accounting for certain modifications and exchanges of financial liabilities measured at amortized cost (e.g. bank loans and issued bonds) will change on the transition from IAS 39 to IFRS 9. This change arises from a clarification by the IASB in the Basis for Conclusions of IFRS 9. Under IFRS 9 it is now clear that there can be an effect in the income statement for modification and exchanges of financial liabilities that are considered &#8220;non-substantial&#8221; (when the net present value of the cash flows, including any fees paid net of any fees received, is lower than 10% different from the net present value of the remaining cash flows of the liability prior to the modification, both discounted at the original effective interest rate). The Company reviewed retrospectively these transactions and concluded that the impact is not significant.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 9 also introduces changes in hedge accounting. The hedge accounting requirements in IFRS 9 are optional and tend to facilitate the use of hedge accounting by preparers of financial statements. As a result, the Company reviewed its portfolio of derivatives and concluded that there will not be significant impact on its consolidated financial statements as a result of applying IFRS 9.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">The new standard will require some new disclosures, in particular regarding hedge accounting, credit risk and ECLs that will be presented in future periods.</div></td></tr></table></div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>IFRS 16 &#8216;Leases&#8217;</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The IASB issued a new lease accounting standard, IFRS 16, in January 2016, which will require the recognition of lease contracts on the consolidated statement of financial position.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. Instead all leases are treated in a similar way to finance leases applying IAS 17. Leases are &#8216;capitalized&#8217; by recognizing the present value of the lease payments and showing them either as lease assets (right-of-use of assets) or together with property, plant and equipment. If lease payments are made over time, a company also recognizes a financial liability representing its obligation to make future lease payments.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the income statement, IFRS 16 replaces the straight-line operating lease expense for those leases applying IAS 17, with a depreciation charge for the lease asset (included within operating expenses) and an interest expense on the lease liability (included within finance expenses).<font style="font-size: 10pt; font-family: 'Times New Roman';">&#160;</font>IFRS 16 will also have an effect on the presentation of cash flows related to former off-balance sheet leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company performed its assessment of the impact on its consolidated financial statements. The most significant impact identified is that the Company will recognize new assets and liabilities for its existing operating leases of land rights, buildings, offices and equipment.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The standard is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted for entities that apply IFRS 15 at or before the date of initial application of IFRS 16. The Company decided to early adopt the standard as of January 1, 2018.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">An entity shall apply this standard using one of the following two methods: full retrospectively approach or a modified retrospective approach. The Company has chosen the latter and will account for assets as an amount equal to liability at the date of initial application. The Company estimates the impact on the consolidated statement of financial position as of January 1, 2018, is not significant (less than 1% of total assets).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">2.2. Principles to include and record companies in the consolidated financial statements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Companies included in these consolidated financial statements are accounted for as subsidiaries as long as Atlantica Yield has had control over them and are accounted for as investments under the equity method as long as Atlantica Yield has had significant influence over them, in the periods presented.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Controlled entities</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">Control is achieved when the Company:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Has power over the investee;</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Is exposed, or has rights, to variable returns from its involvement with the investee; and</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Has the ability to use its power to affect its returns.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">The Company reassesses whether or not it controls an investee when facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company uses the acquisition method to account for business combinations of companies controlled by a third party. According to this method, identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any contingent consideration is recognized at fair value at the acquisition date and subsequent changes in its fair value are recognized in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Acquisition related costs are expensed as incurred. The Company recognizes any non-controlling interest in the acquiree either at fair value or at the non-controlling interest&#8217;s proportionate share of the acquirer&#8217;s net assets on an acquisition by acquisition basis.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Acquisitions of businesses from Abengoa were until December 31, 2015, not considered business combinations, as Atlantica Yield was a subsidiary controlled by Abengoa. The assets acquired constituted an acquisition under common control by Abengoa and accordingly, were recorded using Abengoa&#8217;s historical basis in the assets and liabilities of the Predecessor. Abengoa has no control over the Company since December 31, 2015. Therefore, any purchase from Abengoa is accounted for in the consolidated accounts of Atlantica Yield since December 31, 2015, in accordance with IFRS 3, Business Combination.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">All assets and liabilities between entities of the group, equity, income, expenses, and cash flows relating to transactions between entities of the group are eliminated in full.</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Investments accounted for under the equity method</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Under the equity method, an investment in an associate is initially recognized in the statement of financial position at cost and adjusted thereafter to recognize the Company share of the profit or loss and other comprehensive income of the associate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Controlled entities and associates included in these financial statements as of December 31, 2017 and 2016 are set out in appendices.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.3. Contracted concessional assets and price purchase agreements</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.2pt; margin-right: 0.2pt;">Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20 and Seville PV, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, cogeneration plants, wind farms and water plants. The useful life of these assets is approximately the same as the length of the concession arrangement. The infrastructure used in a concession can be classified as an intangible asset or a financial asset, depending on the nature of the payment entitlements established in the agreement.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.2pt; margin-right: 0.2pt;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The application of IFRIC 12 requires extensive judgment in relation with, among other factors, (i) the identification of certain infrastructures and contractual agreements in the scope of IFRIC 12, (ii) the understanding of the nature of the payments in order to determine the classification of the infrastructure as a financial asset or as an intangible asset and (iii) the timing and recognition of the revenue from construction and concessionary activity.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Under the terms of contractual arrangements within the scope of this interpretation, the operator shall recognize and measure revenue in accordance with IAS 11 and 18 for the services it performs. If the operator performs more than one service (i.e. construction or upgrade services and operation services) under a single contract or arrangement, consideration received or receivable shall be allocated by reference to the relative fair values of the services delivered, when the amounts are separately identifiable.</div><div>&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Intangible asset</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company recognizes an intangible asset to the extent that it receives a right to charge final customers for the use of the infrastructure. This intangible asset is subject to the provisions of IAS 38 and is amortized linearly, taking into account the estimated period of commercial operation of the infrastructure which coincides with the concession period.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Once the infrastructure is in operation, the treatment of income and expenses is as follows:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Revenues from the updated annual revenue for the contracted concession, as well as operations and maintenance services are recognized in each period according to IAS 18 &#8220;Revenue&#8221;.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Operating and maintenance costs and general overheads and administrative costs are recorded in accordance with the nature of the cost incurred (amount due) in each period.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financing costs are expensed as incurred.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financial asset</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company recognizes a financial asset when demand risk is assumed by the grantor, to the extent that the concession holder has an unconditional right to receive payments for the asset. This asset is recognized at the fair value of the construction services provided, considering upgrade services in accordance with IAS 11, if any.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The financial asset is subsequently recorded at amortized cost calculated according to the effective interest method. Revenue from operations and maintenance services is recognized in each period according to IAS 18 &#8220;Revenue&#8221;. 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A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its internal use or sale, which is considered to be more than one year. 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In the event that the asset does not generate cash flows independently of other assets, the Company calculates the recoverable amount of the Cash Generating Unit (&#8216;CGU&#8217;) to which the asset belongs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">When the carrying amount of the CGU to which these assets belong is higher than its recoverable amount, the assets are impaired.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Assumptions used to calculate value in use include a discount rate, growth rate and projections considering real data based in the contracts terms and projected changes in both selling prices and costs. The discount rate is estimated by Management, to reflect both changes in the value of money over time and the risks associated with the specific CGU.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For contracted concessional assets, with a defined useful life and with a specific financial structure, cash flow projections until the end of the project are considered and no terminal value is assumed.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Contracted concessional assets have a contractual structure that permits the Company to estimate quite accurately the costs of the project (both in the construction and in the operations periods) and revenue during the life of the project.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Projections take into account real data based on the contract terms and fundamental assumptions based on specific reports prepared by experts, assumptions on demand and assumptions on production. Additionally, assumptions on macro-economic conditions are taken into account, such as inflation rates, future interest rates, etc. and sensitivity analyses are performed over all major assumptions which can have a significant impact in the value of the asset.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Cash flow projections of CGUs are calculated in the functional currency of those CGUs and are discounted using rates that take into consideration the risk corresponding to each specific country and currency.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Taking into account that in most CGUs the specific financial structure is linked to the financial structure of the projects that are part of those CGUs, the discount rate used to calculate the present value of cash-flow projections is based on the weighted average cost of capital (WACC) for the type of asset, adjusted, if necessary, in accordance with the business of the specific activity and with the risk associated with the country where the project is performed.</div><div style="text-align: left;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In any case, sensitivity analyses are performed, especially in relation with the discount rate used and fair value changes in the main business variables, in order to ensure that possible changes in the estimates of these items do not impact the possible recovery of recognized assets.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Accordingly, the following table provides a summary of the discount rates used (WACC) and growth rates to calculate the recoverable amount for CGUs with the operating segment to which it pertains:</div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 60%;"><tr><td valign="bottom" style="width: 36%; vertical-align: bottom; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Operating segment</div></td><td valign="bottom" style="width: 1%; 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text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">EMEA</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">4% - 6</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: top; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">North America</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">4% - 6</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">0</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">%</div></td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: top; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">South America</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">%</div></td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the event that the recoverable amount of an asset is lower than its carrying amount, an impairment charge for the difference would be recorded in the income statement under the item &#8220;Depreciation, amortization and impairment charges&#8221;.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.6 Loans and accounts receivable</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Loans and accounts receivable are non-derivative financial assets with fixed or determinable payments, not listed on an active market.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In accordance with IFRIC 12, certain assets under concessions qualify as financial assets and are recorded as is described in Note 2.3.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Pursuant to IAS 36, an impairment loss is recognized if the carrying amount of these assets exceeds the present value of future cash flows discounted at the initial effective interest rate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Loans and accounts receivable are initially recognized at fair value plus transaction costs and are subsequently measured at amortized cost in accordance with the effective interest rate method. Interest calculated using the effective interest rate method is recognized under other financial income within financial income.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.7. Derivative financial instruments and hedging activities</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Derivatives are recorded at fair value. The Company applies hedge accounting to all hedging derivatives that qualify to be accounted for as hedges under IFRS-IASB.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">When hedge accounting is applied, hedging strategy and risk management objectives are documented at inception, as well as the relationship between hedging instruments and hedged items. Effectiveness of the hedging relationship needs to be assessed on an ongoing basis. Effectiveness tests are performed prospectively and retrospectively at inception and at each reporting date, following the dollar offset method or the regression method, depending on the type of derivatives and the type of tests performed.</div><div>&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Atlantica Yield applies cash flow hedging. Under this method, the effective portion of changes in fair value of derivatives designated as cash flow hedges are recorded temporarily in equity and are subsequently reclassified from equity to profit or loss in the same period or periods during which the hedged item affects profit or loss. Any ineffective portion of the hedged transaction is recorded in the consolidated income statement as it occurs.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">When interest rate options are designated as hedging instruments, the intrinsic value and time value of the financial hedge instrument are separated. Changes in intrinsic value which are highly effective are recorded in equity and subsequently reclassified from equity to profit or loss in the same period or periods during which the hedged item affects profit or loss. Changes in time value are recorded as financial income or expense, together with any ineffectiveness.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">When the hedging instrument matures or is sold, or when it no longer meets the requirements to apply hedge accounting, accumulated gains and losses recorded in equity remain as such until the forecast transaction is ultimately recognized in the income statement. However, if it becomes unlikely that the forecast transaction will actually take place, the accumulated gains and losses in equity are recognized immediately in the income statement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.8. Fair value estimates</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Financial instruments measured at fair value are presented in accordance with the following level classification based on the nature of the inputs used for the calculation of fair value:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Level 1: Inputs are quoted prices in active markets for identical assets or liabilities.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Level 2: Fair value is measured based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 20.25pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 27pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Level 3: Fair value is measured based on unobservable inputs for the asset or liability.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the event that prices cannot be observed, the management shall make its best estimate of the price that the market would otherwise establish based on proprietary internal models which, in the majority of cases, use data based on observable market parameters as significant inputs (Level 2) but occasionally use market data that is not observed as significant inputs (Level 3). Different techniques can be used to make this estimate, including extrapolation of observable market data. The best indication of the initial fair value of a financial instrument is the price of the transaction, except when the value of the instrument can be obtained from other transactions carried out in the market with the same or similar instruments, or valued using a valuation technique in which the variables used only include observable market data, mainly interest rates. Differences between the transaction price and the fair value based on valuation techniques that use data that is not observed in the market, are not initially recognized in the income statement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Atlantica Yield derivatives correspond primarily to the interest rate swaps designated as cash flow hedges, which are classified as Level 2:</div><div style="text-align: justify;"><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>Description of the valuation method</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Interest rate swap valuations are made by valuing the swap part of the contract and valuing the credit risk. The methodology used by the market and applied by Atlantica Yield to value interest rate swaps is to discount the expected future cash flows according to the parameters of the contract. Variable interest rates, which are needed to estimate future cash flows, are calculated using the curve for the corresponding currency and extracting the implicit rates for each of the reference dates in the contract. These estimated flows are discounted with the swap zero curve for the reference period of the contract.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The effect of the credit risk on the valuation of the interest rate swaps depends on the future settlement. If the settlement is favorable for the Company, the counterparty credit spread will be incorporated to quantify the probability of default at maturity. If the expected settlement is negative for the Company, its own credit risk will be applied to the final settlement.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Classic models for valuing interest rate swaps use deterministic valuation of the future of variable rates, based on future outlooks. When quantifying credit risk, this model is limited by considering only the risk for the current paying party, ignoring the fact that the derivative could change sign at maturity. A payer and receiver swaption model is proposed for these cases. This enables the associated risk in each swap position to be reflected. Thus, the model shows each agent&#8217;s exposure, on each payment date, as the value of entering into the &#8216;tail&#8217; of the swap, i.e. the live part of the swap.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>Variables (Inputs)</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Interest rate derivative valuation models use the corresponding interest rate curves for the relevant currency and underlying reference in order to estimate the future cash flows and to discount them. Market prices for deposits, futures contracts and interest rate swaps are used to construct these curves. Interest rate options (caps and floors) also use the volatility of the reference interest rate curve.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">To estimate the credit risk of the counterparty, the credit default swap (CDS) spreads curve is obtained in the market for important individual issuers. For less liquid issuers, the spreads curve is estimated using comparable CDSs or based on the country curve. To estimate proprietary credit risk, prices of debt issues in the market and CDSs for the sector and geographic location are used.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The fair value of the financial instruments that results from the aforementioned internal models takes into account, among other factors, the terms and conditions of the contracts and observable market data, such as interest rates, credit risk and volatility. 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Cash and cash equivalents</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Cash and cash equivalents include cash in hand, cash in bank and other highly-liquid current investments with an original maturity of three months or less which are held for the purpose of meeting short-term cash commitments.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.11. Grants</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Grants are recognized at fair value when it is considered that there is a reasonable assurance that the grant will be received and that the necessary qualifying conditions, as agreed with the entity assigning the grant, will be adequately complied with.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Grants are recorded as liabilities in the consolidated statement of financial position and are recognized in &#8220;Other operating income&#8221; in the consolidated income statement based on the period necessary to match them with the costs they intend to compensate.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In addition, as described in Note 2.12 below, grants correspond also to loans with interest rates below market rates, for the initial difference between the fair value of the loan and the proceeds received.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">2.12. 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Amounts included in these consolidated financial statements are all expressed in thousands of U.S. dollars, unless otherwise indicated.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: justify;">Application of new accounting standards</div><div><br /></div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">a)</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Standards, interpretations and amendments effective from January 1, 2017 under IFRS-IASB, applied by the Company in the preparation of these consolidated financial statements:</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 35.45pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 14.2pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';"><font style="font-size: 10pt; font-family: 'Times New Roman';">IAS</font> 7 (Amendment) &#8216;Disclosure Initiative&#8217;. Requirements for additional disclosures in order to provide users with improved financial information.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 35.45pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 14.2pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IAS 12 (Amendment) &#8216;Recognition for Deferred Tax for Unrealized Losses&#8217;. Clarification of recognition of deferred tax assets for unrealized losses.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 13.65pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Annual Improvements to IFRSs 2014-2016 cycles. Amendments to IFRS 12.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">The applications of these amendments have not had any material impact on these consolidated financial statements except for the reconciliation of liabilities arising from financial activities that has been included in Note 14 and 15.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">&#160;</div><div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 27pt; vertical-align: top; align: right;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left;">b)</div></td><td style="width: auto; vertical-align: top;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Standards, interpretations and amendments published by the IASB that will be effective for periods beginning on or after January 1, 2018:</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 9 &#8216;Financial Instruments&#8217;. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 9 (Amendments to IFRS 9): Prepayment Features with Negative Compensation. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 15 &#8216;Revenues from Contracts with Customers&#8217;. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 15 (Clarifications) &#8216;Revenues from Contracts with Customers&#8217;. This amendment is mandatory for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 16 &#8216;Leases&#8217;. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 17 &#8216;Insurance Contracts&#8217;. This Standard is applicable for annual periods beginning on or after January 1, 2021 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 2 (Amendment) &#8216;Classification and Measurement of Share-based Payment Transactions&#8217;. This amendment is mandatory for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 4 (Amendment). Applying IFRS 9 &#8216;Financial Instruments&#8217; with IFRS 4 &#8216;Insurance Contracts&#8217;. This amendment is mandatory for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IAS 40 (Amendment). Transfers of Investment Property. This amendment is mandatory for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div>&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IAS 19 (Amendment). Amendments to IAS 19: Plan Amendment, Curtailment or Settlement. This amendment is mandatory for annual periods beginning on or after January 1, 2019 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IAS 28 (Amendment). Long-term Interests in Associates and Joint Ventures. This amendment is mandatory for annual periods beginning on or after January 1, 2018 under IFRS-IASB, earlier application is permitted.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Annual Improvements to IFRSs 2014-2016 cycles. Other minor amendments and modifications different from the aforementioned on IFRS 12. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Annual Improvements to IFRSs 2015-2017 cycles. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRIC 22 Foreign Currency Transactions and Advance Consideration. This Standard is applicable for annual periods beginning on or after January 1, 2018 under IFRS-IASB.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRIC 23 Uncertainty over Income Tax Treatments. This Standard is applicable for annual periods beginning on or after January 1, 2019 under IFRS-IASB.</div></td></tr></table></div><div style="text-align: justify;">&#160;</div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">&#8226;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">IFRS 10 and IAS 28. Parent disposes of (or contributes) its controlling interest in a subsidiary to an existing associate or joint venture. Effective date beginning on or after a date to be determined by the IASB.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">The application of these accounting standards is not expected to have a material impact on the consolidated financial statements of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.1pt;">The analysis performed by the Company, relating to the impact of the new relevant accounting standards is as follows:</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>IFRS 15 &#8216;Revenues from contracts with Customers&#8217;</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In May 2014, the IASB (International Accounting Standards Board) published IFRS 15 &#8220;Recognition of Revenue from Contracts with Customers&#8221;. This Standard brings together all the applicable requirements and replaces the current standards for recognizing revenue: IAS 11 Construction Contracts, IAS 18 Revenue, IFRIC 13 Customer Loyalty Program, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 18 Transfers of Assets from Customers and SIC-31 Revenue&#8212;Barter Transactions Involving Advertising Services.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The new requirements may lead to changes in the current revenue profile, since the Standard's main principle is that the Company must recognize its revenue in accordance with the transfer of goods or services to the customers in an amount which reflects the consideration that the Company expects to receive in exchange for these goods or services. The model laid out by the Standard is structured in five steps:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 1: Identifying the contract with the customer.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 2: Identifying the performance obligations.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 3: Determining the transaction price.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 4: Assigning the transaction price in the performance obligations identified in the contract.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Step 5: Recognition of revenue when (or as) the Company performs the performance obligations.</div></td></tr></table></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Contracted concessional assets and price purchase agreements (PPAs) include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with International Financial Reporting Interpretations Committee 12 (&#8220;IFRIC 12&#8221;), except for Palmucho, which is recorded in accordance with IAS 17 and PS10, PS20 and Seville PV, which are recorded as tangible assets in accordance with IAS 16. The infrastructures accounted for by the Company as concessions are related to the activities concerning electric transmission lines, solar electricity generation plants, cogeneration plants, wind farms and water plants.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Currently, assets recorded in accordance with IFRIC 12 are classified as intangible assets or as financial assets, depending on the nature of the payment entitlements established in the contracts.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">According to IFRS 15, the Company should assess the goods and services promised in the contracts with the customers and shall identify as a performance obligation each promise to transfer to the customer a good or service (or a bundle of goods or services).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">In the case of contracts related to financial assets, the Company has identified two performance obligations (construction and operation of the asset). The contracts state that each service (construction and operation) has its own transaction price. For this reason, both performance obligations are separately identifiable in the context of the contract. The Company must allocate the total consideration to be received by the contract to each performance obligation. As mentioned above, the different services performed have been identified as two different performance obligations (construction and operation). Each performance obligation has its own transaction price stated in the contract. Such transaction prices are agreed in the contract by the parties in an orderly transaction, with no interrelation between both transaction prices and therefore correspond to the fair value of the goods and services provided in each case. As a result, for IFRS 15 purposes, the total transaction price will be allocated to each performance obligation in accordance with the two transaction prices stated within the contract, as they represent the respective fair values of the identified performance obligations.</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">&#160;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">For the assets classified as intangible assets, the Company has identified the same performance obligations, (construction and operation), but in this case the consideration received by the Company for the construction services is a license. The grantor makes a non-cash payment for the construction services by giving the operator an intangible asset. When allocating fair value for IFRS 15 purposes, the Company will recognize as revenue for the first performance obligation the fair value of the construction services, and the amount corresponding to the sales of energy as the fair value of second performance obligation (operation).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Additionally, in both cases, the services are satisfied over time. Therefore, the Company satisfies the performance obligations and recognizes revenue over time. The same conclusion applies to concessional assets that are classified as tangible assets or leases.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IFRS 15 also incorporates specific criteria to determine which costs relating to a contract should be capitalized by distinguishing between incremental costs of obtaining a contract and costs associated with fulfilling a contract. No significant costs of obtaining a contract or compliance (other than those that are already capitalized) have been identified.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As the current practice for revenue recognition is consistent with the analysis above under IFRS 15, the Company considers that the adoption of this standard will not have impact in the consolidated financial statements of the Company.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Also, the Company has the intention to adopt IFRS 15 applying the full retrospective method to each prior reporting period presented, but without changes in the comparative reporting periods as the adoption of the standard has no effect in the financial statements.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;"><u>IFRS 9 &#8216;Financial Instruments&#8217;</u></div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">IFRS 9 Financial Instruments issued on 24 July 2014 is the IASB's replacement of IAS 39 Financial Instruments: Recognition and Measurement. The standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model for financial assets. The Company will be adopting the standard as of January 1, 2018, including the new requirements for hedge accounting (which application is voluntary for 2018). The Company will be adopting retrospectively without re-expressing comparative periods. The analysis performed by the Company is as follows:</div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 18pt;"></td><td style="font-size: 10pt; font-family: Symbol, serif; width: 18pt; vertical-align: top; align: right;">&#183;</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Classification and measurement of financial instruments:</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">a)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financial assets IFRS 9 classifies all financial assets that are currently in the scope of IAS 39 into two categories:&#160; amortized cost and fair value. 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The Company has the intention of maintaining this classification.</div></td></tr></table></div><div><br /></div><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 36pt;"></td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 18pt; vertical-align: top; align: right;">b)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">Financial liabilities: IFRS 9 does not change the basic accounting model for financial liabilities under IAS 39. Two measurement categories continue to exist: FVTPL and amortized cost. Financial liabilities held for trading are measured at FVTPL, and all other financial liabilities are measured at amortized cost unless the fair value option is applied. 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On March 19, 2014, the Company was re-registered as a public limited company, under the name Abengoa Yield plc. On May 13, 2016, the change of the Company&#180;s registered name to Atlantica Yield plc was filed with the Registrar of Companies in the United Kingdom.</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Atlantica Yield is a total return company that owns, manages and acquires renewable energy, efficient natural gas (previously denominated &#8220;conventional power&#8221;) , electric transmission lines and water assets focused on North America (the United States and Mexico), South America (Peru, Chile and Uruguay) and EMEA (Spain, Algeria and South Africa).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">The Company&#8217;s largest shareholder is Abengoa S.A. 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vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">California</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(USA)</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">280 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">A-/A3/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">4Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solaben 2 &amp; 3</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">70%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(2)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2012 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2012</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">20&amp;19</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solacor 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">87%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(3)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2012 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2012</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">19</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">PS10/PS20</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">31 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2007 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2009</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">14&amp;16</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Helioenergy 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2011&amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">4Q 2011</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">19</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Helios 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2012&amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2012</div></td><td style="width: 9.74%; vertical-align: middle; 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solnova 1, 3 &amp; 4</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2010 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2010&amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2010</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17&amp;17&amp;18</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solaben 1 &amp; 6</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2013</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">21</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Kaxu</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">51%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(4)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">South Africa</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Rand</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BB/Baa3/BB+<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(10)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2015</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Palmatir</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Wind)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Uruguay</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB/Baa2/BBB-<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(11)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">16</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Cadonal</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Wind)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Uruguay</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB/Baa2/BBB-<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(11)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">4Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ACT</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Efficient natural gas</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Mexico</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">300 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/A3/</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2013</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">15</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATN</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Peru</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">362 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/A3/BBB+</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2011</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">23</div></td></tr><tr><td style="width: 15.6%; vertical-align: top; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATS</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Peru</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">569 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/A3/BBB+</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">26</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATN 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Peru</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">81 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Not rated</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2015</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">15</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Quadra 1</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Chile</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">49 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Not rated</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Quadra 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Chile</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">32 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Not rated</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; 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In addition, the Company invested in Abengoa&#180;s issuance of asset-backed notes (the &#8220;New Money 1 Tradable Notes&#8221;) in order to convert the junior status of the Abengoa debt received into senior debt (see Note 8).</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify; margin-left: 0.2pt; margin-right: 0.2pt;">The financing arrangement of Kaxu contained as of December 31, 2016 cross-default provisions related to Abengoa, such that debt defaults by Abengoa, subject to certain threshold amounts and/or a restructuring process, could trigger defaults under such project financing arrangement. 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Additionally, Abengoa has communicated that it intends to sell its remaining 16.5% stake over the upcoming months in a private transaction subject to approval by the U.S. Department of Energy (the &#8220;DOE&#8221;). Algonquin has an option to purchase this remaining stake until March 2018. 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Trade payables (current)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; 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vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;">&#160;</td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td></tr><tr><td valign="bottom" style="width: 66%; vertical-align: middle; padding-bottom: 2px; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; 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vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">314,290</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 56%; vertical-align: top; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Grant and other non-current liabilities</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1,636,060</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 4px double; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">1,612,045</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 4px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">As of December 31, 2017, the amount recorded in Grants corresponds primarily to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $771 million ($803 million as of December 31, 2016), which was primarily used to fully repay the Solana and Mojave short-term tranche of the loan with the Federal Financing Bank. 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The liability is recorded in Grants and other liabilities for a total amount of $352 million ($263 million as of December 31, 2016) and its current portion is recorded in other current liabilities for the remaining amount (see Note 17). </font>This liability has been initially valued at fair value, calculated as the present value of expected cash-flows during the useful life of the concession, and is then measured at amortized cost in accordance with the effective interest method, considering the most updated expected future cash-flows.</div></div> 0.4147 10 828748000 30000000 3727500 29 31 33.14 0.165 0.25 0.3 0.16 0.3 0.35 0.16 0.4144 0.94 <div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify;"><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%;"><tr><td style="width: 27pt;">&#160;</td><td style="font-size: 10pt; font-family: 'Times New Roman'; width: 36pt; vertical-align: top; align: right;">c)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div style="font-size: 10pt; font-family: 'Times New Roman';">The amount of depreciation, amortization and impairment charges recognized for the years ended December 31, 2017, 2016 and 2015 are as follows:</div></td></tr></table></div><div><br /></div><table align="center" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 80%;"><tr><td valign="bottom" style="width: 44%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="10" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">For the year ended December 31,</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Depreciation, amortization and impairment by geography</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: center;">2017</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td><td colspan="2" nowrap="nowrap" valign="bottom" style="vertical-align: middle; border-bottom: #000000 2px solid;"><div style="font-size: 10pt; 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font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(129,091</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">South America</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(41,274</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 2px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">EMEA</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(28,602</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 44%; vertical-align: middle; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; 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font-size: 10pt;"><div style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; text-align: left;">Note 6.- Contracted concessional assets</div><div><br /></div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: justify;">Contracted concessional assets include fixed assets financed through project debt, related to service concession arrangements recorded in accordance with IFRIC 12, except for Palmucho, which is recorded in accordance with IAS 17, and PS10, PS20 and Seville PV which are recorded as property plant and equipment in accordance with IAS 16. 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font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Additions</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">(309,846</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td></tr><tr><td valign="bottom" style="width: 68%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Translation differences</div></td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">253,393</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #ffffff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #ffffff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">252,536</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #ffffff;">&#160;</td></tr><tr><td valign="bottom" style="width: 36%; vertical-align: middle; padding-bottom: 4px; background-color: #cceeff;"><div style="font-size: 10pt; 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background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">26</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Mojave</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">California</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(USA)</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; 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background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solaben 2 &amp; 3</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">70%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(2)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2012 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2012</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">20&amp;19</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solacor 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">87%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(3)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; 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text-align: center;">19</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; 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vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2007 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2009</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">14&amp;16</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Helioenergy 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; 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vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Helios 1 &amp; 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; 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font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2010 &amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2010&amp;</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2010</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17&amp;17&amp;18</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Solaben 1 &amp; 6</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Spain</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Euro</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2x50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/Baa2/A-</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">3Q 2013</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">21</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Kaxu</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Solar)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">51%<sup style="font-size: smaller; vertical-align: text-top; line-height: 1;">(4)</sup></div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">South Africa</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Rand</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BB/Baa3/BB+<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(10)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2015</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Palmatir</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Wind)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Uruguay</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB/Baa2/BBB-<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(11)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">2Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">16</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Cadonal</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Renewable</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">(Wind)</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Uruguay</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">50 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB/Baa2/BBB-<sup style="font-size: smaller; vertical-align: text-top; font-weight: bold; line-height: 1;">(11)</sup></div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">4Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">17</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ACT</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Efficient natural gas</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Mexico</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">300 MW</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">BBB+/A3/</div><div style="font-size: 10pt; font-family: 'Times New Roman'; 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vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATN</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Peru</div></td><td style="width: 10.41%; 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background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATS</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; 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vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">1Q 2014</div></td><td style="width: 9.74%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">26</div></td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 13.18%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.1%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">ATN 2</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Peru</div></td><td style="width: 10.41%; vertical-align: middle; 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vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.38%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 10.41%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 8.21%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 16.55%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 6.84%; vertical-align: middle; background-color: #ffffff;">&#160;</td><td style="width: 9.74%; vertical-align: middle; background-color: #ffffff;">&#160;</td></tr><tr><td style="width: 15.6%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: left; margin-left: 7.2pt; text-indent: -7.2pt;">Quadra 1</div></td><td style="width: 13.18%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Transmission</div><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">line</div></td><td style="width: 10.1%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">100%</div></td><td style="width: 9.38%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Chile</div></td><td style="width: 10.41%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">USD</div></td><td style="width: 8.21%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">49 miles</div></td><td style="width: 16.55%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman'; text-align: center;">Not rated</div></td><td style="width: 6.84%; vertical-align: middle; background-color: #cceeff;"><div style="font-size: 10pt; 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border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">280,303</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">313,559</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">4,123,582</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; 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font-family: 'Times New Roman';">4,629,184</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">701,283</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; 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vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">)</div></td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">393,212</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: left; background-color: #cceeff;">&#160;</td><td valign="bottom" style="width: 9%; vertical-align: bottom; border-bottom: #000000 2px solid; text-align: right; background-color: #cceeff;"><div style="font-size: 10pt; font-family: 'Times New Roman';">5,475,208</div></td><td nowrap="nowrap" valign="bottom" style="width: 1%; vertical-align: bottom; padding-bottom: 2px; text-align: left; background-color: #cceeff;">&#160;</td></tr></table></div> -68372000 43254000 Myah Bahr Honaine, S.P.A., the project entity, is 51% owned by Geida Tlemcen, S.L. which is accounted for using the equity method in these consolidated financial statements. Share of profit of Myah Bahr Honaine S.P.A. included in these consolidated financial statements amounts to $6,238 thousand in 2017 and $7,647 thousand in 2016. Certain contracts denominated in U.S. dollars are payable in local currency. See Note 5 for further details. Includes proceeds for $42.5 million and investments for $12.4 million (see Note 6). JGC, a Japanese engineering company, holds 13% of the shares in each of Solacor 1 and Solacor 2. Itochu Corporation, a Japanese trading company, holds 30% of the shares in each of Solaben 2 and Solaben 3. Algerian Energy Company, SPA owns 49% of Honaine and Valoriza Agua, S.L. owns the remaining 25.5%. Kaxu is owned by the Company (51%), Industrial Development Corporation of South Africa (29%) and Kaxu Community Trust (20%). Algerian Energy Company, SPA owns 49% of Skikda and Valoriza Agua, S.L. owns the remaining 16.83%. Instituto para la Diversificacion y Ahorro de la Energia ("Idae"), a Spanish state owned company, holds 20% of the shares in Seville PV. According to contracted maturities. Reflects the counterparty's credit ratings issued by Standard & Poor's Ratings Services, or S&P, Moody's Investors Service Inc., or Moody's, and Fitch Ratings Ltd, or Fitch. Refers to the credit rating of the Republic of South Africa. The offtaker is Eskom, which is a state-owned utility company in South Africa. Refers to the credit rating of Uruguay, as UTE (Administracion Nacional de Usinas y Transmisoras Electricas) is unrated. On September 30, 2013, Liberty Interactive Corporation invested $300,000 thousand in Class A membership interests in exchange for a share of the dividends and taxable loss generated by Solana. As a result of the agreement, Liberty Interactive Corporation will receive between 54.06% and 61.20% of both dividends and taxable loss generated during a period of approximately five years; such percentage will decrease to 22.60% thereafter. Commercial Operation Date ("COD"). As of December 31, 2017.