Atlantica Yield, the yieldco created by Abengoa, turned to a net profit of USD 12.6 million (EUR 10.6m) in the first half of 2017 from a loss of USD 23.4 million a year back.

The company said on Thursday that it delivered strong operating results due to “excellent performance” in most of its assets. Atlantica Yield has in its portfolio 1.44 GW of renewable and 300 MW of conventional energy assets, and transmission lines and water assets. Its capacities are located in the Americas and EMEA.

April-June was the best quarter so far for solar parks in the US, which reached a 42% capacity factor. Spanish solar farms enjoyed better-than-expected solar radiation and reached record production for the quarter, the company said.

Abengoa is currently evaluating options to sell its 41% stake in Atlantica Yield, according to reports. The table contains key financial figures for the yieldco vehicle for first half of 2017.

Results in USD million Q2 2017 Q2 2016 H1 2017 H1 2016
Revenue 285.1 261.3 483.2 467.7
– of which renewable energy N/A N/A 363.6 342.4
Further adjusted EBITDA 227.8 207.7 392.9 362.5
– of which renewable energy N/A N/A 279.3 257.4
Profit (loss) attributable to the company 24.4 2.65 12.6 (23.4)
CAFD 34.6 39.6 95.5 58.3

Atlantica Yield said it has sold in the second quarter a large portion of Abengoa debt and equity instruments, receiving total proceeds of USD 24.7 million. With the addition of these proceeds, H1 cash available for distribution (CAFD) reaches 120.2 million.

On September 15 the yieldco will distribute a dividend of USD 0.26 per share to shareholders of record as of August 31. This is an increase of 4% from the previous quarter.

At the end of June, Atlantica Yield had USD 614.3 million of consolidated cash and cash equivalents, USD 77.6 million of cash classified as short-term financial investments at the project level, USD 5 billion of net project debt, and USD 505.7 million of net corporate debt.