THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. THIS DOCUMENT CONTAINS A PROPOSAL WHICH, IF IMPLEMENTED, WILL RESULT IN THE CANCELLATION OF THE LISTING OF ATLANTICA SHARES ON THE NASDAQ GLOBAL SELECT MARKET. PART II (EXPLANATORY STATEMENT) OF THIS DOCUMENT COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH SECTION 897 OF THE COMPANIES ACT 2006.

If you are in any doubt as to the action you should take, you should consult your stockbroker, bank manager, attorney, solicitor, accountant or other independent professional adviser who, if you are taking advice in the United Kingdom, is authorised pursuant to the Financial Services and Markets Act 2000 or, if you are in a territory outside the United Kingdom, is an appropriately authorised independent financial adviser.

If you sell, or have sold or otherwise transferred, all or part of your Atlantica Shares, please send this document (but not any accompanying personalised documents) at once to the purchaser or transferee, or to the bank, stockbroker or other agent through whom the sale or transfer was effected for delivery to the purchaser or transferee.

The distribution of this document in jurisdictions other than the United Kingdom and the United States may be restricted by the laws of those jurisdictions, and therefore persons into whose possession this document and any accompanying documents come should inform themselves about, and observe, any such restrictions. Any failure to comply with those restrictions may constitute a violation of the securities laws of any such jurisdiction.

The accompanying Proxy Cards are personalised. If you have recently purchased or been transferred Atlantica Shares, you should contact Atlantica by using the details set out on page xix of this document to obtain replacements for these documents.

Atlantica Shareholders should read carefully the whole of this document and the accompanying Proxy Cards. Your attention is drawn to the letter from the Chair of Atlantica in Part I (Letter from the Chair of Atlantica Sustainable Infrastructure plc) of this document, which contains the unanimous recommendation of the Atlantica Directors that you vote in favour of the Scheme of Arrangement at the Court Meeting and in favour of the Resolution to be proposed at the General Meeting. An explanatory statement describing the Scheme of Arrangement in greater detail is set out in Part II (Explanatory Statement) of this document.

Notices of the Court Meeting and the General Meeting, both of which are to be held at the offices of Atlantica’s solicitors, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, at 22 Bishopsgate, London EC2N 4BQ, United Kingdom on 8 August 2024, are set out at the beginning of this document. The Court Meeting will start at 2.00 p.m. and the General Meeting will start at 2.15 p.m. (or as soon thereafter as the Court Meeting has been concluded or adjourned).

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation of the opinion of Scheme Shareholders. At the Court Meeting, the Scheme of Arrangement must be approved by a majority in number of Scheme Shareholders representing not less than

75 percent in value of the Scheme Shares held by such Scheme Shareholders (or the relevant class or classes thereof, if applicable) in each case present, entitled to vote and voting, either in person or by proxy, at the Court Meeting and at any separate class meeting which may be required by the Court or at any adjournment of any such meeting.

Whether or not you plan to attend the Atlantica Shareholder Meetings, Atlantica Shareholders are urged to complete and sign both the enclosed Proxy Cards, or deliver their respective proxy appointments or voting instructions by one of the other methods mentioned below, as soon as possible and in any event prior to the deadlines set out in this document.

Shareholders whose names appear in the register of members of Atlantica are referred to in this document as “Shareholders of Record”. Shareholders of Record at the Voting Record Time are entitled to attend and vote at the Court Meeting and may vote in person at the Court Meeting or they may appoint another person or persons, whether a shareholder of Atlantica or not, as their proxy or proxies, to exercise all or any of their rights to attend, speak and vote at the Court Meeting. Because this document relates to two separate Atlantica Shareholder Meetings, Shareholders of Record will receive two proxy cards – one proxy card labelled “Court Meeting Proxy Card” for use in respect of the Court Meeting and one proxy card labelled “General Meeting Proxy Card” for use in respect of the General Meeting. If Shareholders of Record do not expect to attend the meetings in person, it is important that their shares are represented. Atlantica urges Shareholders of Record to vote and submit their proxy by Internet or by signing, dating and returning BOTH of the enclosed Proxy Cards in the accompany reply envelope as soon as possible. If you are a Shareholder of Record and you decide to attend the Atlantica Shareholder Meetings, you will be able to vote in person, even if you previously have submitted your proxy.

Shareholders who own Atlantica Shares for which Cede & Co. (“Cede”) is the registered holder (as nominee for The Depository Trust Company (which we refer to as “DTC”)) or otherwise are held in “street name” by a broker, bank, trust or other nominee, are referred to in this notice and in this document as “Beneficial Holders”. If you are a Beneficial Holder, only your broker, bank, trust or other nominee that is a Shareholder of Record can vote your Atlantica Shares, and the vote cannot be cast unless you either (i) provide instructions to your broker, bank, trust or other nominee or (ii) obtain a legal proxy by contacting your broker, bank, trust or other nominee, which entitles you to vote the ordinary shares as proxy for the Shareholder of Record (such broker, bank, trust or other nominee having been granted an omnibus proxy by the Shareholder of Record). Because this document relates to two separate Atlantica Shareholder Meetings, Beneficial Holders will receive voting instructions that cover both the Court Meeting and the General Meeting. If you are a Beneficial Holder of Atlantica Shares, please vote in accordance with the instructions sent to you by your broker, bank, trustee or nominee as soon as possible.

Your vote at each of the Court Meeting and the General Meeting is very important. The Transaction cannot be completed unless the Scheme of Arrangement is approved at the Court Meeting and the Resolution is approved at the General Meeting.

All Shareholders of Record and Beneficial Holders at the close of business of 9 July 2024, the record date for the Court Meeting, will receive notice of the Court Meeting.

The action to be taken by Atlantica Shareholders in respect of the Court Meeting and General Meeting is set out on page xviii of this document. Whether or not you intend to be present at the Court Meeting and/or the General Meeting, please complete and sign both Proxy Cards accompanying this document (or appoint a proxy electronically, as referred to below) and return them in accordance with the instructions printed thereon to Atlantica’s agent for the Atlantica Shareholder Meetings, Broadridge, as soon as possible, and in any event so as to be received by Broadridge by 2.00 p.m. on 6 August 2024 in the case of the Court Meeting and by 2.15 p.m. on 6 August 2024 in the case of the General Meeting or, in the case of any adjournment, not later than 48 hours (excluding any part of a day that is a non-working day in the United Kingdom) before the time fixed for the holding of the adjourned meeting. Alternatively, the Proxy Card for the Court Meeting (but not the General Meeting) may be handed to the Chair of the Court Meeting before the start of the Court Meeting. In the case of the General Meeting, however, unless the Proxy Card for the General Meeting is returned by the time mentioned in the instructions printed on it, it will be invalid.

Proxy appointments may be submitted electronically by logging on to www.proxyvote.com and following the instructions there. For an electronic proxy appointment to be valid, the appointment must be received by Broadridge no later than the applicable deadline set out above.

The return of a completed Proxy Card or the electronic appointment of a proxy will not prevent Atlantica Shareholders from attending the Court Meeting and/or the General Meeting, or any adjournment thereof, and voting in person if you so wish and if you are entitled to do so.

This document has been prepared for the purposes of complying with English law and the information disclosed herein may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws of the United States or any other jurisdiction.

The distribution of this document in jurisdictions other than the United Kingdom and the United States may be restricted by law, and therefore, persons into whose possession this document comes should inform themselves about, and should observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. This document does not constitute an offer or an invitation to purchase or subscribe for any securities, or a solicitation of an offer to buy any securities, pursuant to the document or otherwise, in any jurisdiction in which such offer or solicitation is unlawful.

The statements contained herein are made as at the date of this document, unless some other time is specified in relation to them, and service of this document shall not give rise to any implication that there has been no change in the facts set forth herein since such date. Nothing contained in this document shall be deemed to be a forecast, projection or estimate of the future financial performance of Atlantica, Bidco or ECP except where otherwise expressly stated. Neither Atlantica nor Bidco nor ECP nor any of their respective affiliates intends, or undertakes any obligation, to update information contained in this document, except as required by Applicable Law.

No person has been authorised to make any representations on behalf of Atlantica, the Atlantica Group, Bidco or ECP concerning the Transaction or the Scheme of Arrangement other than as contained in this document and any such representations, if made, may not be relied upon as having been authorised.

Citigroup Global Markets Limited, which is authorised by the Prudential Regulation Authority (“PRA”) and regulated in the UK by the Financial Conduct Authority and the PRA, together with its affiliate, Citigroup Global Markets Inc., which is a registered broker-dealer in the U.S. and a member of the Financial Industry Regulatory Authority and Securities Investor Protection Corporation (as applicable, “Citi”), is acting exclusively as financial adviser to Atlantica and no one else in connection with the matters referred to in this document and Citi, its affiliates and its and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Atlantica for providing the protections afforded to clients of Citi nor for the contents of this document or any matter referred to herein.

This document and the documents incorporated herein contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: “anticipate”, “believe”, “could”, “contemplate”, “continue”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “possible” “potential”, “predict”, “seek”, “should”, “will”, “would”, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance. Such statements occur throughout this document and include statements with respect to the Transaction, the proposed timing and various actions and other conditions contemplated in respect of the Transaction. Any express or implied statements contained in this document that are not statements of historical fact may be deemed to be forward-looking statements, and are neither promises nor guarantees, but involve several known and unknown risks, uncertainties, estimates and assumptions that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, without limitation: the ability of Atlantica, Bidco and ECP to complete the Transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory approvals and Company Shareholder Approvals, the sanction of the High Court of Justice of England and Wales and the satisfaction of other closing conditions to consummate the Transaction; Management Projections; the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction Agreement; risks related to diverting the attention of Atlantica’s management from ongoing business operations; significant Transaction costs and/or unknown or inestimable liabilities; the risk of shareholder litigation in connection with the Transaction, including resulting expense or delay; Bidco’s ability to actually obtain the Debt Financing and the Equity Financing and its ability to fund the cash consideration for the Transaction; disruption from the

Transaction, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; effects relating to the announcement of the Transaction, or any further announcements relating to the Transaction on the market price of Atlantica Shares; regulatory initiatives and changes in tax laws; market volatility; geopolitical risks affecting the consummation of the Transaction; and other risks and uncertainties affecting the Atlantica Group. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, important factors included in Part I of “Item 3.D. Risk Factors” in Atlantica’s Annual Report on Form 20-F for the year ended 31 December 2023 and in any subsequent reports on Form 6-K (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements), each of which is on file with or has been furnished to the SEC and available at the SEC’s website at www.sec.gov. Moreover, other risks and uncertainties of which Atlantica is not currently aware may also affect any forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. Investors are cautioned that forward-looking statements are not guarantees of future performance. SEC filings for Atlantica are available in the Investor Relations section of Atlantica’s website at https://www.atlantica.com/web/en/investors/. The information contained on, or that can be accessed through, Atlantica’s website or the SEC’s website is not a part of, and shall not be incorporated by reference into, this document.

Any forward-looking statement made in this document speaks only as of the date on which such statement is made. Atlantica does not undertake any obligation to update or supplement any forward-looking statements to reflect events or circumstances, including, but not limited to, unanticipated events, actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made other than to the extent required by Applicable Law. New factors emerge from time to time and it is not possible for management to predict all of these factors, nor can it assess the impact of each of these factors on Atlantica or the extent to which any factor, or combination of factors, may cause actual results, performance or achievements, and the timing of events to differ materially from those contained or implied in any forward-looking statement. Atlantica Shareholders are cautioned not to place undue reliance on forward-looking statements.

The release, publication or distribution of this document in jurisdictions other than the United Kingdom and the United States may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or the United States (including Restricted Jurisdictions) should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom or the United States or who are subject to the laws of another jurisdiction to vote their Scheme Shares in respect of the Scheme of Arrangement at the Court Meeting, or to execute and deliver Proxy Cards appointing another to vote at the Court Meeting on their behalf, may be affected by the laws of the relevant jurisdictions in which they are located or to which they are subject. Any failure to comply with applicable legal or regulatory requirements of any jurisdiction may constitute a violation of securities laws in that jurisdiction. This document has been prepared for the purpose of complying with English law and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws of the United States or any other jurisdiction. It is the responsibility of all overseas Atlantica Shareholders to satisfy themselves as to their full compliance with the laws of the relevant jurisdiction, including obtaining any governmental, exchange control or other consents which may be required and their compliance with any other necessary formalities which are required to be observed and the payment of any transfer or other taxes due in such jurisdiction. If you are in any doubt regarding such matters, you should consult an independent professional adviser in the relevant jurisdiction without delay.

Overseas Atlantica Shareholders should consult their own legal and tax advisers with respect to the legal and tax consequences of the Transaction in their particular circumstances.

Copies of this document and any formal documentation relating to the Transaction are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Transaction.

If the Transaction is implemented by way of an Offer, the Offer may not (unless otherwise permitted by Applicable Law) be made, directly or indirectly, in or into or by use of the mails or any other means or instrumentality (including,

without limitation, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of any Restricted Jurisdiction and the Transaction will not be capable of acceptance by any such use, means, instrumentality or facilities or from within any Restricted Jurisdiction.

The Transaction is being made to acquire the securities of a company incorporated under the laws of England and Wales that is a “foreign private issuer” as defined under Rule 3b-4(c) under the U.S. Exchange Act and will be effected by means of a scheme of arrangement provided for under the Companies Act. A transaction effected by means of a scheme of arrangement is not subject to the tender offer rules or the proxy solicitation rules under the U.S. Exchange Act. Accordingly, the Transaction is subject to the disclosure requirements and practices applicable in the United Kingdom to schemes of arrangement, which differ from the disclosure requirements of the U.S. tender offer rules and proxy solicitation rules under the U.S. Exchange Act. If, in the future, Bidco (with the prior written consent of Atlantica, in accordance with the Transaction Agreement) elects to implement the Transaction by way of an Offer and determines to extend the Offer into the United States, the Transaction will be made in compliance with applicable U.S. laws and regulations, including any applicable exemptions under the U.S. Exchange Act.

Certain financial information relating to Atlantica that is included in this document has been or will have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and may not therefore be comparable to financial information of U.S. companies or companies whose financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States.

Atlantica Shareholders also should be aware that the Transaction may have tax consequences in the United States. A summary of certain United Kingdom and U.S. taxation consequences of the implementation of the Scheme of Arrangement for certain Atlantica Shareholders is set out in paragraph 6 of Part V (Additional Information) of this document. Atlantica Shareholders are urged to consult with legal, tax and financial advisers in connection with making a decision regarding the Transaction.

Atlantica is formed under the laws of England and Wales. In addition, some or all of its officers and directors reside outside the United States, and some or all of its assets are or may be located in jurisdictions outside the United States. Therefore, investors may have difficulty effecting service of process within the United States upon those persons or recovering against Atlantica or its officers or directors on judgments of U.S. courts, including judgments based upon the civil liability provisions of U.S. federal securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgment. It may not be possible to sue Atlantica or its officers or directors in a non-U.S. court for violations of U.S. securities laws.

None of the securities, the transactions or documents referred to in this document have been approved or disapproved by the SEC, any state securities commission in the United States or any other U.S. regulatory authority, nor have such authorities passed upon or determined the adequacy or accuracy of the information contained in this document. Any representation to the contrary is a criminal offence in the United States.

This document contains non-GAAP financial measures including Adjusted Cash EBITDA and Levered Free Cash Flow.

Atlantica used Adjusted Cash EBITDA solely for the purpose of preparing the Management Projections (as defined below) presented to the Atlantica Board in connection with its evaluation of the Transaction and to Atlantica’s financial adviser for its use and reliance in connection with its financial analyses and opinion. Atlantica has defined Adjusted Cash EBITDA as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the annual consolidated financial statements, non-monetary items consisting of (1) the difference between billings and revenue in assets accounted for as concessional financial assets, primarily related to ACT Energy Mexico, S. de R.L. de C.V., one of Atlantica’s Subsidiaries and (2) non-monetary provision related to electricity market prices in Spain and the gain related to the sale of assets and assets held for sale.

Adjusted Cash EBITDA is different from the Adjusted EBITDA that the Company usually reports with the SEC or otherwise uses in its widespread communications to investors. Atlantica has used Adjusted Cash EBITDA in the Management’s Projections because this metric is easier to estimate for future periods.

Atlantica’s management believes Adjusted Cash EBITDA is useful for the analysis of the Transaction because it provides them with an additional tool to compare business performance across companies and across periods. Adjusted Cash EBITDA as it is defined is widely used by investors to measure a company’s potential cash generation without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

Atlantica presents non-GAAP financial measures because Atlantica believes that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures including Adjusted Cash EBITDA may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of Atlantica’s operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of Atlantica’s performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

Some of the limitations of Adjusted Cash EBITDA are:

Atlantica has also used Levered Free Cash Flow solely for preparing the Management Projections. Atlantica has defined Levered Free Cash Flow as Adjusted Cash EBITDA minus non-cash items, plus dividends from unconsolidated affiliates, minus dividends paid to non-controlling interest, minus project debt interest, minus project debt principal repayment, minus changes in working capital, minus movements in cash reserve accounts, minus maintenance capex, minus cash taxes, minus payments to tax equity investors, plus proceeds from the sale of assets, minus corporate interest, plus net changes in corporate debt, plus cash from tax equity investments, plus project debt issuance attributable to growth operations and to refinancings and minus capex attributable to growth operations. The “Levered Free Cash Flow” used for purposes of the Management Projections differs from the “Cash Available For Distribution” or any other metric usually reported by Atlantica.

No independent registered public accounting firm provided any assistance in the preparation or review of the non-GAAP financial measures included herein. Accordingly, no independent registered public accounting firm has examined, compiled or otherwise performed any procedures with respect to the non-GAAP financial measures included herein or expressed any opinion or given any other form of assurance with respect thereto, and they assume no responsibility for such non-GAAP financial measures.

Financial measures included in projections provided to a board of directors and a financial adviser in connection with a business combination transaction are excluded from the definition of “non-GAAP financial measures” under the rules of the SEC, and therefore such financial measures are not subject to SEC rules regarding disclosures of non-GAAP financial measures, which may otherwise require a reconciliation of a non-GAAP financial measure to the most directly comparable IFRS financial measure. Reconciliations of non-GAAP financial measures were not provided to and were not relied on by the Atlantica Board in connection with the Transactions or Atlantica’s financial adviser for purposes of its financial analyses and opinion, nor were they provided to Bidco or ECP. Accordingly, we have not provided a reconciliation of these non-GAAP financial measures.

Neither Atlantica nor the Transaction is subject to the requirements of the U.K. Takeover Code or the jurisdiction of the U.K. Panel on Takeovers and Mergers. Therefore, no dealing disclosures are required to be made under Rule 8 of the U.K. Takeover Code by Atlantica Shareholders or ECP.

A copy of this document, together with all information incorporated into this document by reference to another source, will be made available, subject to certain restrictions relating to persons resident in, or subject to the laws and/or regulations, of any Restricted Jurisdiction or resident in any jurisdiction where the extension or availability of the Transaction would breach any Applicable Law, on Atlantica’s website, at https://www.atlantica.com/web/en/investors and a current report on form 6-K will be furnished to the SEC in connection therewith, following publication of this document. For the avoidance of doubt, neither the contents of such website nor the contents of any website accessible from hyperlinks on such website (or any other websites referred to in this document) are incorporated into, or form part of, this document.

Certain figures included in this document have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetical aggregation of the figures that precede them.

Capitalised words and phrases used in this document shall have the meanings given to them in Part VII (Definitions) of this document.

This document is dated 16 July 2024 and is first being mailed to Atlantica Shareholders on or about 16 July 2024.

NOTICE IS HEREBY GIVEN that by an Order dated 12 July 2024 made in the above matter, the Court has given permission for a meeting (the “Court Meeting”) to be convened of the holders of Scheme Shares (as defined in the Scheme of Arrangement referred to below) for the purpose of considering and, if thought fit, approving (with or subject to any modification, addition or condition which Atlantica (as defined below) and California Buyer Limited may agree and which the Court approves) a scheme of arrangement (the “Scheme of Arrangement”) proposed to be made under Part 26 of the Companies Act 2006 between Atlantica Sustainable Infrastructure plc, a public limited company incorporated in England and Wales with its registered office at Great West House (GW1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF, United Kingdom (“Atlantica”), and the holders of Scheme Shares, and that the Court Meeting will be held at the offices of Atlantica’s solicitors, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, at 22 Bishopsgate, London EC2N 4BQ, United Kingdom on 8 August 2024 at 2.00 p.m. (U.K. time), at which place and time all Scheme Shareholders (as defined in the Scheme of Arrangement) are requested to attend in person or by proxy.

A copy of the Scheme of Arrangement and a copy of the Explanatory Statement required to be furnished pursuant to Part 26 of the Companies Act 2006 are incorporated in the document of which this notice forms part.

Voting on the resolution to approve the Scheme of Arrangement will be by poll, which shall be conducted as the Chair of the Court Meeting may determine.

Shareholders whose names appear in the register of members of Atlantica are referred to in this notice, and in the attached circular, as “Shareholders of Record”. Shareholders of Record at the Voting Record Time (as set out below) are entitled to attend and vote at the Court Meeting and may vote in person at the Court Meeting or they may appoint another person or persons, whether a shareholder of Atlantica or not, as their proxy or proxies, to exercise all or any of their rights to attend, speak and vote at the Court Meeting.

Shareholders who own Atlantica Shares for which Cede & Co. is the registered holder (as nominee for The Depository Trust Company (which we refer to as “DTC”)) or otherwise are held in “street name” by a broker, bank, trust or other nominee, are referred to in this notice and in the attached circular as “Beneficial Holders”. If you are a Beneficial Holder, only your broker, bank, trust or other nominee that is a Shareholder of Record can vote your Atlantica Shares, and the vote cannot be cast unless you either (i) provide instructions to your broker, bank, trust or other nominee or (ii) obtain a legal proxy by contacting your broker, bank, trust or other nominee, which entitles you to vote the ordinary shares as proxy for the Shareholder of Record (such broker, bank, trust or other nominee having been granted an omnibus proxy by the Shareholder of Record).

All Shareholders of Record and Beneficial Holders at the close of business of 9 July 2024, the record date for the Court Meeting, will receive notice of the Court Meeting.

A proxy card labelled “Court Meeting Proxy Card”, for use at the Court Meeting, has been provided with this Notice to Shareholders of Record. To be valid, Court Meeting Proxy Cards should be completed and returned in accordance with the instructions set out on the form. It is requested that the Court Meeting Proxy Card (together with any power of attorney or other authority, if any, under which it is signed, or a duly certified copy thereof) be returned in the prepaid envelope provided or that you submit your proxy by mail or through the Internet as soon as possible, and not later than 2.00 p.m. on 6 August 2024.

A space has been included in the Court Meeting Proxy Card to allow Shareholders of Record to specify the number of shares in respect of which that proxy is to be appointed. A proxy need not be a Shareholder of Record, but such proxy must attend the Court Meeting to represent a Shareholder of Record. A separate proxy card should be used for each proxy appointment. If you require additional proxy cards, please contact Atlantica’s proxy solicitor, Georgeson LLC, by calling (i) +1 (866) 679-3747 within the U.S. or (ii) +1 (805) 885-0683 outside of the U.S. If your shares are held for you by a bank, broker, trust or other nominee, you should call your bank, broker, trust or other nominee.

Completion and return of a proxy card, or the appointment of a proxy electronically, will not prevent a Shareholder of Record at the Voting Record Time from attending, speaking and voting in person at the Court Meeting, or any adjournment thereof, if such Shareholder of Record wishes and is entitled to do so as described in the accompanying circular.

Beneficial Holders of Atlantica Shares will receive voting instructions from their broker, bank, trust or other nominee for the Court Meeting. Beneficial Holders should follow the directions provided by their broker, bank, trust or other nominee regarding how to instruct such person to vote their Atlantica Shares. Please note that holders of Atlantica Shares through broker, bank, trust or other nominee may be required to submit voting instructions to their applicable broker, bank, trust or nominee at or prior to the deadline applicable for the submission by Shareholders of Record and such holders should therefore follow the separate instructions that will be provided by such person.

If you are a Beneficial Holder then, as a matter of English law, your name is not entered in Atlantica’s register of members. Accordingly, if you wish to vote directly (i.e., in your own name) at the Court Meeting, you must become a Shareholder of Record by arranging for the completion of a stock transfer form by the applicable Shareholder of Record in respect of the Atlantica Shares that you wish to be transferred into your name, pay any related U.K. stamp duty (if applicable) and send the completed stock transfer form and related documentation to Atlantica’s transfer agent, Computershare Trust Company, N.A., prior to the Voting Record Time. Beneficial Holders who wish to attend and vote directly at the Court Meeting should take care to send such stock transfer form in respect of their Atlantica Shares to permit processing to be completed by the transfer agent prior to the Voting Record Time.

Entitlement to attend, speak and vote at the Court Meeting or any adjournment thereof and the number of votes which may be cast at the Court Meeting, will be determined by reference to the register of members of Atlantica at 6.30 p.m. (U.K. time) on 6 August 2024 or, if the Court Meeting is adjourned, 6.30 p.m. (U.K. time) on the date which is two days (excluding non-working days in the United Kingdom) before the date fixed for the adjourned meeting. Changes to the register of members after the relevant time shall be disregarded in determining the rights of any person to attend, speak and vote at the Court Meeting.

In the case of joint holders of a Scheme Share, the vote of the joint holder whose name stands first in the register of members of Atlantica in respect of the joint holding shall be accepted to the exclusion of the votes of the other joint holder(s).

As an alternative to appointing a proxy, any Scheme Shareholder which is a corporation may appoint one or more corporate representatives who may exercise on its behalf all its powers as a Scheme Shareholder, provided that if two or more corporate representatives purport to vote in respect of the same Scheme Shares, if they purport to exercise the power in the same way as each other, the power is treated as exercised in that way, and in other cases the power is treated as not exercised.

Any person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated Person”) does not, in that capacity, have a right to appoint a proxy, such right only being exercisable by shareholders of Atlantica. However, Nominated Persons may, under agreement with the shareholder who nominated them, have a right to be appointed (or to have someone else appointed) as a proxy for the Court Meeting.

By the said Order, the Court has appointed the Chair of Atlantica or, failing him, any other director of Atlantica to act as Chair of the Court Meeting and has directed the Chair to report the result thereof to the Court.

The Scheme of Arrangement will be subject to the subsequent sanction of the Court.

Your vote at the Court Meeting is very important. It is important that, for the Court Meeting in particular, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of the opinion of holders of the Scheme Shares (as defined in the Scheme of Arrangement). You are encouraged to either submit your votes as instructed in the Court Meeting Proxy Card or voting instructions for the Court Meeting by appointing the chair of the Court Meeting as your proxy as soon as possible or attend the Court Meeting.

Dated 16 July 2024

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

22 Bishopsgate

London EC2N 4BQ

United Kingdom

Solicitors for Atlantica

NOTICE IS HEREBY GIVEN that a General Meeting of Atlantica Sustainable Infrastructure plc, a public limited company incorporated in England and Wales with its registered office at Great West House (GW1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF, United Kingdom (the “Company” or “Atlantica”) will be held at the offices of Atlantica’s solicitors, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, at 22 Bishopsgate, London EC2N 4BQ, United Kingdom on 8 August 2024 at 2.15 p.m. (U.K. time) (or as soon thereafter as the Court Meeting (as defined in the document of which this notice forms part) has been concluded or adjourned) for the purpose of considering and, if thought fit, passing the following resolution as a special resolution.

THAT, for the purpose of giving effect to the scheme of arrangement dated 16 July 2024 between Atlantica Sustainable Infrastructure plc and the holders of the Scheme Shares (as defined in the said scheme of arrangement), a print of which has been produced to this meeting and for the purposes of identification signed by the Chair of this meeting, in its original form or subject to any modification, addition, or condition as may be agreed from time to time (including, for the avoidance of doubt, after the date of this resolution) between the Company and California Buyer Limited (“Bidco”) and which (if required) is approved by the High Court of Justice of England and Wales (the “Court”), or which is otherwise imposed by the Court and is mutually acceptable to the Company and Bidco each acting reasonably and in good faith (the “Scheme of Arrangement”):

Shares. In exchange for the transfer of the Post-Scheme Shares, Bidco or its nominee(s) shall pay or procure the payment to the New Member of the Per Share Consideration that the New Member would have been entitled to receive pursuant to the Scheme of Arrangement had each Post-Scheme Share been a Scheme Share.

The Resolution will be proposed as a special resolution, which means, provided that a quorum is present, the Resolution will be approved if 75% or more of the voting rights represented in person or by proxy at the meeting are cast in favour thereof. Approval of the Resolution is a condition to the consummation of the Transaction, and as such the Scheme of Arrangement will not become effective if the Resolution is not approved at the General Meeting.

Shareholders whose names appear in the register of members of Atlantica are referred to in this notice, and in the attached circular, as “Shareholders of Record”. Shareholders of Record at the Voting Record Time (as set out below) are entitled to attend and vote at the General Meeting and may vote in person at the General Meeting or they may appoint another person or persons, whether a shareholder of Atlantica or not, as their proxy or proxies, to exercise all or any of their rights to attend, speak and vote at the General Meeting.

Shareholders who own Atlantica Shares for which Cede & Co. is the registered holder (as nominee for The Depository Trust Company (which we refer to as “DTC”)) or otherwise are held in “street name” by a broker, bank, trust or other nominee, are referred to in this notice and in the attached circular as “Beneficial Holders”. If you are a Beneficial Holder, only your broker, bank, trust or other nominee that is a Shareholder of Record can vote your Atlantica Shares, and the vote cannot be cast unless you either (i) provide instructions to your broker, bank, trust or other nominee or (ii) obtain a legal proxy by contacting your broker, bank, trust or other nominee, which entitles you to vote the ordinary shares as proxy for the Shareholder of Record (such broker, bank, trust or other nominee having been granted an omnibus proxy by the Shareholder of Record).

All Shareholders of Record and Beneficial Holders at the close of business of 9 July 2024, the record date for the General Meeting, will receive notice of the General Meeting.

A proxy card labelled “General Meeting Proxy Card”, for use at the General Meeting, has been provided with this Notice to Shareholders of Record. To be valid, General Meeting Proxy Cards should be completed and returned in accordance with the instructions set out on the form. It is requested that the General Meeting Proxy Card (together with any power of attorney or other authority, if any, under which it is signed, or a duly certified copy thereof) be returned in the prepaid envelope provided or that you submit your proxy by mail or through the Internet as soon as possible, and not later than 2.15 p.m. (U.K. time) on 6 August 2024.

A space has been included in the General Meeting Proxy Card to allow Shareholders of Record to specify the number of shares in respect of which that proxy is to be appointed. A proxy need not be a Shareholder of Record, but such proxy must attend the General Meeting to represent a Shareholder of Record. A separate proxy card should be used for each proxy appointment. If you require additional proxy cards, please contact Atlantica’s proxy solicitor, Georgeson LLC, by calling (i) +1 (866) 679-3747 within the U.S. or (ii) +1 (805) 885-0683 outside of the U.S. If your shares are held for you by a bank, broker, trust or other nominee, you should call your bank, broker, trust or other nominee.

Completion and return of a proxy card, or the appointment of a proxy electronically, will not prevent a Shareholder of Record at the Voting Record Time from attending, speaking and voting in person at the General Meeting, or any adjournment thereof, if such Shareholder of Record wishes and is entitled to do so as described in the accompanying circular.

Beneficial Holders of Atlantica Shares will receive voting instructions from their broker, bank, trust or other nominee for the General Meeting. Beneficial Holders should follow the directions provided by their broker,

bank, trust or other nominee regarding how to instruct such person to vote their Atlantica Shares. Please note that holders of Atlantica Shares through broker, bank, trust or other nominee may be required to submit voting instructions to their applicable broker, bank, trust or nominee at or prior to the deadline applicable for the submission by Shareholders of Record and such holders should therefore follow the separate instructions that will be provided by such person.

If you are a Beneficial Holder then, as a matter of English law, your name is not entered in Atlantica’s register of members. Accordingly, if you wish to vote directly (i.e., in your own name) at the General Meeting, you must become a Shareholder of Record by arranging for the completion of a stock transfer form by the applicable Shareholder of Record in respect of the Atlantica Shares that you wish to be transferred into your name, pay any related U.K. stamp duty (if applicable) and send the completed stock transfer form and related documentation to Atlantica’s transfer agent, Computershare Trust Company, N.A., prior to the Voting Record Time. Beneficial Holders who wish to attend and vote directly at the General Meeting should take care to send such stock transfer form in respect of their Atlantica Shares to permit processing to be completed by the transfer agent prior to the Voting Record Time.

Entitlement to attend, speak and vote at the General Meeting or any adjournment thereof and the number of votes which may be cast at the General Meeting, will be determined by reference to the register of members of Atlantica at 6.30 p.m. (U.K. time) on 6 August 2024 or, if the General Meeting is adjourned, 6.30 p.m. (U.K. time) on the date which is two days (excluding non-working days in the United Kingdom) before the date fixed for the adjourned meeting. Changes to the register of members after the relevant time shall be disregarded in determining the rights of any person to attend, speak and vote at the General Meeting.

In the case of joint holders of a Scheme Share, the vote of the joint holder whose name stands first in the register of members of Atlantica in respect of the joint holding shall be accepted to the exclusion of the votes of the other joint holder(s).

As an alternative to appointing a proxy, any Scheme Shareholder which is a corporation may appoint one or more corporate representatives who may exercise on its behalf all its powers as a Scheme Shareholder, provided that if two or more corporate representatives purport to vote in respect of the same Scheme Shares, if they purport to exercise the power in the same way as each other, the power is treated as exercised in that way, and in other cases the power is treated as not exercised.

Any person to whom this notice is sent who is a person nominated under Section 146 of the Companies Act 2006 to enjoy information rights (a “Nominated Person”) does not, in that capacity, have a right to appoint a proxy, such right only being exercisable by shareholders of Atlantica. However, Nominated Persons may, under agreement with the shareholder who nominated them, have a right to be appointed (or to have someone else appointed) as a proxy for the Court Meeting.

Your vote at the General Meeting is very important. You are encouraged to either submit your votes as instructed in the General Meeting Proxy Card or voting instructions for the General Meeting by appointing the chair of the General Meeting as your proxy as soon as possible or attend the General Meeting.

As at the Latest Practicable Date, the Company’s issued share capital consists of 116,159,054 ordinary shares of US$0.10 each, carrying one vote each. Therefore, the total voting rights in the Company as at the Latest Practicable Date are 116,159,054.

Any Atlantica Shareholder attending the General Meeting is entitled, pursuant to section 319A of the Companies Act 2006, to ask any question relating to the business being dealt with at the General Meeting. The Company will answer

any such questions unless: (i) to do so would interfere unduly with the preparation for the General Meeting or involve the disclosure of confidential information; (ii) the answer has already been given on a website in the form of an answer to a question; or (iii) it is undesirable in the interests of the Company or the good order of the General Meeting that the question be answered.

You may not use any electronic address (within the meaning of section 333(4) of the Companies Act 2006) provided in this document (or in any related documents including the General Meeting Proxy Card) to communicate with the Company for any purposes other than those expressly stated.

The Resolution will be voted on at the General Meeting by way of a poll in accordance with article 48.1 of the Atlantica Articles. This is a more transparent method of voting as member votes are to be counted according to the number of ordinary shares held. The results of the poll will be announced by the filing of a Report of Foreign Private Issuer on Form 6-K with the SEC and published on Atlantica’s website as soon as reasonably practicable following the conclusion of the General Meeting.

The “VOTE WITHHELD” option on the General Meeting Proxy Card is provided to enable Atlantica Shareholders to abstain from voting on the resolution. However, a vote withheld is not a vote in law and will not be counted in the calculation of proportion of votes “FOR” and “AGAINST” the resolution.

A copy of the document of which this notice forms part will be made available, subject to certain restrictions relating to persons resident in, or subject to the laws and/or regulations of, any Restricted Jurisdiction or resident in any jurisdiction where the extension or availability of the Transaction would breach any Applicable Law, on Atlantica’s website, at https://www.atlantica.com/web/en/investors/ and a current report on form 6-K will be furnished to the SEC in connection therewith.

The expected date of the Court Hearing to sanction the Scheme of Arrangement and each of the other dates and times set out below will depend, amongst other things, on the date on which the Conditions to the Scheme of Arrangement and the Transaction are satisfied or, if capable of waiver, waived. They are accordingly presented as indicative and referable to the date on which those Conditions are satisfied or waived (as the case may be). Further details of the Conditions are set out in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document.

Atlantica will give notice of each of the below dates and times, when known, by making such announcement available on Atlantica’s website at https://www.atlantica.com/web/en/investors/. Further updates or changes to other times or dates indicated below shall be notified in the same manner.

The Court Meeting and the General Meeting will each be held at the offices of Atlantica’s solicitors, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, at 22 Bishopsgate, London EC2N 4BQ, United Kingdom, at 2.00 p.m. and 2.15 p.m., respectively, on 8 August 2024.

The Court Meeting and the General Meeting will be held at the offices of Atlantica’s solicitors, Skadden, Arps, Slate, Meagher & Flom (UK) LLP, at 22 Bishopsgate, London EC2N 4BQ, United Kingdom on 8 August 2024 at 2.00 p.m. and 2.15 p.m., respectively (or, in the case of the General Meeting, as soon thereafter as the Court Meeting has been concluded or adjourned). In respect of the Court Meeting, you are entitled to one vote for each Scheme Share that you hold as at the Voting Record Time. As at the Latest Practicable Date, there were 116,159,054 Atlantica Shares in issue.

This section should be read in conjunction with the rest of this document and the accompanying Proxy Cards.

Please check you have received the following with this document, applicable to you:

If you have not received these documents, please contact Atlantica’s proxy solicitor, Georgeson LLC, by calling the applicable helpline set out at the end of this section.

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation of the opinion of Scheme Shareholders. Scheme Shareholders are reminded that, at the Court Meeting, the Scheme of Arrangement must be approved by a majority in number of Scheme Shareholders representing not less than 75 percent in value of the Scheme Shares held by such Scheme Shareholders (or the relevant class or classes thereof, if applicable) in each case present, entitled to vote and voting, either in person or by proxy, at the Court Meeting and at any separate class meeting which may be required by the Court or at any adjournment of any such meeting.

Therefore, whether or not you plan to attend the Atlantica Shareholder Meetings, Atlantica Shareholders are urged to complete and sign both the enclosed Court Meeting Proxy Card and General Meeting Proxy Card as soon as possible and in any event prior to the deadlines set out below.

In respect of the Court Meeting, you are entitled to one vote for each Scheme Share that you hold as at the Voting Record Time. In respect of the General Meeting, you are entitled to one vote for each Atlantica Share that you hold as at the Voting Record Time.

Whether or not you plan to attend the Atlantica Shareholder Meetings, if you are an Atlantica Shareholder, please:

in accordance with the instructions printed thereon so that they are received by Atlantica’s agent for the Atlantica Shareholder Meetings, Broadridge, no later than 2.00 p.m. on 6 August 2024 (in the case of the Court Meeting Proxy Card for the Court Meeting) or 2.15 p.m. on 6 August 2024 (in the case of the General Meeting Proxy Card for the General Meeting) or, in the case of any adjournment, not later than 48 hours (excluding any part of a day that is a non-working day in the United Kingdom) before the time fixed for the holding of the adjourned meeting. Your vote will be cast as specified on the applicable Proxy Card.

Proxy appointments may be submitted electronically by logging on to www.proxyvote.com and following the instructions there. For an electronic proxy appointment to be valid, the appointment must be received by Broadridge no later than the applicable deadline set out above.

Alternatively, Court Meeting Proxy Cards (but not General Meeting Proxy Cards), together with any such power of attorney or other authority, if any, under which it is signed, or a duly certified copy thereof, may be handed to the Chair of the Court Meeting before the start of the Court Meeting. In the case of the General Meeting, unless the General Meeting Proxy Card is returned by the time and date mentioned in the instructions printed thereon, it will be invalid.

The completion and return of the Proxy Cards will not prevent eligible Atlantica Shareholders from attending and voting at the Court Meeting or the General Meeting, or any adjournment thereof, in person.

At the Court Meeting, Scheme Shareholders will be asked to approve the Scheme of Arrangement, with or subject to any modification, addition or condition which Atlantica and Bidco may agree and which the Court may approve or impose, pursuant to which the Scheme Shares will be acquired by Bidco or its nominee(s).

At the General Meeting, Atlantica Shareholders will be asked to approve a special resolution to authorise the Atlantica Directors to take all such action as they may consider necessary or appropriate for carrying the Scheme of Arrangement into effect, and to amend, with effect from the passing of such resolution, the Atlantica Articles to ensure that any Atlantica Shares issued after the General Meeting will be subject to the Scheme of Arrangement or otherwise transferred to Bidco or its nominee(s).

For the reasons set out in this document, the Atlantica Directors believe that the terms of the Transaction, including the terms of the Transaction Agreement, are fair and reasonable and that proceeding with the Transaction is likely to promote the success of Atlantica for the benefit of its shareholders as a whole, having had regard to the interests of other stakeholders, and unanimously recommend that Scheme Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and that Atlantica Shareholders vote in favour of the Resolution to be proposed at the General Meeting, as the Atlantica Directors intend to do, or to procure, in respect of their own beneficial holdings of Atlantica Shares amounting to, in aggregate, 141,991 Atlantica Shares representing approximately 0.12 percent of the existing issued ordinary share capital of Atlantica on the Latest Practicable Date.

Based upon and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi as more fully described in its written opinion, Citi advised the Atlantica Board as to the fairness, from a financial point of view and as of the date of such opinion, of the Consideration to be received in the Transaction by holders of Atlantica Shares (other than any parties to rollover or reinvestment arrangements, AQN and their respective affiliates) pursuant to the Transaction Agreement. Citi’s advice to the Atlantica Board with respect to the Consideration is set forth in Citi’s written opinion, dated 26 May 2024, attached to this document as ANNEX A, and which also sets forth in full the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi in connection with such advice and opinion. The description of Citi’s opinion set forth herein is qualified in its entirety by reference to the full text of Citi’s opinion. Citi’s opinion was provided solely for the information of the Atlantica Board (solely in its capacity as such) in connection with its evaluation of the Consideration from a financial point of view and did not address any other terms, aspects or implications of the Transaction. Citi expressed no view as to, and its opinion did not address, the underlying business decision of Atlantica to effect or enter into the Transaction, the relative merits of the Transaction as compared to any alternative business strategies that might exist for Atlantica or the effect of any other transaction which Atlantica might engage in or consider. Citi’s opinion was not intended to be and did not constitute a recommendation as to how the Atlantica Board, and is not intended to be and does not constitute a recommendation to any securityholder as to how such securityholder, should vote or act on any matters relating to the Transaction or otherwise.

Atlantica Shareholders who have any questions or require any assistance in submitting their proxy appointment, should contact Atlantica’s proxy solicitor, Georgeson LLC, by calling (i) +1 (866) 679-3747 within the U.S. or (ii) +1 (805) 885-0683 outside of the U.S. Lines are open 9.00 a.m. to 11 p.m. (Eastern Time), Monday to Friday, and 12.00 p.m. to 6.00 p.m. (Eastern Time) on Saturdays.

Please note that Computershare cannot provide advice on the merits of the Scheme of Arrangement or the Transaction or give any financial, legal, investment or tax advice.

The Atlantica Directors are soliciting your proxy, and Atlantica will bear the cost of this solicitation of proxies. This includes the charges and expenses of brokerage firms and others for forwarding solicitation materials to Atlantica Shareholders.

Atlantica has retained Georgeson LLC, a proxy solicitation firm, to assist the Atlantica Directors in the solicitation of proxies for the Court Meeting and the General Meeting. Atlantica expects to pay Georgeson LLC approximately USD 30,000 plus reimbursement of out-of-pocket expenses. Proxies may be solicited by mail, personal interview, telephone, or via the internet by Georgeson LLC or, without additional compensation, by certain Atlantica Directors, officers and employees.

An abstention occurs when a shareholder abstains from voting (either in person or by proxy) on one or more of the proposals. Broker non-votes occur when a broker, bank, trust or other nominee returns a proxy but does not have authority to vote on a particular proposal.

In connection with the Court Meeting, abstentions and broker non-votes will not be considered votes cast and will therefore not have any effect on the outcome of the vote at the Court Meeting.

In connection with the General Meeting, abstentions and broker non-votes will be considered in determining the presence of a quorum. However, abstentions and broker non-votes are not considered votes cast and therefore will not have any effect on the outcome of the vote for the purposes of determining whether the Resolution has been approved.

Information in relation to the appointment of proxies for and voting at the Atlantica Shareholder Meetings is set out in the section titled “ACTION TO BE TAKEN” on page xviii of this document, paragraphs 9 and 17 of Part II (Explanatory Statement) of this document, in the notice of the Court Meeting set out on pages viii to x of this document (Notice of Court Meeting), in the notes to the notice of the General Meeting set out on pages xi to xv of this document (Notice of General Meeting), and in the instructions printed on the Proxy Cards.

If you hold Atlantica Shares indirectly, you must rely on the procedures of the bank, broker, financial institution, share plan administrator or share plan nominee or other securities intermediary through which you hold Atlantica Shares. You should contact such intermediary for further instructions on how you can instruct that intermediary to vote on your behalf at, or provide voting instruction on your behalf in respect of, the Atlantica Shareholder Meetings and the date by which you must provide such instructions to the intermediary.

If the Scheme of Arrangement becomes Effective, it will be binding on all Scheme Shareholders, including any Scheme Shareholders who did not vote to approve the Scheme of Arrangement or who voted against the Scheme of Arrangement at the Court Meeting or against the Resolution at the General Meeting.

No Atlantica Shareholders will have “appraisal” or “dissenters” rights or otherwise have any right to seek an appraisal of the Atlantica Shares.

Participants in the Company Share Plans should refer to paragraph 8 of Part II (Explanatory Statement) of this document for information relating to the effect of the Transaction on their outstanding rights under the Company Share Plans.

Shareholders of Record may be asked to present valid picture identification, such as a driver’s licence or passport, to attend the shareholder meetings. If you are a Beneficial Holder as of the relevant record time set by your broker, bank, trust or other nominee and wish to attend the Court Meeting and/or the General Meeting, you will need to bring evidence of your interest in Atlantica Shares in the form of a currently dated letter from your broker, bank, trust or other nominee and proof of your identity (such as a driver’s licence or passport). On verification of such evidence, you will be admitted to the Court Meeting and/or the General Meeting, but may not vote at the Court Meeting and/or the General Meeting unless you are a Shareholder of Record or hold a valid proxy from a Shareholder of Record as of the Voting Record Time.

If you are a Beneficial Holder, as a matter of English law, your name is not entered in Atlantica’s register of members. Accordingly, if you wish to vote directly (i.e., in your own name) at the Court Meeting and/or the General Meeting, you must become a Shareholder of Record by arranging for the completion of a stock transfer form by the applicable Shareholder of Record in respect of the Atlantica Shares that you wish to be transferred in your name of record, pay any related U.K. stamp duty, if applicable, and send the completed stock transfer request form and related documentation to Atlantica’s transfer agent, Computershare Trust Company, NA, prior to the Voting Record Time. Beneficial Holders who wish to vote directly at the Court Meeting and/or the General Meeting should take care to send such stock transfer form in respect of their Atlantica Shares to permit processing to be completed by Computershare Trust Company, N.A. prior to the Voting Record Time.

All communications concerning Shareholder of Record accounts, including address changes, name changes, share transfer requirement and similar issues, can be handled by contacting Computershare Trust Company, N.A., in its capacity as transfer agent, at https://www-us.computershare.com/Investor/ or by telephone at (i) +1 866-242-3610 within the U.S. or Canada or (ii) +1 732-491-0655 outside of the U.S. of Canada.

At the General Meeting, Atlantica Shareholders (being those holders who hold any Atlantica Shares, including Scheme Shares and Excluded Shares) will vote on a special resolution to: (i) authorise the Atlantica Board to take all necessary action to carry the Scheme of Arrangement into effect; and (ii) amend the Atlantica Articles to ensure that any Atlantica Shares issued after the Scheme Record Time will be subject to the Scheme of Arrangement or otherwise transferred to Bidco or its nominee(s) so that no other person will hold Atlantica Shares following the Effective Date.

In addition, in connection with the Court Meeting there must be a sufficiently large (in the Court’s judgment) number of Scheme Shares included in the vote to fairly represent the opinion of Scheme Shareholders. Abstentions and broker non-votes will not be considered votes cast and will therefore not have any effect on the outcome of the vote at the Court Meeting.

In addition to approval by Scheme Shareholders at the Court Meeting, approval of the Scheme of Arrangement will also require sanction by the Court. In considering whether to sanction the Scheme of Arrangement, the Court will consider whether there has been a sufficiently large (in the Court’s judgment) number of Scheme Shares included in the vote in favour of the Scheme of Arrangement to fairly represent the opinion of Scheme Shareholders, in addition to whether the required majority (as described above), is obtained.

At the General Meeting, the Resolution must be approved by Atlantica Shareholders representing at least 75 percent of the votes cast.

not necessary to obtain such approval), in each case, have not been obtained in form and substance reasonably satisfactory to Bidco. It is possible that factors outside the control of Atlantica and ECP could delay the completion of the Transaction, or prevent it from being completed at all.

If you hold Atlantica Shares registered in your own name, you are entitled to attend the General Meeting to vote in person or to appoint another person or persons as your proxy or proxies to attend and vote in your stead, in accordance with the procedures further outlined in this document.

You are strongly encouraged to sign and return the Court Meeting Proxy Card for the Court Meeting as soon as possible. You are also encouraged to sign and return the General Meeting Proxy Card for the General Meeting at the same time as the Court Meeting Proxy Card for the Court Meeting. Proxy appointments may be submitted electronically by logging on to www.proxyvote.com and following the instructions there.

If you are a Beneficial Holder and you hold your Scheme Shares or Atlantica Shares through a broker, bank or other nominee you will need to contact your broker, bank or other nominee in order to submit your voting instructions for both the Court Meeting and the General Meeting.

If you are a registered holder of Atlantica Shares, you may revoke your proxy at any time before the vote is taken at the Court Meeting or the General Meeting, as applicable, by:

Please note, however, that only your last validly delivered or received proxy will count (regardless of its date or of the date of its execution). If Broadridge is unable to determine which is last delivered or received, none of them shall be treated as valid. Attending the Court Meeting or General Meeting without taking one of the actions described above will not in itself revoke your proxy.

If you are a Beneficial Holder and you hold your Atlantica Shares indirectly through a broker, bank or other nominee, you will need to follow the instructions provided to you by your broker, bank or nominee in order to revoke your proxy or submit new voting instructions. If you hold your Atlantica Shares indirectly, you may also revoke a prior proxy by voting in person at the Court Meeting and/or General Meeting if you obtain a Proxy Card executed in your favour from your broker, bank or other nominee in order to be able to vote in person at such meeting.

If you are a Beneficial Holder and your Atlantica Shares are held by a broker, bank or other nominee, you will need to contact your broker, bank or other nominee in order to confirm the answer to this question. However, if you do not instruct your broker, bank or other nominee how to vote your Atlantica Shares, your Atlantica Shares will not be counted for purposes of calculating the proportion of votes “For” and “Against” at the Atlantica Shareholder Meetings. Broker non-votes will be considered in determining the presence of quorum at the General Meeting.

There is a “Vote Withheld” option to enable you to abstain from voting on the Resolution at the General Meeting. A “Vote Withheld” will count towards quorum at the General Meeting, however a “Vote Withheld” is not a vote in law and will not be counted in the calculation of the proportion of votes “For” and “Against” the Resolution at the General Meeting.

The Voting Record Time, which determines the Atlantica Shareholders entitled to vote at the Atlantica Shareholder Meetings, is 6.30 p.m. on 6 August 2024 or, if the Court Meeting or General Meeting is adjourned, 6.30 p.m. on the day which is two days (excluding non-working days in the United Kingdom) before the day of such adjourned meeting. If you transfer your Scheme Shares after the Voting Record Time but prior to the Scheme Record Time, you will retain any rights you hold to vote at the Atlantica Shareholder Meetings but not the right to receive the Consideration.

There is no requirement for registered Atlantica Shareholders to take any action with regard to their share certificates at this stage. Upon the Scheme of Arrangement becoming Effective, share certificates in respect of Atlantica Shares will cease to be valid and Atlantica or Computershare Trust Company N.A., as the Paying Agent, will provide instructions to each registered holder of Atlantica Shares to deliver their share certificates to Atlantica (or in such other manner as Atlantica may direct) in order to receive the Consideration in respect of their Atlantica Shares. If you are a registered Atlantica Shareholder and have lost or are unable to locate your share certificates, please call Atlantica on +44 203 807 6709.

If you are a Beneficial Holder and your Atlantica Shares are held on your behalf by a broker, bank or other nominee, you may receive instructions from your broker, bank or other nominee as to what action, if any, you need to take in order to receive the Consideration in respect of such Atlantica Shares.

Please note that Georgeson LLC cannot provide advice on the merits of the Scheme of Arrangement or the Transaction or give any financial, legal, investment or tax advice.

16 July 2024

To all Atlantica Shareholders, participants in the Company Share Plans and persons with information rights

Dear Shareholder,

On 27 May 2024, Atlantica entered into a definitive agreement pursuant to which Bidco, which is a newly incorporated company controlled by funds managed by ECP, agreed to acquire (or to procure that its nominee(s) acquire) the entire issued and to be issued share capital of Atlantica. Further information on ECP and Bidco is set out in paragraph 6 of Part II (Explanatory Statement) of this document.

I am writing to you on behalf of the Atlantica Board to explain the background to and terms of the Transaction, to encourage you to vote at the Atlantica Shareholder Meetings to be held on 8 August 2024 in connection with the Transaction, and to explain why the Atlantica Board is unanimously recommending that Atlantica Shareholders vote in favour of the resolutions to be put to the Atlantica Shareholder Meetings.

The Transaction is to be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act, which requires the approval of Scheme Shareholders at the Court Meeting, the passing of the Resolution at the General Meeting and the sanction of the Court.

In accordance with the terms of the Transaction, which is subject to the Conditions and further terms set out in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document, Scheme Shareholders at the Scheme Record Time will be entitled to receive:

for each Scheme Share, USD 22.00 in cash

The terms of the Transaction:

The Scheme Shares will be acquired by Bidco or its nominee(s) with full title guarantee, fully paid and free from all liens, equitable interests, charges, encumbrances, rights of pre-emption and any other third-party rights or interests whatsoever (other than transfer restrictions arising under applicable securities laws) and together with all rights existing at the Effective Date or thereafter attaching thereto, including (without limitation) the right to receive and retain, in full, all dividends and other distributions (if any) declared, made or paid or any other return of capital (whether by way of reduction of share capital or share premium account or otherwise) made on or after the Effective Date in respect of the Scheme Shares.

The Transaction remains subject to the Conditions and further terms set out in full in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document. The Conditions also include, amongst other things:

At this stage, subject to the approval and availability of the Court (which is subject to change), and subject to the satisfaction (or, where applicable, waiver) of the Conditions, it is currently expected that the Transaction will become Effective during the fourth quarter of 2024 or early first quarter of 2025. Under the Transaction Agreement, (i) without the written consent of Bidco, the Effective Date shall not occur prior to 25 August 2024 and (ii) without the written consent of Bidco and Atlantica, the Effective Date shall not occur prior to 27 November 2024 if (x) certain third-party consents and (y) a certain approval required by Bidco (unless Bidco has delivered written notice to Atlantica that it has determined it is not necessary to obtain such approval), in each case, have not been obtained in form and substance reasonably satisfactory to Bidco.

ECP has been investing in energy transition, environmental infrastructure, and sustainability focused businesses for almost two decades, with particular emphasis in the power generation and renewables sectors. ECP believes that Atlantica fits its investment criteria well due to Atlantica’s position as a sustainable infrastructure company with a majority of its business in renewable energy assets and a long and impressive track record of maximising value across a complex set of global assets.

ECP intends to support Atlantica’s management in their efforts to continue developing the business by investing in the transition towards a more sustainable world by developing, building, investing and managing renewable energy, storage and other sustainable infrastructure assets.

ECP’s access to patient capital and its expertise in electrification, decarbonization and sustainability will provide Atlantica with the expertise required to accelerate its growth which will help Atlantica deliver its long-term potential.

ECP believes that it is uniquely positioned to accelerate Atlantica’s development at this critical juncture and that the Transaction will provide additional attractive development opportunities as well as a spectrum of greener and more sustainable solutions for Atlantica’s stakeholders (such as employees, customers, debtholders and the communities in which Atlantica operates).

The views of ECP should not be construed as a recommendation to any Atlantica Shareholder as to how that Atlantica Shareholder should vote at the Court Meeting or the General Meeting.

For the reasons set out in this document, the Atlantica Directors believe that the terms of the Transaction, including the terms of the Transaction Agreement, are fair and reasonable and that proceeding with the Transaction is likely to promote the success of Atlantica for the benefit of its shareholders as a whole, having had regard to the interests of other stakeholders, and unanimously recommend that Scheme Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and that Atlantica Shareholders vote in favour of the Resolution to be proposed at the General Meeting, as the Atlantica Directors intend to do, or to procure, in respect of their own beneficial holdings of Atlantica Shares amounting to, in aggregate, 141,991 Atlantica Shares representing approximately 0.12 percent of the existing issued ordinary share capital of Atlantica on the Latest Practicable Date.

Based upon and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi as more fully described in its written opinion, Citi advised the Atlantica Board as to the fairness, from a financial point of view and as of the date of such opinion, of the Consideration to be received in the Transaction by holders of Atlantica Shares (other than any parties to rollover or reinvestment arrangements, AQN and their respective affiliates) pursuant to the Transaction Agreement. Citi’s advice to the Atlantica Board with respect to the Consideration is set forth in Citi’s written opinion, dated 26 May 2024, attached to this document as ANNEX A, and which also sets forth in full the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi in connection with such advice and opinion. The description of Citi’s opinion set forth herein is qualified in its entirety by reference to the full text of Citi’s opinion. Citi’s opinion was provided solely for the information of the Atlantica Board (solely in its capacity as such) in connection with its evaluation of the Consideration from a financial point of view and did not address any other terms, aspects or implications of the Transaction. Citi expressed no view as to, and its opinion did not address, the underlying business decision of Atlantica to effect or enter into the Transaction, the relative merits of the Transaction as compared to any alternative business strategies that might exist for Atlantica or the effect of any other transaction which Atlantica might engage in or consider. Citi’s opinion was not intended to be and did not constitute a recommendation as to how the Atlantica Board, and is not intended to be and does not constitute a recommendation to any securityholder as to how such securityholder, should vote or act on any matters relating to the Transaction or otherwise.

The Transaction reflects the culmination of a rigorous sale process conducted by the Atlantica Board as part of a thorough and comprehensive review process of potential strategic alternatives available to Atlantica to maximise shareholder value, which was publicly announced on 21 February 2023 (the “Strategic Review”). The Strategic Review included the analysis of different strategic alternatives in which the Atlantica Board worked with the support and advice of Atlantica’s management and legal and financial advisers, Skadden, Arps, Slate, Meagher & Flom (UK) LLP (“Skadden”) and Citi. As part of this Strategic Review, a competitive sale process was conducted and involved engagement with 58 potential buyers, representing an extensive list of parties with

the sector expertise and financial strength to execute a transaction of this size and nature. Through the Strategic Review, the Atlantica Board worked to improve the financial terms of the Transaction before ultimately accepting the highest offer of USD 22.00 per Scheme Share, representing an 18.9% premium to the closing price per Scheme Share on 22 April 2024, the last full trading day prior to the date on which market rumours regarding a potential transaction emerged. The Per Share Consideration also represents a 21.8% premium to Atlantica’s 30-day volume weighted average trading price as of 22 April 2024.

The following is a summary of the material events that led to the execution of the Transaction Agreement. This summary focuses on material events and milestones and does not purport to catalogue every conversation amongst the Atlantica Board, members of Atlantica’s management or Atlantica’s advisers and other parties. The names of certain parties have been anonymised in accordance with the Company’s confidentiality obligations.

The Atlantica Board and senior management actively monitor and assess developments in the energy infrastructure industry and are generally aware of the business activities of, and transactions involving, Atlantica’s peers. In addition, on an ongoing basis, the Atlantica Board and senior management regularly evaluate options for achieving Atlantica’s long-term strategic goals and enhancing shareholder value in light of the business, competitive, regulatory, financing and economic environment and developments in the renewable energy industry.

In June 2022, the Atlantica Board and senior management held a strategy session during which they analysed market trends for the renewable energy sector. As part of such analysis, they determined that in recent years, many renewable energy companies had increased their focus on growth and that the value attributed to pipelines of projects under development in transactions in the private market generally had increased. The Atlantica Board considered different potential strategic alternatives, including amongst others: (i) continuing with the existing model, by maintaining a high dividend pay-out ratio to shareholders, building a pipeline of projects that would partially contribute to its growth and complement such growth with acquisitions, (ii) transitioning into a growth-oriented company, by increasing the amount invested in construction and development and decreasing the shareholder dividend pay-out ratio, and (iii) transitioning into a growth company model under private ownership and not as a public company. Atlantica’s Board and senior management discussed and considered each strategic alternative, including its respective potential advantages, risks and opportunities. The Atlantica Board also reviewed opportunities that could accelerate or serve as catalysts for some of the strategic alternatives referenced above, including acquiring a development platform or merging with an existing renewable energy business, which included reviewing approximately 18 peer companies. At that time, given the trading price of the Atlantica Shares and then prevailing market and economic conditions, the Atlantica Board concluded that maintaining the existing strategy was the best option. The Atlantica Board also concluded that, in a scenario in which Atlantica’s share price decreased for a long period, other strategies may better suit Atlantica and create more value for its shareholders.

Beginning in September 2022, Atlantica’s share price started declining, following the same trend as many of its publicly listed peers in the renewable energy sector. Financial analysts attributed such decline mainly due to interest rate increases and a decrease in positive expectations regarding renewable energy and ESG-related investments. In addition, in November 2022, research analysts covering both AQN and Atlantica began speculating on various strategic actions AQN could potentially take, including selling its stake in Atlantica. This speculation resulted in pressure on Atlantica’s share price, and Atlantica’s short interest increased between December 2022 and January 2023.

In light of the foregoing, Atlantica contacted various investment banking firms to discuss potential strategic or financial alternatives with a view towards enhancing shareholder value. The investment banking firms indicated that, in their view, the renewable energy sector would remain under pressure in the stock market given the increase in interest rates, an adjustment in the sector’s growth expectations and, particularly with respect to Atlantica, the challenges its significant shareholder was facing. Atlantica discussed with such investment banking firms potential strategic alternatives, including, amongst others, a going-private transaction with a financial sponsor, a merger with another renewable energy platform or a sale of Atlantica or certain of its assets.

In mid-November 2022, during the EEI conference in Florida, Santiago Seage, Atlantica’s Chief Executive Officer, met with Citi to discuss preliminarily potential strategic opportunities for Atlantica. On 29 November 2022, Michael Woollcombe, Chair of the Atlantica Board, and Santiago Seage met with Citi to discuss potential strategic opportunities for Atlantica and market conditions affecting the energy infrastructure industry.

On 15 December 2022, a meeting of the Atlantica Board was held, with representatives of Citi in attendance. At that meeting, Citi discussed with the Atlantica Board the renewable energy sector, Atlantica and four potential strategic alternatives for Atlantica: (i) continuing with the current business plan, (ii) transitioning to a self-funding renewable energy independent power producer with a lower pay-out to shareholders, (iii) an accelerated transition via acquiring or merging or closing a partnership with another renewable energy platform or developer and (iv) selling Atlantica. Following this meeting, at the request of the Atlantica Board, Citi continued its review of potential strategic and financial alternatives that could enable Atlantica to enhance shareholder value. As part of that process, and with the Atlantica Board’s authorisation, Citi contacted certain infrastructure investors to gauge their interest in working with Atlantica on several strategic options.

In January 2023, several analyst reports mentioned the possibility that AQN could divest its equity stake in Atlantica.

During the week of 16 January 2023, representatives of Atlantica, together with representatives of Citi, held in-person meetings with several large renewable energy funds to assess their potential interest in Atlantica or a transaction that could accelerate Atlantica’s transition to a higher growth company through M&A.

On 27 January 2023, the Chair of the Atlantica Board, Chief Executive Officer, General Counsel and Skadden held a conference call to discuss whether, given the work undertaken in the previous weeks, it would be prudent for Atlantica to publicly announce its strategic review, the process to approve and announce such review and related implications.

On 3 February 2023, a meeting of the Atlantica Board was held. At that meeting, the Atlantica Board and Citi discussed in further detail potential strategic alternatives available to Atlantica, including a potential take-private transaction. Following the meeting, the Atlantica Board decided to continue exploring potential opportunities through a process to be led by Citi and to formally engage Citi in connection with such process and any resulting transaction. The Atlantica Board also discussed whether it would be beneficial for Atlantica to publicly announce such strategic review process.

On 16 February 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board discussed the Strategic Review plan and timeline and the draft Form 6-K prepared by Skadden announcing the decision to initiate the Strategic Review.

Following such meeting, on 20 February 2023, the Atlantica Board approved via written resolution in lieu of a meeting, initiating the Strategic Review. The Atlantica Board made its decision following several meetings with Atlantica’s management and advisers and potential investors and various discussions with certain shareholders of the Company, including AQN, and after having analysed current market conditions and potential alternatives available to enhance value for Atlantica’s shareholders. It was further resolved that, as part of the Strategic Review process, the initial outreach to potential buyers for Atlantica should be formalised through a competitive sale process. The Atlantica Board also reviewed and approved the proposed economic terms for Citi’s engagement as Atlantica’s exclusive financial adviser and, following such approval, Atlantica entered into an engagement letter with Citi on 17 February 2023.

On 21 February 2023, Atlantica publicly filed a Form 6-K with the SEC announcing the Atlantica Board’s decision to initiate the Strategic Review with the support of AQN.

During the first phase of the sale process, at Atlantica’s direction, Citi approached or was approached by 58 investors with potential interest in Atlantica. As a result, Atlantica entered into 12 customary non-disclosure agreements with potential investors. These included financial sponsors representing an extensive list of parties that had the sector expertise and financial strength to execute a transaction of this size and nature, as well as strategic investors. Potential investors that had expressed potential interest in Atlantica, including ECP, had several calls or meetings with representatives of Citi and some of them had calls or in-person meetings with Atlantica to address high-level questions and discuss overall process.

On 28 February 2023, a meeting of the Atlantica Board was held. At that meeting, the Atlantica Board, following the recommendation by the Atlantica Compensation Committee provided on 27 February 2023, approved cash bonuses for up to 10 executives and the Chief Executive Officer of Atlantica if a transaction was consummated as a result of the Strategic Review. The purpose of the Strategic Review Bonus was to retain talent for certain positions in the organisation considered relevant to the success of the Strategic Review. The details of the Strategic Review Bonus were subsequently approved by the Atlantica Board on 4 March 2023 via written resolution.

At the same board meeting of 28 February 2023, amongst other topics, the Atlantica Board discussed certain updates on the Strategic Review process, including a status update on the initial outreach to potential investors, next steps and timeline. Prior to the meeting, the members of the Atlantica Board received for their review drafts of Atlantica’s confidential information memorandum and process letter for phase 1. Following the Atlantica Board’s review and as directed by the Atlantica Board, Citi shared such materials with potential investors in accordance with the timeline approved by the Atlantica Board.

On 14 March 2023, potential investors that had signed customary non-disclosure agreements received (i) Atlantica’s confidential information memorandum, (ii) access to a virtual data room containing certain financial data of the Company, and (iii) a process letter requesting preliminary non-binding indications of interest by 12:00 p.m. (Eastern Time) on 27 April 2023 based on a review of such confidential information memorandum, the Company’s financial data, and publicly available information, including the Company’s public filings. A question and answer session with the Chief Executive Officer, Chief Financial Officer, and other representatives of Atlantica based on non-confidential information was offered to all potential investors prior to submission of a preliminary indication of interest. Eight potential buyers opted to hold such meetings or video conferences, including ECP.

On 6 April 2023, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At that meeting, the Atlantica Board, Citi and Skadden discussed certain updates on the Strategic Review, including a status update on the initial outreach to potential investors and preliminary feedback from potential investors. At the same meeting, representatives of Skadden presented certain key aspects of the Strategic Review process, including (i) an overview of the fiduciary duties applicable to the members of the Atlantica Board, (ii) an indicative timeline and proposed steps to implement a potential sale of Atlantica, (iii) key features of the Scheme of Arrangement under the Companies Act, and (iv) regulatory considerations in connection with a potential sale of Atlantica.

During phase 1, the 12 parties that had executed a non-disclosure agreement with Atlantica received Atlantica’s confidential information memorandum and financial model. As a result of phase 1, Atlantica held discussions with at least eight interested parties and received indications of interest from five parties, of which three were interested in a transaction resulting in a full acquisition of Atlantica. The two bidders that submitted preliminary indications of interest consisting of a full acquisition of Atlantica (other than ECP) are referred to herein as “Party A” and “Party B”, respectively. The Atlantica Board considered the proposed purchase prices and determined that Party A, Party B and ECP should be invited to the next phase of the process. The other two indications of interest consisted of financing structures to increase Atlantica’s growth through bigger investments in development and construction projects, including preferred equity financing, which Atlantica considered had an elevated cost.

On 4 May 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board and Citi discussed certain updates on the Strategic Review, including a status update on the initial outreach to potential investors. The Atlantica Board and Citi discussed the terms of the five non-binding indications of interest submitted by potential investors during phase 1, including their respective proposed structures and interactions of such investors with representatives of Atlantica and Citi, and also discussed preliminary financial information included in such non-binding indications of interest. The Atlantica Board determined not to further pursue at that time the two non-binding letters offering to provide financing, as it determined that Atlantica could access alternative sources of financing at a lower cost. In addition, at that meeting, the Atlantica Board discussed Atlantica’s standalone prospects and share price performance since the announcement of the Strategic Review. The Atlantica Board noted that Atlantica’s share price had not recovered from a significant decline that started in April 2023, similarly to other yieldco and renewable independent power producer peers.

After receiving the non-binding indications of interest, upon the Atlantica Board’s instructions, Party A, Party B and ECP were granted access to a virtual data room containing certain non-public information on Atlantica. During the week of 22 May 2023, each of those parties also were invited to presentations by Atlantica’s management team (the “Management Presentation”) and due diligence sessions with key members of Atlantica’s management (the “Expert Sessions”).

The Management Presentation was delivered to ECP on 23 May 2023, to Party A on 24 May 2023 and to Party B on 24 May 2023. At the Management Presentations, certain members of Atlantica’s management team presented information relating to Atlantica’s business, operations and financial performance to representatives of Party A, Party B and ECP, respectively.

During the months of June and July 2023, certain parties conducted due diligence, including Q&As in writing and through video-conference. ECP conducted site visits to some of Atlantica’s assets in the US in June 2023.

On 8 June 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board and Citi discussed, amongst other topics, certain updates on the Strategic Review, including the discussions held with Party A, Party B and ECP, respectively, and such parties’ feedback on the Management Presentations delivered on 23 and 24 May 2023, the current status of each relevant party’s engagement in the potential sale of Atlantica, next steps and timeline. At the same meeting, the Atlantica Board and Citi also discussed current market conditions.

Also on 8 June 2023, Party A decided to halt its due diligence review and indicated that it remained interested at a lower price. On that date, Atlantica suspended Party A’s access to the virtual data room.

On 15 June 2023, a third-party (“Party C”), which had not fully participated in the first phase of the sale process, contacted representatives of Citi and Atlantica to engage in the second phase of the sale process. Following execution of a customary non-disclosure agreement, Party C was granted access to the virtual data room. On 5 July 2023, with Atlantica’s consent, Party B contacted Party C with the intention of forming a potential consortium of investors.

On 17 July 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, general updates on the Strategic Review, including the discussions held with Party A, Party B, Party C and ECP, respectively, and the status of such parties’ due diligence review. At the same meeting, the Atlantica Board reviewed the draft of the phase 2 process letter (“Phase 2 Process Letter”) requesting the relevant bidders to submit an updated proposal with a comprehensive mark-up of the preliminary Transaction Agreement draft prepared by Skadden.

As of 17 July 2023, 11 Expert Sessions had been held via video call, nine of which were held with ECP, covering topics including, but not limited to, strategy, finance, tax, human resources and legal. Each Expert Session was attended by appropriate members of Atlantica’s management team and/or subject matter experts and representatives of the relevant bidder. Questions and topics for discussion were submitted by the relevant bidders in advance, which were addressed at the relevant Expert Sessions.

On 18 July 2023, the Phase 2 Process Letter was made available to Party A, Party B, Party C and ECP requesting final definitive proposals by 28 July 2023, together with a comprehensive mark-up of the Transaction Agreement.

Also, during July and August 2023, the Chair of the Atlantica Board and the Chief Executive Officer of Atlantica had several conversations with the CEO of the owner of a large portfolio of renewable energy assets (“Party D”). They discussed at a high level whether a merger of Atlantica with Party D’s renewable energy portfolio (“Alternative Project”) could create additional value for the shareholders of each of Party D and Atlantica. After a preliminary analysis based on public information, the Atlantica Board instructed management, together with Skadden and Citi, to consider alternatives for Atlantica and Party D’s renewable energy assets. Over the following several months, Atlantica’s management considered such a transaction with the assistance of Skadden and Citi.

During July 2023, Atlantica’s management also conducted a preliminary analysis of a potential investment in other development platforms in the United States and analysed three different opportunities. Atlantica’s management conducted a detailed analysis for one of these platforms, including conducting detailed due

diligence for several months, holding various meetings and calls with the seller and submitting a non-binding proposal. In November 2023, after further negotiations, Atlantica decided not to proceed with this potential acquisition mainly given disagreements with the management team of the development platform and the general situation of the renewable energy sector, particularly after certain of Atlantica’s peers had announced reductions in their guidance and growth prospects. At that time, the Atlantica Board considered that the market likely would not have reacted positively to this potential transaction, particularly in a scenario in which Atlantica’s share price (and that of its peers) had been decreasing significantly.

In connection with the second phase of the sale process, ECP submitted an updated proposal on 28 July 2023 at USD 24.50 per Scheme Share. ECP’s updated proposal did not provide for certainty of financing. On the same date, Party C provided a verbal indication of approximately USD 25.00 per Scheme Share, but did not submit a written proposal. Meanwhile, Party B did not provide an updated proposal although it indicated that it was aligned on value with Party C. Certain bidders requested exclusivity and confirmation from the Atlantica Board that Atlantica would transact at their updated proposal prices.

On 31 July 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. During this meeting, the Atlantica Board and Citi discussed the updated proposals received from the relevant bidders, including transaction structures and economics, financing certainty and due diligence progress to date. At the same meeting, Citi provided a general overview of the status of the renewable energy industry, noting the fact that Atlantica’s share price and those of its peers, had been declining in recent months. Citi also provided an update on the market’s interest rates and cost of capital, noting that interest rates were expected to remain high. The increase in the cost of capital, which is an important factor for the valuation of companies similar to Atlantica, was negatively affecting the share prices of renewable energy companies. As a result, sell-side analysts’ valuation of Atlantica Shares also had declined.

Considering the matters discussed at the Atlantica Board meeting of 31 July 2023, given the macroeconomic backdrop and recent share price performance of yieldco peers and renewable independent power producers peers and the lack of financing certainty of the updated proposals received from the relevant bidders to date, the Atlantica Board concluded that it was not appropriate for Atlantica to grant exclusivity on the terms requested by the relevant bidders at that time. The Atlantica Board also concluded that it was not appropriate for Atlantica to make any strategic evaluation or decision until Atlantica received and fully evaluated updated proposals from the relevant bidders, including certainty on financing. Following the discussions at that meeting, the Atlantica Board instructed Citi to (i) communicate the Atlantica Board’s decision to the relevant bidders, (ii) continue exploring the potential pairing of bidders into consortiums, and (iii) continue exploring and assessing other potential strategic alternatives that could enhance value for Atlantica’s shareholders.

During the week of 7 August 2023, following Party B’s request to partner with another third party and uncertainty regarding Party C’s interest, the Company and Party A resumed discussions and Party A was readmitted into the process.

On 16 August 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, general updates on the Strategic Review and the sale process, including on the updated proposals received from the relevant bidders, the implied transaction multiples in the current proposals then received and various alternatives under the Strategic Review process. At the same meeting, Citi provided a general capital markets update to the Atlantica Board regarding market conditions and selected yieldcos’ historical share price performance, historical trading multiples and financials based on publicly available information. Following the discussion at that meeting, the Atlantica Board decided to (i) continue advancing the process with ECP to complete confirmatory due diligence and finalise its limited partners syndication process; (ii) continue exploring the formation of a consortium with other bidders; and (iii) continue exploring other potential strategic alternatives.

Despite Party C’s indication that it may provide a written formal proposal by September 2023, Party C remained on the sidelines with no significant process engagement following 2 August 2023. Party B and Party A also showed no significant progress during that time.

On 21 September 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board decided to terminate access to the virtual data room for Parties A, B and C and send relevant destroy-or-return notices with respect to confidential information shared with such parties. Meanwhile, ECP had continued advancing its due diligence exercise, seeking Expert Sessions and making site

visits to Atlantica’s selected assets in Illinois and Texas and, since August 2023, had hired additional advisers and increased due diligence conference call requests. By September 2023, ECP had signed nine joinder agreements with potential co-investors to its confidentiality agreement signed with Atlantica.

On 25 September 2023, in accordance with Atlantica’s directives, Citi communicated to Party A that it would be removed from the process and on 26 September 2023 destruction notices were sent to Party A, Party B and Party C.

On 10 October 2023, ECP submitted a revised non-binding proposal to acquire Atlantica for USD 20.50 per Scheme Share (the “Revised Proposal”). The Revised Proposal was lower than the updated proposal received on 28 July 2023 at USD 24.50 per Scheme Share and was conditional on AQN entering into a voting agreement committing to support the proposed transaction. ECP attributed the decrease in price to macroeconomic factors that affected valuations for similar assets, and slower-than-expected growth of Atlantica. Since ECP’s July 28th letter, cost of capital had increased considerably, share prices of Atlantica’s peers had declined by approximately 20% and US 10-year bond yields had increased by approximately 20%.

On 13 October 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, Citi provided an update on market conditions noting that since 2022 the renewable energy sector had experienced several challenges, including a downward trend in trading performance, with the power and utilities sector underperforming the broader market. Citi indicated that investors’ views regarding growth prospects were likely negatively affected by inflation-driven cost pressures and supply chain issues that delayed new project developments. From the beginning of 2023 until 26 September 2023, the share price of Atlantica and its peers had continued to decline. Citi indicated that these share price declines were likely the result of, amongst other factors, increasing interest rates, inflation driven cost pressures and delays in supply chains (and thus in the execution of projects). Additionally, certain renewable energy companies announced impairments and cancellation of contracts in offshore wind projects. Some of Atlantica’s peers also announced decreases in their dividend per share growth outlook, which raised concerns on their financing structure and sell-side analysts had decreased their target price recommendations across the industry.

At that same meeting, the Atlantica Board discussed the terms of the Revised Proposal. Citi provided an update on the discussions held with representatives of ECP. Following discussions and in order to make an informed decision and determine the best option to enhance value for Atlantica’s shareholders, the Atlantica Board instructed Atlantica’s senior management, together with Citi, to assess whether the Revised Proposal was reasonable in terms of value compared to a preliminary estimate of Atlantica’s value.

On 24 October 2023, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, general updates on the Strategic Review, including an assessment by Atlantica’s senior management of the Revised Proposal and a preliminary financial analysis prepared by Citi. The Atlantica Board and Citi also discussed the advantages and disadvantages of each potential strategic alternative. At the same meeting, representatives of Skadden provided an update on the legal considerations related to the Strategic Review process, including a potential sale of Atlantica.

Following that meeting, both the Atlantica Board and AQN indicated that the Revised Proposal was not acceptable and, as instructed by the Atlantica Board, Citi communicated that message to ECP.

During the month of October 2023, a potential bidder contacted in connection with the Strategic Review process that had not submitted a non-binding proposal during phase 1 (“Party E”) contacted Citi several times inquiring about the process. On 26 October 2023, Party E contacted Citi with the intention to engage again in the process and the Atlantica Board granted Party E access to Atlantica’s data room.

On 6 November 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, an update on market conditions in the renewable sector and potential strategic alternatives in light of then current market conditions. Valuations in the sector had not recovered, making the access to equity at a reasonable cost very difficult. In this context, the Atlantica Board discussed the advantages and disadvantages of different business models, including the current yieldco business model, public renewable independent power producers and private renewable independent power producers. The Atlantica Board analysed different potential options to enhance shareholder value,

including a sale of Atlantica, a transition to a higher growth model through M&A or other types of transition without involving a large M&A transaction. Meanwhile, ECP continued progressing its due diligence review and actively sourcing co-investments from limited partners.

On 7 November 2023, certain members of Atlantica’s management team presented the Management Presentation to Party E, including information relating to Atlantica’s business, operations and financial performance.

On 16 November 2023, Party E submitted a non-binding indication of interest valuing Atlantica’s share price at a range of USD 20-22 per Scheme Share.

On 22 November 2023, Atlantica entered into a customary non-disclosure agreement with Party D with respect to the Alternative Project as part of the Atlantica Board’s desire to explore all potential strategic alternatives.

On 6 December 2023, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, the current status of the Strategic Review, including the status of the Alternative Project, the terms of the Revised Proposal received from ECP and Party E’s non-binding indication of interest, and the financing certainty thereof. At the same meeting, the Atlantica Board and Citi also discussed an updated preliminary financial analysis prepared by Citi, including implied transaction metrics based on current bidders’ indications. Citi also provided a general update on market conditions and representatives of Skadden provided a general update on the legal matters related to the Strategic Review process, including legal considerations of the sale process.

Following that meeting, Atlantica indicated that a purchase price below the high-end of the ranges set forth in the Revised Proposal and Party E’s non-binding indication of interest would not be acceptable. The Atlantica Board directed Atlantica’s senior management and Citi to engage in further discussions with ECP and Party E to invite them to reconsider their respective proposals at a higher purchase price.

On 15 December 2023, a meeting of the Atlantica Board was held with representatives of Citi in attendance. At that meeting, the Atlantica Board discussed, amongst other topics, general updates on the Strategic Review process, the Alternative Project and the sale process.

Late in 2023, Atlantica received an inbound request to participate in the Strategic Review from another potential bidder (“Party F”) that previously had not been involved in the process. Party F was informed that Atlantica’s process was at an advanced stage and was encouraged to submit a preliminary indicative offer based on public information. Party F communicated to Atlantica that, after reviewing public information, it would not be able to provide an offer at an acceptable premium.

On 19 January 2024, ECP submitted a final proposal to acquire Atlantica for USD 21.75 per Scheme Share (the “Final Proposal”), representing a 12% premium to the closing price per Scheme Share on 18 January 2024.

On 2 February 2024, the Atlantica Board met to consider the Final Proposal with representatives of Citi and Skadden in attendance. Citi reviewed with the Atlantica Board the financial terms of the Final Proposal. In the Final Proposal, ECP confirmed that it had obtained preliminary approvals on its equity and debt financing for the transaction, and that its due diligence review was substantially complete and requested a four-week exclusivity period to finalise due diligence, conduct in-person meetings with management and execute transaction documents. After careful consideration, the Atlantica Board instructed Citi to continue the negotiations with ECP to maximise the price offered per Scheme Share and Citi thereafter engaged with ECP on behalf of Atlantica as so instructed by the Atlantica Board. At the same board meeting, Citi discussed with the Atlantica Board preliminary financial matters relative to the Alternative Project and potential structures. The Atlantica Board agreed to present a non-binding proposal to Party D regarding the Alternative Project.

After Citi conveyed the message on price to ECP as instructed by the Atlantica Board, further negotiations continued between representatives of ECP, on one hand, and Atlantica and Citi, on the other hand. On 12 February 2024, ECP submitted an updated final indicative offer to acquire the Company at a price of USD 22.00 per Scheme Share, representing an approximately 19% premium to the closing price per Scheme Share on 9 February 2024 (the “Updated Final Proposal”). The Updated Final Proposal provided, amongst other terms, that ECP (i) had obtained all necessary internal approvals for the Transaction, (ii) had substantially finalised its due diligence review

of Atlantica, (iii) had obtained the preliminary debt financing commitments required to fund the Transaction, and (iv) was advanced in securing equity commitments from co-investors. Together with the Updated Final Proposal, ECP submitted (1) a term sheet outlining the terms of the Transaction Agreement that ECP would be willing to accept and (2) draft commitment papers from MUFG Bank.

Also on 12 February 2024, Atlantica submitted a non-binding offer to Party D related to the Alternative Project providing for consideration to be paid by Atlantica in a mix of cash and shares. Party D communicated later that Atlantica’s proposed purchase price was below Party D’s expectations and that Atlantica would only advance to the second round of the Alternative Project if such price was increased.

On 23 February 2024, the Atlantica Board met to consider the Updated Final Proposal and relevant feedback on the Alternative Project with representatives of Citi and Skadden in attendance. Citi reviewed with the Atlantica Board the financial terms of the Updated Final Proposal and an updated preliminary financial analysis. At the same meeting, representatives of Skadden presented certain key updates on the proposed transaction, including (i) an overview of the Scheme of Arrangement under the Companies Act, (ii) an indicative timeline for regulatory approvals, and (iii) key terms and conditions of the Updated Final Proposal, including the debt commitment papers. After careful consideration, the Atlantica Board unanimously resolved to accept the terms of the Updated Final Proposal and proceed to negotiate a transaction with ECP subject to ECP fully securing debt and equity financing. In addition, the Atlantica Board further considered the status of its discussions with respect to Alternative Project and decided not to revise the purchase price initially proposed.

Prior to this meeting, the Chair of the Atlantica Board and the Chief Executive Officer of Atlantica had discussed with the interim Chief Executive Officer of AQN the potential willingness of AQN to sign a commitment to sell its Atlantica Shares to ECP at a price of USD 22 per Scheme Share in the event that the Atlantica Board proceeded with the Updated Final Proposal. As part of their ordinary course practise, representatives of Atlantica met periodically with the Chief Executive Officer (and, following his replacement, with the Interim Chief Executive Officer) of AQN to discuss and update each other on certain business matters concerning Atlantica. The Chair of the Atlantica Board and the Chief Executive Officer of Atlantica continued that practise during the Strategic Review and the negotiation of the Transaction between Atlantica and ECP, including discussion of progress and key aspects of the Transaction.

On 29 February 2024, a meeting of the Atlantica Board was held. At that meeting, the Atlantica Board discussed, amongst other topics, general updates on the Strategic Review, including the status of the sale process.

On 15 March 2024, Atlantica received draft debt commitment letters from ECP.

On 25 March 2024, ECP shared a mark-up of the Transaction Agreement prepared by Latham & Watkins LLP (“Latham”), ECP’s external counsel, with Citi. On 29 March 2024, Skadden met with certain representatives of Atlantica to discuss certain material issues relating to the mark-up, including, amongst others, the applicable standard for any regulatory divestments, and termination and reverse termination fees. In addition, ECP requested an irrevocable voting support agreement from AQN, without customary termination rights, to support the Transaction, which Atlantica and AQN rejected.

On 2 April 2024 and 3 April 2024, ECP and Atlantica advanced discussions through in-person meetings held in New York.

On 2 April 2024, Skadden circulated a revised mark-up of the Transaction Agreement to Latham.

On 3 April 2024, certain members of Atlantica’s senior management team delivered a presentation on Atlantica’s business, operations and corporate structure to representatives of ECP.

On 8 April 2024, representatives of Skadden had a call with Latham to discuss certain key aspects of the draft Transaction Agreement circulated by Skadden and outline certain outstanding points that were key to the evaluation of ECP’s offer by the Atlantica Board, including, amongst others, the applicable standard for regulatory divestments, and termination and reverse termination fees. On the same day, Latham circulated a revised mark-up of the Transaction Agreement.

On 12 April 2024, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At that meeting, the Atlantica Board received an update on the Transaction and the status of the discussions with ECP.

From 15 April 2024 to 19 April 2024, representatives of Skadden and Atlantica met on several occasions to discuss key open points in the draft Transaction Agreement, which included, amongst others, applicable standard for any regulatory divestments, and termination and reverse termination fees.

On 17 and 19 April 2024, Skadden circulated updated drafts of the Transaction Agreement to Latham.

On 21 April 2024, ECP shared a list of outstanding material points with the Chief Executive Officer of Atlantica, which included, amongst other things, applicable standard for any regulatory divestments, termination and reverse termination fees. In addition, ECP proposed certain revisions to the termination provision of the AQN Support Agreement. On the same day, Latham shared the same list of outstanding material issues with Skadden.

On 22 April 2024, Latham and Skadden had a call to discuss outstanding points in the draft Transaction Agreement.

On 23 April 2024, Betaville, a website which publishes information on transactions, issued an alert on rumours about takeover interest in Atlantica.

On 28 April 2024, Latham circulated to Skadden comments to the AQN Support Agreement.

On 29 April 2024, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At the meeting, material terms of the transaction documents were discussed, including the conditions to closing, equity and debt financing undertakings, Company and ECP termination fees, and potential issues with closing and interim operating covenants. The Atlantica Board also discussed the terms of ECP’s equity and debt financing commitments and the Transaction timeline, including with respect to regulatory approvals.

On 1 May 2024, Weil, Gotshal & Manges LLP (“Weil”), outside counsel to AQN, circulated a first draft of the AQN Letter Agreement to Skadden, which provided for certain agreements amongst Atlantica, AQN and Liberty in connection with the Scheme of Arrangement and the Transaction, including, amongst others, termination of AQN’s and Liberty’s standstill obligations under the Shareholders Agreement and Enhanced Cooperation Agreement upon closing of the Transaction or a termination of the Transaction Agreement. In the following weeks, Weil and Skadden met on several occasions to discuss and finalise the terms of the AQN Letter Agreement.

On 2 May 2024, Bloomberg published an article stating that ECP was in advanced talks to acquire Atlantica.

On 7 May 2024, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At the meeting, the Atlantica Board was updated by Skadden as to key terms of the transaction documents.

On 9 May 2024, Latham delivered a revised draft of the Transaction Agreement which reflected certain agreements reached by the parties. On the same day, representatives of ECP, Latham, Atlantica, Skadden, AQN and Weil held a call to discuss key outstanding points under the draft Transaction Agreement and the AQN Support Agreement.

On 13 May 2024, Latham and Skadden discussed by video call outstanding points under the draft Transaction Agreement.

On 19 May 2024, Latham circulated an updated draft of the AQN Support Agreement to Skadden and Weil that reflected the agreement reached amongst Atlantica, ECP and AQN in respect of the termination provision thereof. On the same day, Latham circulated an updated draft of the Transaction Agreement to Skadden.

On 20 May 2024, Skadden circulated an updated draft of the AQN Support Agreement to Latham and Weil.

On 21 May 2024, Skadden circulated an updated draft of the Transaction Agreement and later on the same day, other ancillary documents.

On 22 May 2024, following multiple calls between Latham and Skadden, Latham circulated updated drafts of the Transaction Agreement and other ancillary documents.

On 23 May 2024, all parties and their respective legal counsel held a video call to discuss outstanding points under the transaction documents and Skadden circulated an updated draft of the Transaction Agreement and a draft of the Director Support Agreements to be entered into by Atlantica’s directors.

On 24 May 2024, Latham circulated an updated draft of the Transaction Agreement and certain changes to the voting and transaction support agreements to be entered into by Atlantica’s directors. On the same day, the AQN board of directors approved entering into the AQN Support Agreement and the AQN Letter Agreement.

Later on 24 May 2024, Skadden circulated an updated draft of the Transaction Agreement.

From 25 to 27 May 2024, Atlantica, ECP and AQN negotiated a number of outstanding points in the draft Transaction Agreement and other ancillary documents and the parties finalised the transaction documents, press release and Form 6-K.

On 26 May 2024, the Related Party Transactions Committee of the Atlantica Board met to discuss the Transaction and, after due and careful consideration, unanimously approved to recommend to the Atlantica Board the entry by the Company into the AQN Letter Agreement and AQN Support Agreement.

On 26 May 2024, a meeting of the Atlantica Board was held with representatives of Citi and Skadden in attendance. At the board meeting, the Atlantica Board was updated by Skadden as to the final material terms of the transaction documents. Representatives of Skadden presented an overview of the legal terms of the final form of the Transaction Agreement that had been negotiated with ECP, noting that a number of terms had been improved through the negotiation process and that the transaction documents included fully financed equity and debt financing pursuant to the Equity Commitment Letter and Debt Commitment Letter. Also at this meeting, Citi reviewed its financial analysis of the Consideration with the Atlantica Board and rendered an oral opinion, confirmed by delivery of a written opinion dated 26 May 2024, to the Atlantica Board to the effect that, as of such date and based on and subject to various assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi as set forth in its written opinion, the Consideration to be received in the Transaction by the holders of Atlantica Shares pursuant to the Transaction Agreement was fair, from a financial point of view, to such holders (other than any parties to rollover or reinvestment arrangements, AQN and their respective affiliates). After carefully considering the proposed transaction with ECP, the strategic alternatives available to the Company during the Strategic Review process and the information discussed at the meeting, and in light of its statutory duties under English law, the Atlantica Board unanimously resolved that it was in the best interests of Atlantica’s shareholders as a whole to enter into the Transaction and the Transaction Agreement. The Atlantica Board also unanimously resolved to recommend that Atlantica’s shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and the Resolution to be proposed at the General Meeting. The Transaction Agreement was entered into on 27 May 2024. Entry into the Transaction Agreement was announced by Atlantica in a press release on 28 May 2024 and a copy of the Transaction Agreement, the press release, the AQN Support Agreement, the AQN Letter Agreement and the form of the Director Support Agreements were filed with the SEC as exhibits to the Company’s Form 6-K.

The Transaction reflects the culmination of a rigorous, competitive sale process conducted by Atlantica with the support and advice of Atlantica’s management and legal and financial advisers in parallel with consideration of other strategic options and potential transactions as part of the publicly announced Strategic Review. The sale process involved engagement with 58 potential buyers, representing an extensive list of parties with the sector expertise and financial strength to execute a transaction of this size and nature.

In evaluating the Transaction Agreement, the Transaction and the other transactions contemplated by the Transaction Agreement, the Atlantica Board consulted extensively with senior management of Atlantica and Atlantica’s legal and financial advisers. In the course of making the determination that the Transaction is in the best interests of Atlantica and Atlantica’s shareholders as a whole and to unanimously recommend that the Atlantica Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and the Resolution to be proposed at the General Meeting, the Atlantica Board considered numerous reasons, including the following material reasons and benefits to the Transaction:

Prior to commencing the Strategic Review process, Atlantica’s growth strategy had begun shifting from being primarily reliant on the acquisition of assets already in operation to the development and construction of new assets. The latter option was considered by the Atlantica Board as more advantageous to Atlantica as it was expected to generate higher returns on the capital invested and provide better visibility on future growth. However, maintaining a high dividend pay-out ratio to shareholders while financing the construction of such assets had the potential to prove challenging over time given competing cash needs. Thus, the Atlantica Board was aware that maintaining a yieldco model could limit Atlantica’s ability to grow through the development and construction of new assets. The Atlantica Board was also aware that there would likely be a need over time to change Atlantica’s dividend policy, by reducing its dividend, to achieve better growth results. In addition, unlike most of its peer companies in the renewable energy sector, Atlantica was not backed by a financial sponsor and was perceived by the market as a company with lower growth potential than its peers, a negative attribute that had been mentioned in various renewable energy analyst reports in recent years. In light of the foregoing, during the Strategic Review, the Atlantica Board considered an extensive range of options, including, amongst others, selling the entire issued share capital of Atlantica and the following alternatives:

However, the Atlantica Board also considered that a business model transition for a publicly listed company is challenging as it entails repositioning Atlantica in the market as a high-growth potential company and presenting to investors a new equity story. In addition, as transitioning to a renewable energy IPP would require a dividend reduction, the Atlantica Board considered it likely to cause a change in the investor base and potentially have a negative impact on Atlantica’s share price in the short term. It was uncertain whether Atlantica, if it announced an intention to transition to a renewable IPP model, would be able to maintain investor confidence or achieve and maintain an advantageous valuation in the public markets.

During the Strategic Review, the Atlantica Board analysed the possibility of a merger, held conversations with potential parties and actively considered and pursued a merger opportunity involving a sizeable portfolio of renewable assets in operation and in development in North America as described in more detail in the “Background to the Recommendation” section above. Atlantica obtained access to Party E’s data room, analysed its financial projections, held several calls and video conferences with Party E, and assessed potential financing options and the impact of a potential merger on key metrics of Atlantica. Atlantica also considered the potential implications of this merger, including the potential market reaction, the potential to achieve synergies, integration considerations and costs, pro forma capital allocation, debt structure and ownership and relevant shareholder approval requirements for Atlantica.

The Atlantica Board believes that during the first half of 2023, the decline in the share prices of renewable energy companies was generally the result of, amongst other things, increasing interest rates, inflation-driven cost pressures and delays in supply chains (and thus in the execution of projects). Given in part these factors, certain renewable energy companies announced impairments and cancelation of contracts. In addition, on September 27, 2023, one of Atlantica’s peers announced

decreases in its dividend per share growth outlook, which raised concerns in relation to its financing structure and market scepticism of similar financing structures generally, causing a further decrease in the share prices of Atlantica and its peers. As a result, the sell-side analysts’ valuation of Atlantica Shares also declined.

Given that Atlantica’s growth strategy relies on equity markets, a lower share price had the potential to further limit Atlantica’s growth. To the extent that Atlantica was unable to access the equity markets to fund its investment plan for a prolonged period, this had the potential to worsen the chances of a share price recovery. The ability for Atlantica to continue successfully executing on the yieldco model, with a high dividend pay-out ratio and the need for recurrent access to equity markets, therefore became more challenging during the period of the Strategic Review.

In reaching its determinations and recommendations described above, the Atlantica Board also considered the following potentially negative implications of the Transaction:

The foregoing discussion of the reasons considered by the Atlantica Board is not intended to be exhaustive, but rather includes the principal reasons considered by the Atlantica Board. The Atlantica Board unanimously reached the conclusion to approve the Transaction Agreement, the Transaction and the other transactions contemplated by the Transaction Agreement in light of the various reasons described above and other reasons that the members of the Atlantica Board believed were appropriate, and in light of their fiduciary and other duties in statute and common law. The Atlantica Board did not assign relative weights to the foregoing reasons or otherwise determine that any one reason was of greater or lesser importance. Rather, the Atlantica Board viewed its positions and recommendation as being based on the totality of information presented to, and considered by, the Atlantica Board. In considering the reasons discussed above, individual directors may have given different weights to different reasons.

Atlantica does not, as a matter of course, publicly disclose forecasts or internal projections as to future performance or results of operations, other than Adjusted EBITDA and cash available for distribution guidance for the ongoing year, given the inherent uncertainty of the underlying assumptions and projections. While Atlantica prepares forecasts annually for internal budgeting and business planning purposes, such forecasts generally focus on the current fiscal year and the immediately following fiscal year. However, in connection with the evaluation of the Transaction, Atlantica provided multi-year projections. Atlantica’s management prepared various financial forecasts and other data relating to the business of Atlantica, including extrapolations thereto (the “Management Projections”). Atlantica provided the Management Projections to the Atlantica Board in connection with its evaluation of the Transaction and to Atlantica’s financial adviser, Citi, for its use and reliance in connection with its financial analyses and opinion described in the section titled “—Opinion of Atlantica’s Financial Adviser.”

The summary of the Management Projections is included in this document solely to give Atlantica Shareholders access to certain financial projections that were made available to the Atlantica Board and Citi and is not included in this document to influence any Atlantica Shareholder’s decision. The Management Projections were generated for Atlantica’s internal use and the use of its advisers, and use in connection with exploring a potential transaction, and not developed with a view toward public disclosure or complying with IFRS as issued by the IASB. Certain financial information relating to Atlantica has been or will have been prepared in accordance with IFRS and may not therefore be comparable to financial information of other companies whose financial statements are prepared in accordance with US GAAP. The Management Projections are forward-looking statements and have not specifically been prepared in line with IFRS, see “Warning Regarding Forward-Looking Statements.” All of the Management Projections summarised in this section were prepared by Atlantica’s management.

The non-GAAP financial measures used in the Management Projections were relied upon by the Atlantica Board in connection with its evaluation of the Transaction and were provided to Citi for its use and reliance in connection with its financial analyses and opinion. “Adjusted Cash EBITDA” used for purposes of the Management Projections differs from “Adjusted EBITDA” usually reported by Atlantica. While Atlantica believes that such non-GAAP financial measures provide useful supplemental information in analysing Atlantica’s financial results in transactions of this nature, there are limitations associated with the use of such financial measures. Such non-GAAP measures as used by Atlantica may not be directly comparable to measures provided by Atlantica in its public disclosure, to similarly titled measures used by other companies and should not be considered in isolation from, or as a substitute for, financial information presented in accordance with IFRS.

The non-public, unaudited prospective financial information includes information for calendar years 2024 through 2027, which reflects certain of the Management Projections. Consistent with the discussion and feedback from the Atlantica Board, the Management Projections reflected the best currently available estimates, on the date they were prepared and on the date of Citi’s opinion to the Atlantica Board, and good faith judgments of Atlantica senior management as to the future financial performance of Atlantica.

The Management Projections were prepared by Atlantica on a stand-alone basis and do not take into account the transactions contemplated by the Transaction Agreement, including any costs incurred in connection with the Transaction or any changes to Atlantica’s operations or strategy that may be implemented after the completion of the Transaction. The Management Projections may differ from published analyst estimates and forecasts and do not take into account any events or circumstances after the date on which they were prepared, including the announcement of the Transaction. As a result, actual results likely will differ, and may differ materially, from those reflected in the Management Projections.

While the Management Projections are presented with numerical specificity, the Management Projections were based on numerous variables and assumptions that are inherently uncertain and may be beyond Atlantica management’s control. Further, given that the Management Projections cover multiple years, by their nature, they become necessarily less predictive with each successive year beyond their preparation. Important risk factors that may affect actual results and may result in such projections not being achieved include those described under the caption “Risk Factors” and elsewhere in Atlantica’s Annual Report on Form 20-F for the year ended 31 December 2023. In addition, the ability to achieve the Management Projections may depend on, in part, whether or not strategic goals, objectives and targets are reached over the applicable period. The assumptions upon which the Management Projections were based necessarily involve judgments with respect to, amongst other things, future economic, competitive and regulatory conditions, electricity market prices, performance of the assets, ability to execute Atlantica’s growth plan and financial market conditions and future business decisions that may not be realised and that are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, including, amongst other things, the inherent risks and uncertainty of the business and economic conditions affecting the industry in which Atlantica operates, and the risks and uncertainties described in the section titled “Warning Regarding Forward-Looking Statements” of this document, all of which are difficult or impossible to predict and many of which are beyond Atlantica’s control. The Management Projections also reflect assumptions by Atlantica’s management that are subject to change and are susceptible to multiple interpretations and periodic revisions based on actual results, revised prospects for the Atlantica business, changes in general business or economic conditions, or any other transaction or event that has occurred or that may occur and that was not anticipated when such projections were

prepared. The Management Projections include assumptions of project debt and corporate debt refinancing, which can create additional levered free cash flow in specific years. Levered free cash flow in the years shown may not be representative of the levered free cash flow generation in other periods.

Accordingly, there can be no assurance that the Management Projections will be realised, and actual results may differ, and may differ materially, from those shown. The Management Projections are included in this document to give Atlantica Shareholders access to certain non-public information that was provided to the Atlantica Board and Citi in the course of evaluating the Transaction, and are not intended to influence the decision of any Atlantica Shareholder whether to act with respect to the Transaction or any matter relating thereto. The inclusion of the Management Projections in this document should not be regarded as an indication that any of Atlantica, ECP, Bidco or any of their respective affiliates, officers, directors, advisers or other representatives considered or consider the Management Projections necessarily predictive of actual future events, and the Management Projections should not be relied upon as such. None of Atlantica, ECP, Bidco or any of their respective affiliates, officers, directors, advisers or other representatives can give any assurance that actual results will not differ from the Management Projections. None of Atlantica, ECP, Bidco or any of their respective affiliates, officers, directors, advisers or other representatives has made or makes any representation to any shareholder regarding the ultimate performance of Atlantica compared to the information contained in the Management Projections or that forecasted results will be achieved.

In addition, the Management Projections have not been updated or revised to reflect information or results after the date on which they were approved by the Atlantica Board or as of the date of this document, and except as required by applicable securities laws, Atlantica does not intend to update or otherwise revise the Management Projections or the specific portions presented to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the underlying assumptions are shown to be inappropriate.

The Management Projections should be evaluated, if at all, in conjunction with the historical financial statements and other information regarding Atlantica included in this document and in Atlantica’s other public filings with the SEC.

No independent registered public accounting firm provided any assistance in the preparation or review of the Management Projections. Accordingly, no independent registered public accounting firm has examined, compiled or otherwise performed any procedures with respect to the Management Projections or expressed any opinion or given any other form of assurance with respect thereto, and they assume no responsibility for the information contained in the Management Projections.

In light of the foregoing factors and the uncertainties inherent in the Management Projections, readers of this document are cautioned not to place undue, if any, reliance on the Management Projections.

Atlantica management prepared three sets of projections with different assumptions on growth. In each of the three sets of projections, the existing portfolio of assets in operation are the same. The distinguishing features amongst the sets of projections are:

The following table summarizes certain non-public, unaudited prospective financial information of Atlantica contained in the Management Projections:

Atlantica has used Adjusted Cash EBITDA solely for the purpose of preparing the Management Projections. Adjusted Cash EBITDA as profit/(loss) for the year attributable to the parent company, after adding back loss/(profit) attributable to non-controlling interest, income tax expense, financial expense (net), depreciation, amortization and impairment charges of entities included in the annual consolidated financial statements, non-monetary items consisting of (1) the difference between billings and revenue in assets accounted for as concessional financial assets, primarily related to ACT Energy Mexico, S. de R.L. de C.V., one of Atlantica’s Subsidiaries and (2) non-monetary provision related to electricity market prices in Spain and the gain related to the sale of assets and assets held for sale.

Adjusted Cash EBITDA is different from the Adjusted EBITDA that the Company usually reports with the SEC or otherwise uses in its widespread communications to investors. Atlantica has used Adjusted Cash EBITDA in the Management’s Projections because this metric is easier to estimate for future periods.

Atlantica’s management believes Adjusted Cash EBITDA is useful for the analysis of the Transaction because it provides an additional tool to compare business performance across companies and across periods. Adjusted Cash EBITDA as defined is widely used by investors to measure a company’s potential cash generation without regard to items such as interest expense, taxes, depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.

Atlantica presents non-GAAP financial measures because Atlantica believes that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. The non-GAAP financial measures including Adjusted Cash EBITDA may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of Atlantica’s operating results as reported under IFRS as issued by the IASB. Non-GAAP financial measures and ratios are not measurements of Atlantica’s performance or liquidity under IFRS as issued by the IASB and should not be considered as alternatives to operating profit or profit for the year or any other performance measures derived in accordance with IFRS as issued by the IASB or any other generally accepted accounting principles or as alternatives to cash flow from operating, investing or financing activities.

Some of the limitations of Adjusted Cash EBITDA are:

Atlantica also has used Levered Free Cash Flow solely for preparing the Management Projections. Atlantica has defined Levered Free Cash Flow as Adjusted Cash EBITDA minus non-cash items, plus dividends from unconsolidated affiliates, minus dividends paid to non-controlling interest, minus project debt interest, minus project debt principal repayment, minus changes in working capital, minus movements in cash reserve accounts, minus maintenance capex, minus cash taxes, minus payments to tax equity investors, plus proceeds from the sale of assets, minus corporate interest, plus net changes in corporate debt, plus cash from tax equity investments, plus project debt issuance attributable to growth operations and to refinancings and minus capex attributable to growth operations. The “Levered Free Cash Flow” used for purposes of the Management Projections differs from the “Cash Available For Distribution” or any other metric usually reported by Atlantica.

No independent registered public accounting firm provided any assistance in the preparation or review of the non-GAAP financial measures included herein. Accordingly, no independent registered public accounting firm has examined, compiled or otherwise performed any procedures with respect to the non-GAAP financial measures included herein or expressed any opinion or given any other form of assurance with respect thereto, and they assume no responsibility for such non-GAAP financial measures.

Financial measures included in projections provided to a financial adviser and a board of directors in connection with a business combination transaction are excluded from the definition of “non-GAAP financial measures” under the rules of the SEC, and therefore such financial measures are not subject to SEC rules regarding disclosures of non-GAAP financial measures, which may otherwise require a reconciliation of a non-GAAP financial measure to the most directly comparable IFRS financial measure. Reconciliations of non-GAAP financial measures were not provided to and were not relied on by Atlantica’s Board in its evaluation of the Transaction or Atlantica’s financial adviser for purposes of its financial analyses and opinion, nor were they provided to Bidco or ECP. Accordingly, we have not provided a reconciliation of these non-GAAP financial measures.

In connection with the Transaction, the Atlantica Board requested that Citi evaluate the fairness, from a financial point of view, of the Consideration to be received in the Transaction by holders of Atlantica Shares (other than any parties to rollover or reinvestment arrangements, AQN and their respective affiliates) pursuant to the Transaction Agreement. On 26 May 2024, at a meeting of the Atlantica Board held to evaluate the proposed Transaction, Citi rendered an oral opinion, confirmed by delivery of a written opinion dated 26 May 2024, to the Atlantica Board to the effect that, as of such date and based on and subject to various assumptions made, the procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi, the Consideration to be received in the Transaction by the holders of Atlantica Shares pursuant to the Transaction Agreement was fair, from a financial point of view, to such holders (other than any parties to rollover or reinvestment arrangements, AQN and their respective affiliates).

The full text of Citi’s written opinion, dated 26 May 2024, which describes, amongst other things, the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken by Citi, is attached as ANNEX A to this document and is incorporated into this document by reference in its entirety. The description of Citi’s opinion set forth below is qualified in its entirety by reference

to the full text of Citi’s opinion. Citi’s opinion was provided solely for the information of the Atlantica Board (solely in its capacity as such) in connection with its evaluation of the Consideration from a financial point of view and did not address any other terms, aspects or implications of the Transaction. Citi expressed no view as to, and its opinion did not address, the underlying business decision of Atlantica to effect or enter into the Transaction, the relative merits of the Transaction as compared to any alternative business strategies that might exist for Atlantica or the effect of any other transaction which Atlantica might engage in or consider. Citi’s opinion was not intended to be and did not constitute a recommendation as to how the Atlantica Board, and is not intended to be and does not constitute a recommendation to any securityholder as to how such securityholder, should vote or act on any matters relating to the Transaction or otherwise.

In arriving at its opinion, Citi:

In rendering its opinion, Citi assumed and relied, without independent verification, upon the accuracy and completeness of all financial and other information and data publicly available or provided to or otherwise reviewed by or discussed with Citi and upon the assurances of the management and other representatives of Atlantica that they were not aware of any relevant information that was omitted or that remained undisclosed to Citi. With respect to the financial forecasts and other information and data relating to Atlantica that Citi was directed to utilize in its analyses, Citi was advised by the management of Atlantica and Citi assumed, with Atlantica’s consent, that such financial forecasts and other information and data were reasonably prepared on bases reflecting the best currently available estimates and judgments of the management of Atlantica as to, and were a reasonable basis upon which to evaluate, the future financial performance of Atlantica and the other matters covered thereby. Citi expressed no view or opinion as to any financial forecasts and other information or data (or underlying assumptions on which they were based) provided to or otherwise reviewed by or discussed with Citi.

Citi relied, at Atlantica’s direction, upon the assessments of the management of Atlantica as to, amongst other things, (i) the potential impact on Atlantica of macroeconomic, market, competitive, seasonal and other conditions, trends and developments in and prospects for, and governmental, regulatory and legislative matters relating to or otherwise affecting, the renewable power generation, thermal generation, electric transmission and water infrastructure industries, including with respect to the geographic regions in which Atlantica operates, environmental and other governmental regulations, the availability and pricing of commodities, raw materials

and finished goods and supply and demand for renewable and other energy, which are subject to significant volatility and which, if different than as assumed, could have a material impact on Citi’s analyses or opinion, (ii) organic and inorganic growth opportunities for Atlantica, including with respect to the likelihood and timing thereof and assets, capital expenditures and other financial and integration aspects involved, and (iii) existing and future agreements and other arrangements involving, and the ability to attract, retain and/or replace, key employees and suppliers, as well as off-take, power purchase and concession counterparties and other commercial relationships of Atlantica. Citi assumed, with Atlantica’s consent, that there would be no developments with respect to any such matters or modifications to the structure for effecting the Transaction that would be meaningful in any respect to Citi’s analyses or opinion.

Citi did not make and was not provided with an independent evaluation or appraisal of the assets or liabilities (contingent, accrued, derivative, off-balance sheet or otherwise) of Atlantica or any other entity and Citi did not make any physical inspection of the properties or assets of Atlantica or any other entity. Citi did not evaluate the solvency or fair value of Atlantica or any other entity under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. Citi expressed no view or opinion as to any actual or potential litigation, claims or governmental, regulatory or other proceedings, enforcement actions, consent decrees or other orders, audits or investigations or the potential impact thereof on Atlantica or any other entity or the Transaction. Citi assumed, with Atlantica’s consent, that the Transaction would be consummated in accordance with its terms and in compliance with all applicable laws, documents and other requirements, without waiver, modification or amendment of any material term, condition or agreement, and that, in the course of obtaining the necessary governmental, regulatory or third-party approvals, consents, releases, waivers and agreements for the Transaction or otherwise, no delay, limitation, restriction, condition or other action, including any divestiture or other requirements, amendments or modifications, would be imposed or occur that would have an adverse effect on Atlantica or the Transaction or that otherwise would be meaningful in any respect to Citi’s analyses or opinion. Representatives of Atlantica advised Citi, and Citi also assumed, that the final terms of the Transaction Agreement would not vary materially from those set forth in the draft reviewed by Citi. Citi did not express any view or opinion as to the prices at which Atlantica Shares or any other securities would trade or otherwise be transferable at any time, including following the announcement or consummation of the Transaction. Citi also did not express any view or opinion with respect to accounting, tax, regulatory, legal or similar matters, including, without limitation, as to tax or other consequences of the Transaction or otherwise or changes in, or the impact of, accounting standards or tax and other laws, regulations and governmental and legislative policies affecting Atlantica or the Transaction, and Citi relied, with Atlantica’s consent, upon the assessments of representatives of Atlantica as to such matters.

Citi’s opinion addressed only the fairness, from a financial point of view and as of the date of such opinion, of the Consideration (to the extent expressly specified therein), without regard to individual circumstances of holders Atlantica Shares (whether by virtue of control, voting, liquidity, contractual arrangements or otherwise) that may distinguish such holders or the securities of Atlantica held by such holders, and Citi’s opinion did not in any way address proportionate allocation or relative fairness. Citi’s opinion did not address any other terms, aspects or implications of the Transaction, including, without limitation, the form or structure of the Transaction or any dividends, or any terms, aspects or implications of any voting and transaction support agreements, rollover or reinvestment or restructuring transactions or any other agreement, arrangement or understanding to be entered into in connection with or contemplated by the Transaction or otherwise. Citi expressed no view as to, and Citi’s opinion did not address, the underlying business decision of Atlantica to effect or enter into the Transaction, the relative merits of the Transaction as compared to any alternative business strategies that might exist for Atlantica or the effect of any other transaction which Atlantica might engage in or consider. Citi also expressed no view as to, and its opinion did not address, the fairness (financial or otherwise) of the amount or nature or any other aspect of any compensation or other consideration to any officers, directors or employees of any parties to the Transaction, or any class of such persons, relative to the Consideration or otherwise. Citi’s opinion was necessarily based upon information available, and financial, stock market and other conditions and circumstances existing and disclosed, to Citi as of the date of its opinion. Although subsequent developments may affect its opinion, Citi has no obligation to update, revise or reaffirm its opinion. As the Atlantica Board was aware, the industry in which Atlantica operates and the securities of Atlantica have experienced and may continue to experience volatility and disruptions, and Citi expressed no view or opinion as to any potential effects of such volatility or disruptions on Atlantica or the Transaction. The issuance of Citi’s opinion was authorised by Citi’s fairness opinion committee.

In preparing its opinion, Citi performed a variety of financial and comparative analyses, including those described below. The summary of the analyses below is not a complete description of Citi’s opinion or the analyses underlying, and factors considered in connection with, Citi’s opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analysis and the application of those methods to the particular circumstances and, therefore, a financial opinion is not readily susceptible to summary description. Citi arrived at its ultimate opinion based on the results of all analyses and factors assessed as a whole, and it did not draw, in isolation, conclusions from or with regard to any one factor or method of analysis. Accordingly, Citi believes that the analyses must be considered as a whole and in context and that selecting portions of its analyses and factors or focusing on information presented in tabular format, without considering all analyses and factors or the narrative description of the analyses, could create a misleading or incomplete view of the processes underlying such analyses and its opinion.

In its analyses, Citi considered industry performance, general business, economic, market and financial conditions and other matters existing as of the date of its opinion, many of which are beyond the control of Atlantica. No company, business or transaction reviewed is identical or directly comparable to Atlantica or the Transaction and an evaluation of these analyses is not entirely mathematical; rather, the analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors that could affect the public trading, acquisition or other values of the companies, businesses or transactions reviewed or the results from any particular analysis.

The estimates contained in Citi’s analyses and the ranges resulting from any particular analysis are not necessarily indicative of actual values or predictive of future results or values, which may be significantly more or less favourable than those suggested by such analyses. In addition, analyses relating to the value of businesses or securities do not purport to be appraisals or to reflect the prices at which businesses or securities actually may be sold or acquired. Accordingly, the estimates used in, and the results derived from, Citi’s analyses are inherently subject to substantial uncertainty.

Citi was not requested to, and it did not, recommend or determine the specific consideration payable in the Transaction. The type and amount of consideration payable in the Transaction were determined through negotiations between Atlantica, on the one hand, and Bidco and ECP, on the other hand, and the decision to enter into the Transaction Agreement was solely that of the Atlantica Board. Citi’s opinion and financial analyses were only one of many factors considered by the Atlantica Board in its evaluation of the Transaction and should not be viewed as determinative of the views of the Atlantica Board or management of Atlantica with respect to the Transaction or the Consideration.

The summary of the financial analyses described below under this heading “—Financial Analyses” is a summary of the material financial analyses reviewed with the Atlantica Board and performed by Citi in connection with Citi’s opinion, dated 26 May 2024. The summary set forth below does not purport to be a complete description of the financial analyses performed by, and underlying the opinion of, Citi, nor does the order of the financial analyses described represent the relative importance or weight given to those financial analyses by Citi. Certain financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses, the tables must be read together with the text of each summary as the tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the financial analyses, could create a misleading or incomplete view of such financial analyses. Future results may be different from those described and such differences may be material. For purposes of the analyses described below, approximate implied per share equity value reference ranges derived from the financial analyses and certain additional information described below, other than historical trading prices for Atlantica Shares, were rounded to the nearest $0.10.

Selected Public Companies Analysis. Citi reviewed publicly available financial and stock market information of Atlantica and the following two selected companies that Citi viewed as generally relevant for purposes of analysis as publicly traded yieldco companies with operations primarily in the renewable power generation industry (collectively, the “selected companies”):

Citi reviewed, amongst other information, enterprise values, calculated as implied equity values based on closing stock or unit prices on 24 May 2024 plus total debt, non-controlling interests and unconsolidated affiliates (as applicable) and less cash and cash equivalents, as multiples of calendar year 2024 and calendar year 2025 estimated adjusted cash EBITDA. Financial data of the selected companies were based on publicly available Wall Street research analysts’ estimates and public filings. Financial data of Atlantica was based on non-risk-adjusted financial information and data relating to Atlantica provided by the management of Atlantica.

The overall low to high calendar year 2024 and calendar 2025 estimated adjusted cash EBITDA multiples observed for the selected companies were 8.3x to 12.8x (with a mean and median of 10.6x) and 8.1x to 12.3x (with a mean and a median of 10.2x), respectively. Citi noted that the calendar year 2024 and calendar year 2025 estimated Adjusted Cash EBITDA multiples observed for Atlantica were 11.0x and 9.3x, respectively, based on non-risk-adjusted financial information and data relating to Atlantica provided by the management of Atlantica. Citi then applied selected ranges of calendar year 2024 and calendar year 2025 estimated adjusted cash EBITDA multiples derived from the selected companies of 8.3x to 11.0x and 8.1x to 10.2x, respectively, to corresponding Adjusted Cash EBITDA of Atlantica.

This analysis indicated the following approximate implied per share equity value reference ranges for Atlantica, as compared to the Consideration:

Discounted Cash Flow Analyses. Citi performed a discounted cash flow analysis of Atlantica, based on non-risk-adjusted and risk-adjusted financial information and data relating to Atlantica provided by the management of Atlantica, by calculating the estimated present value of the standalone unlevered, after-tax free cash flows that Atlantica was forecasted to generate over the life of the assets of Atlantica during the last nine months of the fiscal year ending 31 December 2024 through the full fiscal year ending 31 December 2072, both before and after taking into account the potential net present value of Atlantica’s tax attributes. The present values (as of 31 March 2024) of the cash flows and Atlantica’s potential tax attributes per the management of Atlantica were calculated using a selected range of discount rates of 7.1% to 7.8%. This analysis indicated the following approximate implied per share equity value reference ranges for Atlantica both before and after taking into account Atlantica’s tax attributes, as compared to the Consideration:

Citi also performed a discounted cash flow analysis of Atlantica, based on non-risk adjusted, risk-adjusted and no-growth financial information and data relating to Atlantica provided by the management of Atlantica, by calculating the estimated present value of the standalone levered, after-tax free cash flows that Atlantica was forecasted to generate over the life of the assets of Atlantica during the last nine months of the fiscal year ending 31 December 2024 through the full fiscal year ending 31 December 2072. The present values (as of 31 March 2024) of the cash flows were calculated using a selected range of discount rates of 9.6% to 12.3%. This analysis indicated the following approximate implied per share equity value reference ranges for Atlantica, as compared to the Consideration:

Citi also observed certain additional information that was not considered part of its financial analyses with respect to its opinion but was noted for informational purposes, including the following:

Selected Precedent Transactions Analysis. Using publicly available information, Citi reviewed financial data relating to the following six selected transactions that Citi viewed as generally relevant for purposes of analysis as transactions involving target companies with operations in the renewable power generation industry (collectively, the “selected transactions”):

Citi reviewed, amongst other information, transaction values of the selected transactions, calculated as implied equity values for the target companies involved in the selected transactions based on the consideration paid in the selected transactions plus total debt, non-controlling interests and unconsolidated affiliates (as applicable) and less cash and cash equivalents, as a multiple of the next 12 months estimated adjusted cash EBITDA of such target companies based on publicly available information as of the applicable announcement date of such transactions. Financial data for the selected transactions were based on Wall Street research analysts’ estimates and public filings. Financial data of Atlantica was based on non-risk adjusted financial information and data relating to Atlantica provided by the management of Atlantica.

The overall low to high next 12 months estimated adjusted cash EBITDA multiples observed for the selected transactions was 7.5x to 14.1x (with a median of 11.7x). Citi then applied a selected range of next 12 months estimated Adjusted Cash EBITDA multiples derived from the selected transactions of 7.5x to 9.5x to corresponding Adjusted Cash EBITDA of Atlantica. This analysis indicated an approximate implied per share equity value reference range for Atlantica of $0.40 to $13.60.

Other. Citi also observed the following:

Details of the impact of the Transaction on the Company Share Plans are set out in paragraph 8 of Part II (Explanatory Statement) of this document.

Effective as of the Effective Time, all Company Share Options and Company RSUs outstanding immediately prior to the Effective Time will become vested (with any applicable performance vesting conditions deemed to have been achieved at levels based on actual performance as of the Effective Date), and be cancelled and converted into the right to receive the Company Share Option Consideration or Company RSU Consideration, if and as applicable. Based on the Per Share Consideration of USD 22.00 per Scheme Share, all Company Share Options are out-of-the-money.

The Company Share Option Consideration and Company RSU Consideration will be paid through the payroll systems of Atlantica or its applicable subsidiaries as promptly as practicable following the Effective Time (and in any event no later than the applicable first regularly scheduled payroll run following the Effective Date), subject to compliance with Section 409A of the Code.

Award holders under the Company Share Plans will be written to separately with information regarding the effect of the Scheme of Arrangement on their Awards. Further details are set out in paragraph 8 of Part II (Explanatory Statement) of this document.

Together with certain other employees, the Executive Officer is eligible to receive a cash bonus on the closing of the Transaction under the terms of “Strategic Review Bonus” agreement entered into between Atlantica and the Executive Officer. The value of the Strategic Review Bonus for the Executive Officer is 110% of the Executive Officer’s target annual remuneration for 2023 (including fixed salary and target annual bonus for 2023). The Strategic Review Bonus will be paid to the Executive Officer via payroll systems as soon as practicable following the Effective Date.

It is intended that the Transaction will be implemented by way of a Court-sanctioned scheme of arrangement between Atlantica and the Scheme Shareholders, made under Part 26 of the Companies Act. The procedure involves, amongst other things, an application by Atlantica to the Court to sanction the Scheme of Arrangement, in consideration for which the Scheme Shareholders will receive the Consideration. The purpose of the Scheme of Arrangement is to provide for Bidco or its nominee(s) to become the owner(s) of the entire issued and to be issued share capital of Atlantica.

The Scheme of Arrangement will only become Effective if, amongst other things, the following events occur on or before the End Date:

Upon the Scheme of Arrangement becoming Effective, it will be binding on all Scheme Shareholders (including all Beneficial Holders), irrespective of whether or not they attended or voted at the Court Meeting or the General Meeting (and if they attended and voted, whether or not they voted in favour).

The Consideration will be despatched by Bidco to the Paying Agent, for the benefit of the Scheme Shareholders as soon as reasonably practicable following the Effective Time and in any event within two Business Days.

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation of the opinion of Scheme Shareholders. Scheme Shareholders are reminded that, at the Court Meeting, a majority in number of Scheme Shareholders representing not less than 75 percent in value of the Scheme Shares held by such Scheme Shareholders (or the relevant class or classes thereof, if applicable) in each case present, entitled to vote and voting, either in person or by proxy, at the Court Meeting and at any separate class meeting which may be required by the Court or at any adjournment of any such meeting.

Therefore, whether or not you plan to attend the Atlantica Shareholder Meetings, Atlantica Shareholders are urged to complete and sign both the Court Meeting Proxy Card and the General Meeting Proxy Card, or deliver their respective proxy appointments or voting instructions by one of the other methods mentioned below, as soon as possible.

If the Scheme of Arrangement does not become Effective by the End Date, it will lapse and the Transaction will not proceed (unless extended with the agreement of Bidco and Atlantica and, if required, the approval of the Court).

The Scheme of Arrangement will be governed by the laws of England and Wales and will be subject to the jurisdiction of the English courts. The Scheme of Arrangement is not subject to U.S. law.

Further details of the Scheme of Arrangement and the Atlantica Shareholder Meetings are set out in paragraph 9 of Part II (Explanatory Statement) of this document.

Prior to the Scheme of Arrangement becoming Effective, a request will be made by Atlantica to Nasdaq to suspend trading of, and de-list, the Atlantica Shares on Nasdaq, to take effect on, or shortly after, the Effective Date. Subsequently, the Atlantica Shares will be deregistered under the U.S. Exchange Act.

As soon as practicable after the Effective Date, the cancellation of the listing and delisting of the Atlantica Shares from Nasdaq, it is intended that Atlantica will be re-registered as a private limited company under the relevant provisions of the Companies Act.

A summary of certain United Kingdom and United States taxation consequences of the implementation of the Scheme of Arrangement for certain Atlantica Shareholders is set out in paragraph 6 of Part V (Additional Information) of this document.

That summary does not constitute tax advice and does not purport to be a full analysis of all potential United Kingdom and United States tax consequences of the Transaction. Atlantica Shareholders who are in any doubt about their taxation position, or who are subject to taxation in a jurisdiction outside of the United Kingdom and the United States are strongly advised to contact an appropriate independent professional adviser immediately.

Overseas Shareholders should refer to paragraph 15 of Part II (Explanatory Statement) of this document for further details.

Your attention is drawn to paragraph 17 of Part II (Explanatory Statement) of this document, which explains the actions you should take in relation to the Transaction and the Scheme of Arrangement.

Your attention is drawn to Part II (Explanatory Statement) of this document (being the Explanatory Statement made in compliance with section 897 of the Companies Act), which gives further details about the Transaction and the terms of the Scheme of Arrangement that are set out in full in Part VIII (The Scheme of Arrangement) of this document. Please note that reading the information in this Part I (Letter from the Chair of Atlantica Sustainable Infrastructure plc) is not a substitute for reading the remainder of this document.

Your attention is further drawn to the information contained in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction), Part V (Additional Information), Part VIII (The Scheme of Arrangement) and to the expected timetable of principal events set out on page xvi of this document.

Accordingly, for the reasons set out in this document the Atlantica Directors believe that the terms of the Transaction, including the terms of the Transaction Agreement, are fair and reasonable and that proceeding with the Transaction is likely to promote the success of Atlantica for the benefit of its shareholders as a whole, having had regard to the interests of other stakeholders, and unanimously recommend that Scheme Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and that Atlantica Shareholders vote in favour of the Resolution to be proposed at the General Meeting, as they intend to do, or to procure, in respect of their own holdings of, in aggregate, 141,991 Atlantica Shares (representing approximately 0.12 percent of the issued ordinary share capital of Atlantica as at the Latest Practicable Date).

Yours faithfully,

 

Michael Woollcombe

16 July 2024

On 27 May 2024, Atlantica entered into a definitive agreement pursuant to which Bidco, which is controlled by funds managed by ECP, agreed to acquire (or to procure that its nominee(s) acquire) the entire issued and to be issued share capital of Atlantica. The Transaction is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act, which requires the approval of Atlantica Shareholders and the sanction of the Court. The Transaction remains subject to the terms and conditions set out in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document.

Your attention is drawn to the letter from the Non-Executive Chair of Atlantica, Michael Woollcombe, set out in Part I (Letter from the Chair of Atlantica Sustainable Infrastructure plc) of this document, which forms part of this Explanatory Statement. That letter contains, amongst other things, information on the background to and reasons for the unanimous recommendation by the Atlantica Board that Scheme Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and that Atlantica Shareholders vote in favour of the Resolution to be proposed at the General Meeting.

Your attention is also drawn to the information contained in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) and Part V (Additional Information) of this document. The Scheme of Arrangement is set out in full in Part VIII (The Scheme of Arrangement) of this document.

The purpose of this Explanatory Statement is to explain the terms of the Transaction and to provide you with other relevant information.

Atlantica Shareholders should read the whole of this document before deciding whether or not to vote in favour of the Scheme of Arrangement at the Court Meeting and the Resolution to be proposed at the General Meeting.

The Transaction is to be effected by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act, which requires the approval of Scheme Shareholders at the Court Meeting, the passing of the Resolution at the General Meeting and the sanction of the Court.

In accordance with the terms of the Transaction, which is subject to the Conditions and further terms set out in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document, Scheme Shareholders at the Scheme Record Time will be entitled to receive:

for each Scheme Share, USD 22.00 in cash

The terms of the Transaction:

The Scheme Shares will be acquired by Bidco or its nominee(s) with full title guarantee, fully paid and free from all liens, equitable interests, charges, encumbrances, rights of pre-emption and any other third-party rights or interests whatsoever (other than transfer restrictions arising under applicable securities laws) and together with all rights existing at the Effective Date or thereafter attaching thereto, including (without limitation) the right to receive and retain, in full, all dividends and other distributions (if any) declared, made or paid or any other return of capital (whether by way of reduction of share capital or share premium account or otherwise) made on or after the Effective Date in respect of the Scheme Shares.

ECP has been investing in energy transition, environmental infrastructure, and sustainability focused businesses for almost two decades, with particular emphasis in the power generation and renewables sectors. ECP believes that Atlantica fits its investment criteria well due to Atlantica’s position as a sustainable infrastructure company with a majority of its business in renewable energy assets and a long and impressive track record of maximising value across a complex set of global assets.

ECP intends to support Atlantica’s management in their efforts to continue developing the business by investing in the transition towards a more sustainable world by developing, building, investing and managing renewable energy, storage and other sustainable infrastructure assets.

ECP’s access to patient capital and its expertise in electrification, decarbonization and sustainability will provide Atlantica with the expertise required to accelerate its growth which will help Atlantica deliver its long-term potential.

ECP believes that it is uniquely positioned to accelerate Atlantica’s development at this critical juncture and that the Transaction will provide additional attractive development opportunities as well as a spectrum of greener and more sustainable solutions for Atlantica’s stakeholders (such as employees, customers, debtholders and the communities in which Atlantica operates).

The views of ECP should not be construed as a recommendation to any Atlantica Shareholder as to how that Atlantica Shareholder should vote at the Court Meeting or the General Meeting.

Bidco intends to fund the Consideration payable for the Scheme Shares in connection with the Transaction through a combination of debt and equity. The obligation of Bidco to consummate the Transaction is not subject to any financing condition.

Bidco has delivered an equity commitment letter from certain funds managed by ECP, dated as of 27 May 2024 (the “Equity Commitment Letter”), pursuant to which such ECP funds have agreed to make an indirect equity investment in Bidco, in the total amount of USD 1,753.5 million, subject to the terms and conditions set forth in the Equity Commitment Letter. Atlantica is an express third-party beneficiary of the Equity Commitment Letter and may rely upon and enforce Bidco’s right to cause the commitment under the Equity Commitment Letter to be funded to Bidco in accordance with the Equity Commitment Letter subject to (i) the limitations and conditions set forth in the Equity Commitment Letter and (ii) the terms and conditions of the Transaction Agreement.

Pursuant to the limited guarantee delivered by ECP V-D, LP, an ECP Entity, (the “Guarantor”), dated as of 27 May 2024 (the “Guarantee”), in favour of Atlantica, the Guarantor has agreed to guarantee certain payment obligations of Bidco under the Transaction Agreement, including the Reverse Termination Fee, subject to an aggregate cap equal to $123,500,000, pursuant to and in accordance with the terms of the Transaction Agreement.

In addition, in connection with the Transaction Agreement, Bidco has entered into a debt commitment letter from Banco Santander S.A., Barclays Bank plc, Goldman Sachs Bank USA, ING Capital LLC, Morgan Stanley Senior Funding, Inc, and MUFG Bank, Ltd. (together with any other financial institutions that join as parties thereto in accordance with the terms thereof, the “Debt Commitment Letter”) pursuant to which they have committed to provide 364-day senior secured bridge loan credit facilities consisting of:

Subject to the terms of the Debt Commitment Letter, Bidco may reduce the above commitments under the USD Initial Term Facility and/or the USD DDTL Facility by up to USD 250 million.

Atlantica is a sustainable infrastructure company with a majority of its business in renewable energy assets. Its purpose is to support to the transition towards a more sustainable world by developing, building, investing in and managing sustainable infrastructure assets, while creating long-term value for its investors and the rest of its stakeholders. In 2023, renewables represented 73% of Atlantica’s revenue, with solar energy representing 63%. Atlantica complements its portfolio of renewable assets with storage, efficient natural gas and transmission infrastructure assets, as enablers of the transition towards a clean energy mix. Atlantica also holds water assets, a relevant sector for sustainable development.

Atlantica owns or has an interest in a portfolio of assets and new projects under development diversified in terms of business sector and geographic footprint. Its portfolio consists of 46 assets with 2,203 MW of aggregate renewable energy installed generation capacity (of which approximately 72% is solar), 300 MW of efficient natural gas-fired power generation capacity, 55 MWt of district heating capacity, 1,229 miles of electric transmission lines and 17.5 M ft3 per day of water desalination. Atlantica currently owns and manages operating facilities and projects under development in North America (United States, Canada and Mexico), South America (Peru, Chile, Colombia and Uruguay) and EMEA (Spain, Italy, United Kingdom, Algeria and South Africa). Atlantica’s assets generally have contracted or regulated revenue. Atlantica’s assets are organised into four business sectors: Renewable Energy, Efficient Natural Gas and Heat, Transmission Lines and Water.

Atlantica intends to grow its business through the development and construction of projects including expansion and repowering opportunities, as well as greenfield development, third-party acquisitions, and the optimisation of its existing portfolio. Atlantica currently has a pipeline of assets under development of approximately 2.2 GW of renewable energy and 6.0 GWh of storage. Approximately 47% of the projects are PV, 41% storage, 11% wind and 1% others, while 19% of the projects are expected to reach ready to build in 2024 or 2025, 32% are in an advanced development stage and 49% are in early stage. 19% correspond to expansion or repower opportunities of existing assets and 81% to greenfield developments.

The Atlantica Shares are traded on Nasdaq under the symbol “AY”. Atlantica’s registered office is located at Great West House (GW1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF, United Kingdom, and its telephone number is +44 203 807 6709.

Additional information about Atlantica is contained in its public filings. See the section entitled “Documents” in paragraph 10 of Part V (Additional Information) of this document.

ECP, founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets, including power generation, renewables and storage solutions, environmental infrastructure and efficiency & reliability assets facilitating the energy transition. The ECP team, comprised of 92 people with 850 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 125 transactions over the last 19 years, representing more than $60 billion of enterprise value.

Additional information about ECP is available on its website at www.ecpgp.com.

Bidco is a private limited company organised under the laws of England and Wales and incorporated on 10 May 2024. Bidco is an indirect, wholly owned subsidiary of funds managed by ECP formed for the sole purpose of entering into the Transaction Agreement and implementing the Transaction. The directors of Bidco are Andrew Gilbert, Kelly Self and Scott Steimer. Bidco’s registered offices are located at C/O Cogency Global (UK) Limited 6 Lloyds Avenue, Unit 4cl, London EC3N 3AX, United Kingdom.

Since its date of incorporation, Bidco has not entered into any obligations or engaged in any activities other than in connection with the Transaction and the financing of the Transaction as described in this document.

On 8 May 2024, Atlantica released its unaudited interim results for the three-month period ended 31 March 2024. Atlantica’s reported revenue for the period was USD 242.9 million, representing an increase of 0.2 per cent compared to reported revenue for the period of USD 242.5 million for the three-month period ended 31 March 2023. Adjusted EBITDA was USD 164.2 million, compared to USD 164.2 million for the three-month period ended 31 March 2023, and net cash provided by operating activities for the period was USD 65.6 million, compared to USD 41.7 million for the three-month period ended 31 March 2023.

Award holders in the Company Share Plans will be contacted as soon as reasonably practicable following the date of this document regarding the effect of the Scheme of Arrangement on their Awards. A summary of the effect of the Transaction on such Awards is as follows:

The Scheme of Arrangement will apply to any Atlantica Shares that are issued pursuant to Awards (and no longer subject to forfeiture restrictions) before the Scheme Record Time. Any Atlantica Shares allotted or issued to satisfy Awards after the Scheme Record Time (if any) will, subject to the Scheme of Arrangement becoming Effective and the proposed amendments to the Atlantica Articles being approved at the General Meeting, be acquired by Bidco or its nominee(s) in exchange for the Consideration for each Atlantica Share so acquired.

Any Consideration payable to Award holders in the Company Share Plans will be paid to them in accordance with the terms of the Scheme of Arrangement, subject to any deduction and withholding by Atlantica, Bidco or other applicable entities of any applicable taxes required to be deducted or withheld.

Further information in respect of the proposed amendments to the Atlantica Articles in connection with the Scheme of Arrangement is contained in paragraph 9(d) below and in the Notice of General Meeting which is set out at pages xi to xvi of this document.

Together with certain other employees, the Executive Officer is eligible to receive a cash bonus on the closing of the Transaction under the terms of “Strategic Review Bonus” agreement entered into between Atlantica and the Executive Officer. The value of the Strategic Review Bonus for the Executive Officer is 110% of the Executive Officer’s target annual remuneration for 2023 (including fixed salary and target annual bonus for 2023). The Strategic Review Bonus will be paid to the Executive Officer via payroll systems as soon as practicable following the Effective Date.

It is intended that the Transaction will be effected by way of the Scheme of Arrangement. The Scheme of Arrangement is an arrangement made between Atlantica and the Scheme Shareholders under Part 26 of the Companies Act. The provisions of the Scheme of Arrangement are set out in full in Part VIII (The Scheme of Arrangement) of this document. The Scheme of Arrangement involves an application by Atlantica to the Court to sanction the Scheme of Arrangement pursuant to which the Scheme Shares will be transferred to Bidco or its nominee(s) in consideration for which Scheme Shareholders on the register of members of Atlantica at the Scheme Record Time will receive the Consideration. The transfer of the Scheme Shares to Bidco or its nominee(s), provided for in the Scheme of Arrangement, will result in Bidco owning the entire issued share capital of Atlantica.

Prior to the Scheme Record Time, Atlantica may allot and issue Atlantica Shares pursuant to the vesting and/or exercise of Awards under the Company Share Plans. Atlantica will not issue any shares after the Scheme Record Time until the Scheme of Arrangement has become Effective.

The expected timetable of principal events for the Transaction and Scheme of Arrangement is set out on page xvi of this document. It is currently expected that the Scheme of Arrangement will become Effective in the fourth quarter of 2024 or early first quarter of 2025, subject to the satisfaction or (where applicable) waiver of all the relevant Conditions. Under the Transaction Agreement, (i) without the written consent of Bidco, the Effective Date shall not occur prior to 25 August 2024 and (ii) without the written consent of Bidco and Atlantica, the Effective Date shall not occur prior to 27 November 2024 if (x) certain third-party consents and (y) a certain approval required by Bidco (unless Bidco has delivered written notice to Atlantica that it has determined it is not necessary to obtain such approval), in each case, have not been obtained in form and substance reasonably satisfactory to Bidco.

The Scheme of Arrangement is subject to the approval of Scheme Shareholders at the Court Meeting. As at the Latest Practicable Date, there were 116,159,054 Scheme Shares issued and outstanding, held by 12 Shareholders of Record (including brokers, banks and other nominees).

It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair representation of opinion of the Scheme Shareholders. Scheme Shareholders are therefore urged to either complete and return a Proxy Card or make an electronic appointment of a proxy as soon as possible, or attend the Court Meeting.

In addition, the Transaction will require the approval of the Resolution by the Atlantica Shareholders at the General Meeting. The General Meeting has been convened to consider and, if thought fit, to authorise the Atlantica Directors to implement the Scheme of Arrangement and to approve the adoption of certain amendments to the Atlantica Articles in accordance with the Scheme of Arrangement and in the manner described in paragraph (d) below. The General Meeting will be held shortly after the Court Meeting.

The Court Meeting has been convened for 2.00 p.m. on 8 August 2024 for Scheme Shareholders to consider and, if thought fit, approve the Scheme of Arrangement.

At the Court Meeting, voting will be by poll (and not a show of hands) and each Scheme Shareholder present, in person or by proxy, will be entitled to one vote for each Scheme Share held as at the Voting Record Time. The approval required at the Court Meeting is a majority in number of the Scheme Shareholders representing not less than 75 percent in value of the Scheme Shares held by such Scheme Shareholders present and voting, either in person or by proxy.

Entitlement to attend, speak and vote at the Court Meeting and the number of votes which may be cast at the Court Meeting will be determined by reference to the register of members of Atlantica at the Voting Record Time. Scheme Shareholders whose names appear on the register of members of Atlantica at 6.30 p.m. on 6 August 2024 or, if the Court Meeting is adjourned, on the register of members at 6.30 p.m. on the date that is 48 hours (excluding any part of a day that is a non-working day in the United Kingdom) before the date set for the adjourned meeting, shall be entitled to attend and speak and vote at the Court Meeting in respect of the number of Scheme Shares registered in their name at the Voting Record Time.

In addition to the Court Meeting, the General Meeting has been convened for 2.15 p.m. on 8 August 2024, or if later, as soon after that time as the Court Meeting has been concluded or adjourned, for Atlantica Shareholders to consider and, if thought fit, pass, the Resolution to approve (i) giving the Atlantica Board authority to take all necessary action to carry the Scheme of Arrangement into effect, and (ii) amending the Atlantica Articles in connection with the Scheme of Arrangement.

Voting on the Resolution will be by poll, and each Atlantica Shareholder present, in person or by proxy, will be entitled to one vote for every Atlantica Share held as at the Voting Record Time. The approval required for the Resolution to be passed is at least percent of the votes cast (in person or by proxy) on the Resolution.

The quorum for the General Meeting will be two or more Atlantica Shareholders who held shares as at the Voting Record Time present in person or by proxy.

Entitlement to attend, speak and vote at the General Meeting and the number of votes which may be cast at the General Meeting will be determined by reference to the register of members of Atlantica at the Voting Record Time. Atlantica Shareholders whose names appear on the register of members of Atlantica at 6.30 p.m. on 6 August 2024 or, if the General Meeting is adjourned, on the register of members at 6.30 p.m. on the date that is 48 hours (excluding any part of a day that is a non-working day in the United Kingdom) before the date set for the adjourned meeting, shall be entitled to attend and speak and vote at the General Meeting in respect of the number of Atlantica Shares registered in their name at the Voting Record Time.

You will find the Notices of the Court Meeting and of the General Meeting set out on pages viii to x (Notice of Court Meeting) and pages xi to xiv (Notice of General Meeting) of this document, respectively.

Under the Companies Act, the Scheme of Arrangement also requires the sanction of the Court.

The Court Hearing to sanction the Scheme of Arrangement is currently expected to take place in the fourth quarter of 2024 or early first quarter of 2025. All Atlantica Shareholders are entitled to attend the Court Hearing in person or through counsel to support or oppose the sanctioning of the Scheme of Arrangement.

The Scheme of Arrangement will become Effective as soon as a copy of the Court Order has been delivered to the Registrar of Companies. This is currently expected to occur in the fourth quarter of 2024 or early first quarter of 2025. It is intended that Atlantica will be re-registered as a private limited company shortly afterwards.

If the Scheme of Arrangement becomes Effective, it will be binding on all Scheme Shareholders, including any Scheme Shareholders who did not vote to approve the Scheme of Arrangement or who voted against the Scheme of Arrangement at the Court Meeting or against the Resolution at the General Meeting. Unless the Scheme of Arrangement becomes Effective by the End Date, it will lapse and the Transaction will not proceed.

The Resolution to be proposed at the General Meeting contains provisions to amend the Atlantica Articles to ensure that any Atlantica Shares issued, transferred out of treasury or transferred to any person (including on an exercise of an option over such shares) (other than under the Scheme of Arrangement or to Bidco or its nominee(s)) after the Scheme Record Time will be transferred to Bidco or its nominee(s) for the same consideration as is payable to Scheme Shareholders under the Scheme of Arrangement.

The Scheme of Arrangement contains a provision for Atlantica and Bidco to jointly consent on behalf of all persons concerned to any modification of, or addition to, the Scheme of Arrangement or to any condition which the Court may think fit to approve or impose. The Court would be unlikely to approve any modification of, or additions to, or impose a condition to the Scheme of Arrangement which might be material to the interests of Scheme Shareholders unless Scheme Shareholders were informed of such modification, addition or condition. It would be a matter for the Court to decide, in its discretion, whether or not a further meeting of Scheme Shareholders should be held in these circumstances.

The Transaction is subject to the Conditions and further terms set out in full in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction) of this document.

The Conditions include, amongst other things:

At this stage, subject to the approval and availability of the Court (which is subject to change), and subject to the satisfaction (or, where applicable, waiver) of the Conditions, it is currently expected that the Transaction will become Effective during the fourth quarter of 2024 or early first quarter of 2025.

Bidco may not elect to implement the Transaction by way of an Offer at any time without Atlantica’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).

Summaries of the offer-related arrangements entered into in connection with the Transaction are set out in paragraph 8 of Part V (Additional Information) of this document.

Details of the interests of the Atlantica Directors in Atlantica Shares and Awards granted under the Company Share Plans are set out in paragraph 4 of Part V (Additional Information) of this document.

Details of management incentivisation arrangements in connection with the Transaction are set out in paragraph 8 of Part II (Explanatory Statement) of this document.

Save as set out in this document, the effect of the Scheme of Arrangement on the interests of the Atlantica Directors does not differ from its effect on like interests of any other Scheme Shareholder.

Prior to the Scheme of Arrangement becoming Effective, a request will be made by Atlantica to Nasdaq to suspend trading of, and de-list, the Atlantica Shares on Nasdaq, to take effect on, or shortly after, the Effective Date. Subsequently, the Atlantica Shares will be deregistered under the U.S. Exchange Act.

As soon as practicable after the Effective Date and cancellation of the listing and admission to trading of the Atlantica Shares on Nasdaq, it is intended that Atlantica will be re-registered as a private limited company under the relevant provisions of the Companies Act.

Subject to the Scheme of Arrangement becoming Effective (and except as provided in paragraph 15 of this Part II (Explanatory Statement) in relation to certain Overseas Shareholders), settlement of the Consideration to which any Scheme Shareholder is entitled under the Scheme of Arrangement will be effected in the following manner:

At or prior to the Effective Time, Bidco shall deposit, or cause to be deposited, with the Paying Agent, for the benefit of the Scheme Shareholders, cash in an amount equal to the aggregate amount of the Per Share Consideration due in respect of the Scheme Shares.

Where, at the Scheme Record Time, a Scheme Shareholder holds Residual Shares, Bidco shall procure that the Paying Agent despatches from the Company Payment Fund to the persons entitled thereto, cheques for the sums payable to each of them in accordance with the Scheme of Arrangement, unless otherwise properly directed by the persons entitled thereto.

Where, at the Scheme Record Time, a Scheme Shareholder holds Cede Shares, Bidco shall procure that the Paying Agent despatches from the Company Payment Fund to Cede or its nominee, by way of electronic payment in lieu of a cheque, an amount in cash in immediately available funds equal to the amount payable in respect of the Cede Shares in accordance with the Scheme of Arrangement.

In the case of Scheme Shares issued or transferred pursuant to the Company Share Plans after the sanction of the Scheme of Arrangement by the Court and prior to the Scheme Record Time, settlement of the Consideration will be paid via payroll as shall be determined by Atlantica to facilitate any required deductions for income tax and employee national insurance contributions (and equivalent in other jurisdictions).

All cheques delivered by the Paying Agent will be in U.S. dollars. Cheques will be payable to the Scheme Shareholder concerned or, in the case of joint holders, Bidco reserves the right to make the cheque payable to the holder whose name stands first in the register of members of Atlantica. Cheques will be despatched as soon as practicable after the Effective Time, and in any event within fourteen calendar days of the Effective Time, to the person entitled thereto at the address as appearing in the register of members of Atlantica at the Scheme Record Time. None of Atlantica, Bidco, any member of the Bidco Group nor the Paying Agent or any of their respective agents or nominees or the DR Nominee shall be responsible for any loss or delay in the transmission of any cheques or payments, and such cheques shall be sent entirely at the risk of the person entitled thereto.

All documents and remittances sent to, or from, by or on behalf of Scheme Shareholders will be sent entirely at their own risk.

If Scheme Shareholders approve the Scheme of Arrangement at the Court Meeting and the Court sanctions the Scheme of Arrangement, then, subject to the Scheme of Arrangement becoming Effective in accordance with its terms, the Scheme of Arrangement will be binding on all Scheme Shareholders, including those who did not vote or who voted against it at the Court Meeting. If Scheme Shareholders approve the Scheme of Arrangement and the Court sanctions the Scheme, no Scheme Shareholder will have “dissenters” or “appraisal” rights or otherwise have any right to seek a court appraisal of the value of Scheme Shares. If the Scheme of Arrangement becomes Effective, all Scheme Shareholders will receive the Consideration.

This document has been prepared for the purposes of complying with English law and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

This document does not constitute an offer to sell or issue or the solicitation of an offer to buy or subscribe for shares in any jurisdiction in which such offer or solicitation is unlawful.

Overseas Shareholders should consult their own legal and tax advisers with respect to the legal and tax consequences of the Scheme of Arrangement.

The availability of the Transaction to Overseas Shareholders may be affected by the laws of the relevant jurisdictions in which they are located. Overseas Shareholders should inform themselves about and should observe any applicable legal or regulatory requirements. It is the responsibility of all Overseas Shareholders to satisfy themselves as to the full compliance of the laws of the relevant jurisdiction in connection therewith, including the obtaining of any governmental, exchange control or other consents which may be required, or the compliance with other necessary formalities which are required to be observed and the payment of any issue, transfer or other taxes due in such jurisdiction.

The release, publication or distribution of this document and/or any accompanying documents in or into or from jurisdictions other than the United Kingdom or the United States may be restricted by law and therefore any persons who are subject to the law of any jurisdiction other than the United Kingdom or the United States should inform themselves about, and observe, any applicable legal or regulatory requirements. In particular, the ability of persons who are not resident in the United Kingdom to vote their Atlantica Shares with respect to the Scheme of Arrangement at the Atlantica Shareholder Meetings, or to appoint another person as proxy may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable

restrictions may constitute a violation of the securities laws of any such Restricted Jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Transaction disclaim any responsibility or liability for the violation of such restrictions by any person or any other failure to satisfy any applicable laws, regulations or requirements.

Unless otherwise determined by Bidco, and permitted by applicable law and regulation, the Transaction will not be made available, directly or indirectly, in, into or from a jurisdiction where to do so would violate the laws in that jurisdiction and no person may vote in favour of the Transaction by any such use, means, instrumentality or form within any jurisdiction if to do so would constitute a violation of the laws of that jurisdiction. Accordingly, copies of this document and all documents relating to the Transaction are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this document and all documents relating to the Transaction (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions where to do so would violate the laws in that jurisdiction.

Persons who are not resident in the United Kingdom or the United States should inform themselves of, and observe, any applicable legal and regulatory requirements.

Copies of this document and any formal documentation relating to the Transaction are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction. Doing so may render invalid any related purported vote in respect of the Transaction.

Neither this document nor the accompanying documents are intended to, and do not, constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval pursuant to the Scheme or otherwise, in any jurisdiction in which such offer, invitation or solicitation is unlawful. Nothing in this document or the accompanying documents should be relied upon for any other purpose.

This document and the accompanying documents have been prepared for the purposes of complying with English law and the information disclosed may not be the same as that which would have been disclosed if this document had been prepared in accordance with the laws of jurisdictions outside the United Kingdom. Overseas Shareholders should consult their own legal and tax advisers with regard to the legal and tax consequences of the Scheme of Arrangement for their particular circumstances.

All Atlantica Shareholders (including, without limitation, nominees, trustees or custodians) who would, or otherwise intend to, forward this document and its accompanying documents to any jurisdiction outside the United Kingdom, should seek appropriate independent professional advice before taking any action.

The Transaction is to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act. If, in the future, Atlantica consents to the Transaction being implemented by way of an Offer, subject to the terms of the Transaction Agreement, and determines to extend the Offer into the U.S., the Transaction will be made in compliance with applicable U.S. laws and regulations.

It may be difficult for U.S. Atlantica Shareholders to enforce their rights and any claim arising out of the U.S. securities laws. Due to the fact that Atlantica is located in a country outside of the U.S., and some or all of its officers and directors are residents of countries outside of the U.S. Atlantica Shareholders may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of U.S. securities laws. Further, it may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court’s judgment.

A summary of certain United Kingdom and United States taxation consequences of the implementation of the Scheme for certain Atlantica Shareholders is set out in paragraph 6 of Part V (Additional Information) of this document.

That summary does not constitute tax advice and does not purport to be a full analysis of all potential United Kingdom and United States tax consequences of the Transaction. Atlantica Shareholders who are in any doubt about their taxation position, or who are subject to taxation in a jurisdiction outside of the United Kingdom and the United States are strongly advised to contact an appropriate independent professional adviser immediately.

You will find enclosed with this document:

If you have not received these documents, please contact Atlantica’s proxy solicitor, Georgeson LLC, by calling the applicable helpline or by emailing the applicable address set out on page xix of this document.

Whether or not you plan to attend the Atlantica Shareholder Meetings, Atlantica Shareholders are urged to complete and sign both the enclosed Court Meeting Proxy Card and General Meeting Proxy Card as soon as possible and in any event prior to the deadlines set out below.

In respect of the Court Meeting, you are entitled to one vote for each Scheme Share that you hold as at the Voting Record Time. In respect of the General Meeting, you are entitled to one vote for each Atlantica Share that you hold as at the Voting Record Time.

Whether or not you plan to attend the Atlantica Shareholder Meetings, if you are an Atlantica Shareholder, please:

in accordance with the instructions printed thereon so that they are received by Atlantica’s agent for the Atlantica Shareholder Meetings, Broadridge, no later than 2.00 p.m. on 6 August 2024 (in the case of the Court Meeting Proxy Card for the Court Meeting) or 2.15 p.m. on 6 August 2024 (in the case of the General Meeting Proxy Card for the General Meeting) or, in the case of any adjournment, not later than 48 hours (excluding any part of a day that is a non-working day in the United Kingdom) before the time fixed for the holding of the adjourned meeting. Your vote will be cast as specified on the applicable Proxy Card.

Proxy appointments may be submitted electronically by logging on to www.proxyvote.com and following the instructions there. For an electronic proxy appointment to be valid, the appointment must be received by Broadridge no later than the applicable deadline set out above.

Alternatively, Court Meeting Proxy Cards (but not General Meeting Proxy Cards), together with any such power of attorney or other authority, if any, under which it is signed, or a duly certified copy thereof, may be handed to the Chair of the Court Meeting before the start of the Court Meeting. In the case of the General Meeting, unless the General Meeting Proxy Card is returned by the time and date mentioned in the instructions printed thereon, it will be invalid.

The completion and return of the Proxy Cards will not prevent eligible Atlantica Shareholders from attending and voting at the Court Meeting or the General Meeting, or any adjournment thereof, in person.

The terms of the Scheme of Arrangement are set out in full in Part VIII (The Scheme of Arrangement) of this document. Your attention is also drawn to the further information contained in Part III (Conditions to and Further Terms of the Scheme of Arrangement and the Transaction), Part IV (Financial Information) and Part V (Additional Information) of this document.

The Transaction is conditional upon the Scheme of Arrangement becoming unconditional and becoming Effective by the End Date.

Agreement and at and as of the Effective Time as if made at and as of the Effective Time; and (c) the other representations and warranties of Atlantica contained in Article IV of the Transaction Agreement, excluding the representations and warranties identified in (a) and (b) above (disregarding all qualifications and exceptions contained therein relating to materiality or Company Material Adverse Effect), being true and correct at and as of the date of the Transaction Agreement and at and as of the Effective Time as if made at and as of the Effective Time (or, if such representations and warranties are given as of another specific date, at and as of such date), except where the failure of such representations and warranties to be true and correct has not had a Company Material Adverse Effect;

The Transaction and the Scheme of Arrangement are subject to the satisfaction (or waiver, if permitted) of the Conditions in Part A of this Part III (Conditions to and further terms of the Scheme of Arrangement and the Transaction), and to certain further terms set out in Part D of this Part III (Conditions to and further terms of the Scheme of Arrangement and the Transaction), and to the full terms and conditions set out in this document.

Bidco may not elect to implement the acquisition of the entire issued and to be issued share capital of Atlantica as contemplated by the Transaction Agreement by means of an Offer at any time without Atlantica’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).

Subject to the terms of the Transaction Agreement, the Transaction may be terminated by either Atlantica or Bidco if the Scheme of Arrangement does not become Effective by the End Date.

The availability of the Transaction to persons not resident in the U.K. or U.S. may be affected by the Laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the U.K. or U.S. should inform themselves about, and observe, any applicable requirements. Atlantica Shareholders who are in any doubt about such matters should consult an appropriate independent professional adviser in the relevant jurisdiction without delay and observe any applicable requirements.

The Transaction will be governed by the laws of England and Wales and be subject to the exclusive jurisdiction of the English courts.

Each of the Conditions shall be regarded as a separate Condition and shall not be limited by reference to any other Condition.

The following sets out financial information in respect of Atlantica. The documents referred to below, the contents of which have previously been filed with the SEC, are incorporated into this document by reference:

Save as expressly referred to herein, neither the content of Atlantica’s website nor the contents of any website accessible from hyperlinks from Atlantica’s website, is incorporated into, or forms part of, this document.

The registered office of Atlantica and the business address of each of the Atlantica Directors is Great West House (GW1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF, United Kingdom.

The registered office of Bidco and the business address of the Bidco Directors is C/O Cogency Global (UK) Limited 6 Lloyds Avenue, Unit 4cl, London, EC3N 3AX, United Kingdom.

Set out below are the Closing Prices of Atlantica Shares as derived from Nasdaq on:

In considering the unanimous recommendation of the Atlantica Board that Scheme Shareholders vote in favour of the Scheme of Arrangement at the Court Meeting and Atlantica Shareholders vote in favour of the Resolution at the General Meeting, you should be aware that aside from their interests as Atlantica Shareholders, the Atlantica Directors, including the Executive Officer, have interests in the Transaction that may be different from, or in addition to those of Atlantica Shareholders generally. Members of the Atlantica Board were aware of and considered these interests, amongst other matters, in evaluating and negotiating the Transaction Agreement and the Transaction and in unanimously recommending the Transaction. See paragraph 8 of Part I (Letter from the Chair of Atlantica Sustainable Infrastructure plc) of this document. These interests are described in more detail and certain of them are quantified in the narrative below.

Any Awards held by Atlantica Directors, including the Executive Officer, will, in the context of the Transaction, be treated in the manner described in paragraph 8 of Part II (Explanatory Statement) of this document.

The following table sets out the number of Atlantica Shares subject to unvested Awards held by each Atlantica Director, including the Executive Officer, as at the Latest Practicable Date (excluding any Company Share Options which are underwater based on the Per Share Consideration of USD 22.00). The table separately quantifies the value of such unexercised or unvested Awards using a price per share of USD 22.00 (which is the Per Share Consideration provided for under the Scheme of Arrangement) net of applicable exercise prices.

Together with certain other employees, the Executive Officer is eligible to receive a cash bonus on the closing of the Transaction under the terms of “Strategic Review Bonus” agreement entered into between Atlantica and the Executive Officer. The value of the Strategic Review Bonus for the Executive Officer is 110% of the Executive Officer’s target annual remuneration for 2023 (including fixed salary and target annual bonus for 2023). The Strategic Review Bonus will be paid to the Executive Officer via payroll systems as soon as practicable following the Effective Date.

See the section headed “Directors’ and Officers’ Indemnification and Insurance” in paragraph 8 of Part V (Additional Information) below.

The Executive Officer is employed by Atlantica under a UK service agreement and a Spanish service agreement, both dated and effective since 28 December 2015.

The Executive Officer may terminate his employment within six months of a change of control of Atlantica by giving not less than three months’ written notice. Upon such termination of employment he would be entitled to receive pay and benefits up to the date his employment terminated.

Under an agreement entered into with the Executive Officer, the latter is entitled to payment for loss of office or employment in addition to the severance payment under the prevailing labour and legal conditions in his contracts or country where he is employed if he should leave (by loss of office or employment) Atlantica within 2 years of a change in control. The payment would represent six months of remuneration and will be adjusted to ensure that total payment including severance payment required under prevailing laws represents at least 12 months of remuneration (including salary, benefits, long term incentive plans and variable pay), but never more than 24 months of remuneration, unless required by local law. No payments would be made to the Executive Officer for dismissal for breach of contract, breach of fiduciary duties or gross misconduct, determined (in the event of a dispute) by a court of competent jurisdiction to reach a final determination.

The Executive Officer’s fixed remuneration is €738,300 and variable target remuneration is €850,000 for 2024. For 2024, the bonus measures for the remuneration of the Executive Officer, are focused on four areas: financial targets, capital allocation management, ESG including health and safety, and continued executive talent development.

In addition the Executive Officer may be entitled to the Strategic Review Bonus for a value of 110% of the Executive Officer’s target annual remuneration for 2023 (including fixed salary and target annual bonus for 2023).

The Executive Officer does not receive any pension contributions.

The following table sets out certain information regarding the beneficial ownership of Atlantica Shares as at the Latest Practicable Date by: (i) each Atlantica Director, including the Executive Officer; (ii) all of the Atlantica Directors and the Executive Officer as a group; and (iii) each person, or group of affiliated persons, known by Atlantica to beneficially own more than 5 percent of the issued share capital. Unless otherwise indicated, the persons or entities identified in the table have sole voting and investment power with respect to all Atlantica Shares shown as beneficially owned by them, subject to applicable community property laws.

Information with respect to beneficial ownership has been furnished by each Atlantica Director. With respect to beneficial owners of more than 5 percent of the issued share capital of Atlantica, information is based on information filed with the SEC. Atlantica has determined beneficial ownership in accordance with the rules of the SEC. The table also includes shares issuable to such persons within 60 days after the Latest Practicable Date. These shares are deemed to be outstanding and beneficially owned by the person holding the right to issuance for the purpose of computing the percentage ownership of that person, but they are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Percentage ownership calculations are based on 116,159,054 Atlantica Shares outstanding as at the Latest Practicable Date.

Except as otherwise indicated in the table below, addresses of the directors, executive officers and named beneficial owners are in care of Atlantica Sustainable Infrastructure plc, Great West House (Gw1), Great West Road, Brentford, Middlesex, Greater London TW8 9DF, United Kingdom.

The comments set out below are based on current United Kingdom tax law as applied in England and Wales and published HMRC practise (which may not be binding on HMRC) as at the date of this document, both of which are subject to change at any time, possibly with retrospective effect. They are intended as a general guide to certain limited aspects of the United Kingdom tax treatment of the Scheme of Arrangement and, save where expressly stated otherwise, apply only to Atlantica Shareholders (i) resident and, in the case of an individual, domiciled for tax purposes in the United Kingdom only; (ii) to whom “split year” treatment does not apply; (iii) who hold their Atlantica Shares as an investment (other than under a pension arrangement or an ISA or a Lifetime ISA); and (iv) who are the absolute beneficial owners of their Atlantica Shares. The discussion does not address all possible tax consequences relating to the Scheme of Arrangement. This discussion does not

address the tax considerations relevant to the receipt of Atlantica dividends. Certain categories of shareholders, including (but not limited to) trustees and persons holding their shares through trust arrangements, those carrying on certain financial activities, those subject to specific tax regimes or benefitting from certain reliefs and exemptions, those connected with Atlantica or ECP, and those for whom the shares are employment-related securities may be subject to special rules and this summary does not apply to such shareholders. It should be noted that these categories of Atlantica Shareholders may incur liabilities to U.K. tax on a different basis to that described herein. Nothing in this document should be taken as personal tax advice.

Atlantica Shareholders or prospective shareholders who are in any doubt about their tax position, or who are resident or otherwise subject to taxation in a jurisdiction outside the United Kingdom, should consult their own professional advisers immediately.

The disposal by an Atlantica Shareholder of their Atlantica Shares pursuant to the Scheme of Arrangement for the Consideration may, depending on the Atlantica Shareholder’s individual circumstances (including their tax base cost and the availability of exemptions, reliefs or allowable losses) give rise to a liability to U.K. tax on chargeable gains or, alternatively, an allowable capital loss.

No U.K. stamp duty or stamp duty reserve tax should be payable by the Atlantica Shareholders on a disposal of their Atlantica Shares in accordance with the Scheme of Arrangement. This applies to any Atlantica Shareholder.

The following is a summary of U.S. federal income tax considerations generally applicable to U.S. Holders (as defined below) of the receipt of the Consideration in exchange for Atlantica Shares. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended (the “Code”), applicable U.S. Treasury Regulations, judicial authority and administrative interpretations, all as in effect on the date of this Transaction Statement, and which are subject to change, possibly with retroactive effect; any such change could affect the accuracy of the statements and conclusions set forth in this discussion. The parties have not sought and do not intend to seek any ruling from the U.S. Internal Revenue Service (the “IRS”) with respect to the U.S. federal income tax consequences described herein. Therefore, this discussion is not binding on the IRS, and the IRS or a court in the event of an IRS dispute may challenge the conclusions set forth below. This summary is for general information purposes only and does not purport to be a complete analysis of all potential U.S. federal income tax consequences that may apply to a U.S. Holder as a result of the Scheme of Arrangement. In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences of the Scheme of Arrangement to such U.S. Holder. This summary does not address the U.S. federal estate or gift, U.S. federal alternative minimum, U.S. state and local, or non-U.S. tax consequences to U.S. Holders of the Scheme of Arrangement.

This discussion is limited to U.S. Holders who hold their Atlantica Shares as capital assets within the meaning of the Code (generally, property held for investment). This discussion does not address tax considerations that may be important to a particular holder in light of their individual circumstances, or to certain categories of holders that may be subject to special tax rules, such as:

If a holder of Atlantica Shares is a partnership (including any entity or arrangement treated as a partnership for U.S. federal income tax purposes), the tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. Partners in partnerships holding Atlantica Shares should consult their tax advisers to determine the appropriate tax treatment of the Scheme of Arrangement to them.

For purposes of this discussion, a “U.S. Holder” is a beneficial owner of Atlantica Shares that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organised under the law of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a U.S. person under the Code.

Upon the receipt of the Consideration in the Scheme of Arrangement, a U.S. Holder will generally recognise capital gain or loss in an amount equal to the difference between the amount of the Consideration received and such U.S. Holder’s tax basis in such U.S. Holder’s Atlantica Shares. Subject to the PFIC rules discussed below, gain or loss recognised on such sale or other disposition will generally be long-term capital gain or loss if, at the time of the Scheme of Arrangement, the Atlantica Shares have been held for more than one year, and will generally be U.S. source gain or loss for U.S. foreign tax credit purposes, which may limit the ability to receive a foreign tax credit. Preferential rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. Deductions for capital losses may be subject to limitations.

If a U.S. Holder acquired different blocks of Atlantica Shares at different times or different prices, such U.S. Holder must determine its adjusted tax basis and holding period separately with respect to each block of such Atlantica Shares.

A non-U.S. corporation, such as Atlantica, will be classified as a “passive foreign investment company” (“PFIC”) for U.S. federal income tax purposes for any taxable year, if either (i) 75% or more of its gross income for such year consists of certain types of “passive” income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year produce or are held for the production of passive income. Passive income generally includes dividends, interest, royalties, rents, annuities, net gains from the sale or exchange of property producing such income and net foreign currency gains. For this purpose, cash is generally treated as a passive asset and the company’s intangible assets (including any unbooked intangible assets) associated with active business activity are taken into account as a non-passive asset. Atlantica will be treated as owning its proportionate share of the assets and earning its proportionate share of the income of any other corporation in which Atlantica owns, directly or indirectly, at least 25% (by value) of the stock.

Although a non-U.S. corporation’s PFIC status is determined annually, if Atlantica were classified as a PFIC for any taxable year during which a U.S. Holder held Atlantica Shares, the PFIC rules discussed below will generally apply to such U.S. Holder for such taxable year and, unless the U.S. Holder makes certain elections, subsequent years even if Atlantica ceased to be a PFIC.

Based upon the income and assets and the market price of the Atlantica Shares, Atlantica believe that is was not a PFIC for the taxable year ended 31 December 2023. Although Atlantica does not expect to be a PFIC for its current taxable year, PFIC status is a factual determination that must be made annually after the close of each taxable year. Depending on Atlantica’s use of cash and other passive assets and the value of its gross assets, as well as on the value of Atlantica Shares, it is possible that Atlantica could be a PFIC for the current taxable year,

including because of changes to the values of its assets after the Scheme of Arrangement. Therefore, there can be no assurance that Atlantica will not be classified as a PFIC for the current taxable year.

If Atlantica were a PFIC for any taxable year during which a U.S. Holder held Atlantica Shares, such holder will generally be subject to special tax rules with respect to any gain such holder realises from the exchange of such shares pursuant to the Scheme of Arrangement, unless such holder made a mark-to-market election as described in the 2023 Form 20-F at “E. Taxation—U. S. Federal Income Tax Considerations—Passive foreign investment company rules”. Under these special tax rules:

If Atlantica were a PFIC for any taxable year during which a U.S. Holder held Atlantica Shares and any of Atlantica’s non-U.S. affiliated entities were also PFICs, such holder will be treated as having owned a proportionate amount (by value) of the shares of each such non-U.S. affiliate classified as a PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisers regarding the application of the PFIC rules to any of the entities in which they may own equity.

If a U.S. Holder owns Atlantica Shares during any taxable year that Atlantica was a PFIC, such holder must generally file an annual IRS Form 8621. U.S. Holders should consult their tax advisers regarding the U.S. federal income tax considerations of the Scheme and the application of the PFIC rules to their particular facts and circumstances.

THE SUMMARY SET FORTH ABOVE IS INCLUDED FOR GENERAL INFORMATION PURPOSES ONLY AND DOES NOT DISCUSS ALL ASPECTS OF U.S. FEDERAL INCOME TAXATION THAT MAY BE RELEVANT TO PARTICULAR HOLDERS IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES. ALL HOLDERS SHOULD CONSULT THEIR TAX ADVISERS TO DETERMINE THE PARTICULAR TAX CONSEQUENCES OF THE MERGER APPLICABLE TO THEM, INCLUDING THE EFFECT OF ANY U.S. FEDERAL, STATE, LOCAL, OR NON-U.S. TAX LAWS.

Save as disclosed below, there are no service contracts in force between any director or proposed director of Atlantica or any of its subsidiaries and no such contract has been entered into or amended during the six months preceding the date of this document.

The Executive Officer is employed by Atlantica under a service agreement dated and effective since 28 December 2015, a summary of which is set out in paragraph 4 of Part V (Additional Information) of this document.

William Aziz, Arun Banskota, Debora Del Favero, Brenda Eprile, Ryan Farquhar, Michael Forsayeth, Edward C. Hall and Michael Woollcombe, all of whom are non-employee directors of Atlantica (the “Non-Executive Directors”), are engaged by Atlantica under letters of appointment as set out below.

The following is a summary of the material provisions of the Transaction Agreement, a copy of which was furnished to the SEC by the Company on Form 6-K on 28 May 2024 and is available on the SEC’s website, www.sec.gov. This summary does not purport to be complete and may not contain all of the information about the Transaction Agreement that is important to Atlantica Shareholders. You should carefully read the Transaction Agreement in its entirety, as the rights and obligations of the parties thereto are governed by the express terms of the Transaction Agreement and not by this summary or any other information contained in this document.

The following summary of the Transaction Agreement is intended to provide information regarding the terms of the Transaction Agreement and is not intended to provide any factual information about Atlantica or modify or supplement any factual disclosures about Atlantica in its public reports filed or furnished to the SEC. In particular, the Transaction Agreement and the related summary are not intended to be, and should not be relied upon as, disclosures regarding any facts and circumstances relating to Atlantica. The representations and warranties contained in the Transaction Agreement were made only for purposes of that agreement and as at specific dates, were solely for the benefit of the parties to the Transaction Agreement, may be subject to a contractual standard of materiality different from what might be viewed as material to shareholders and may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made by the parties to each other. You should not rely on the representations and warranties contained in the Transaction Agreement as characterisations of the actual state of facts or condition of Atlantica, Bidco or any of their respective subsidiaries, affiliates or businesses. In addition, information concerning the subject matter of the representations, warranties and covenants may change, which subsequent information may or may not be fully reflected in Atlantica’s public disclosures.

The Transaction will be implemented by means of a scheme of arrangement under Part 26 of the Companies Act. The Scheme of Arrangement involves an application by Atlantica to the Court to sanction the Scheme of Arrangement, pursuant to which all of the Scheme Shares will be transferred to Bidco or its nominee(s) in consideration for which holders of Scheme Shares will receive the Consideration of USD 22.00 per share. The transfer of the Scheme Shares to Bidco or its nominee(s), provided for in the Scheme of Arrangement, will result in the entire issued and to be issued share capital of Atlantica being owned by Bidco. Under the terms of the Transaction Agreement, Bidco may not elect to implement the acquisition of the entire issued and to be issued share capital of Atlantica by means of an Offer without Atlantica’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed).

The Transaction will become Effective once all the Conditions have been satisfied or (where applicable) waived, the Scheme of Arrangement has been sanctioned by the Court and a copy of the Court Order has been delivered to the Registrar of Companies. Under the Transaction Agreement, (i) without the written consent of Bidco, the Effective Date shall not occur prior to 25 August 2024 and (ii) without the written consent of Bidco and Atlantica, the Effective Date shall not occur prior to 27 November 2024 if (x) certain third-party consents and (y) a certain approval required by Bidco (unless Bidco has delivered written notice to Atlantica that it has determined it is not necessary to obtain such approval), in each case, have not been obtained in form and substance reasonably satisfactory to Bidco.

Prior to the Effective Time, Atlantica will deliver a written notice to each holder of Company Share Options and Company RSUs informing such holder of the effect of the Transaction on such Company Share Options and Company RSUs, and take necessary actions to terminate the Company Share Plans as of and subject to the occurrence of, the Effective Time. Any Awards held by Atlantica Directors, including the Executive Officer, will, in the context of the Transaction, be treated in the manner described in paragraph 8 of Part II (Explanatory Statement) of this document.

The Transaction Agreement contains customary representations and warranties of Atlantica, subject to certain exceptions in the Transaction Agreement as to, amongst other things:

The Transaction Agreement also contains representations and warranties of Bidco as to, amongst other things:

Some of the representations and warranties in the Transaction Agreement are qualified by materiality qualifications, being a “Company Material Adverse Effect” qualification with respect to Atlantica, as discussed below.

For purposes of the Transaction Agreement, a “Company Material Adverse Effect” means any event, change, effect, circumstance, condition, fact, development or occurrence (each, an “Effect”) that, individually or in the aggregate, (A) does or would reasonably be expected to prevent, impair or materially delay consummation by Atlantica of the transactions contemplated by the Transaction Agreement, including the Transaction and the Scheme of Arrangement, or otherwise adversely affect the ability of Atlantica to perform its obligations hereunder or (B) has had or would reasonably be expected to have a material adverse effect on the business, assets, properties, liabilities, operations or condition (financial or otherwise) of the Atlantica Group, taken as a whole; provided that no effect to the extent resulting from, arising out of, or relating to any of the following shall be deemed to constitute a Company Material Adverse Effect under clause (B) or shall be taken into account in determining whether there has been or would reasonably be expected to be a Company Material Adverse Effect under clause (B):

Certain matters or Effects referred to in the definition of Company Material Adverse Effect may be taken into account, individually or in the aggregate with other such matters or Effects, to the extent that the impact of any such matter or Effect on the Atlantica Group, taken as a whole, is disproportionately adverse relative to the impact of such matter or Effect on companies operating in the industry and geographic markets in which the Atlantica Group operates; provided that:

The Transaction Agreement provides that, during the period from the date of the Transaction Agreement until the earlier of (a) the termination of the Transaction Agreement in accordance with its terms and (b) the Effective Time, except (i) as required by applicable law; (ii) as set forth in the disclosure schedule delivered with the Transaction Agreement; (iii) as otherwise required or expressly contemplated by the Transaction Agreement; or (iv) with the written consent of Bidco (which will not be unreasonably withheld or delayed), Atlantica will, and will cause each other member of the Atlantica Group, (x) to conduct its business in the ordinary course of business and in accordance with applicable law, (y) use commercially reasonable efforts to preserve substantially intact its business organisation and preserve in all material respects its relationships and goodwill with any employees, customers, suppliers, vendors, licensors, licensees and other persons, in each case, with which it has material business relations and (z) not to:

Notwithstanding the above restrictions, (i) Atlantica is permitted to take commercially reasonable actions that would otherwise require prior written consent of Bidco solely to the extent that Atlantica in good faith deems such action to be necessary to prevent the occurrence of, or mitigate the existence of, emergency situations or as reasonably necessary to address (1) immediate and significant risks to the environment, human health or safety (subject to certain exceptions) or (2) material damage to the environment, material equipment or other material assets of Atlantica and its Subsidiaries and (ii) Atlantica and its Subsidiaries may take commercially reasonable actions in response to the actual or anticipated effects of COVID-19 or any measures adopted by Governmental Authorities in response thereto.

Except as expressly permitted by the Transaction Agreement, from 27 May 2024 until the earlier of the Effective Time and the valid termination of the Transaction Agreement, Atlantica will not, and will cause its Subsidiaries, and its and its Subsidiaries’ respective representatives not to, directly or indirectly, not to:

Pursuant to the Transaction Agreement, and as used throughout this document, an “Acquisition Proposal” means any bona fide inquiry, proposal or offer from any person (other than the Bidco Group or the ECP Entities) relating to: (i) any direct or indirect acquisition or purchase, in a single transaction or a series of related transactions, including by means of merger, consolidation, share exchange, business combination, reorganization, recapitalization, liquidation, dissolution or other similar transaction, of (A) 10% or more (based on the fair market value thereof, as determined in good faith by the Atlantica Board) of the consolidated assets (including share capital of Atlantica’s Subsidiaries and minority-owned entities) or properties of the Atlantica Group, taken as a whole, or (B) 10% or more of the outstanding Atlantica Shares or (ii) any takeover offer, tender offer, exchange offer, scheme of arrangement, merger, consolidation, business combination, recapitalization, liquidation, dissolution, share exchange or similar transaction involving Atlantica that, if consummated, would result in any person (or the shareholders of any person) or “group” (within the meaning of Section 13(d)(3) of the U.S. Exchange Act) owning, directly or indirectly, shares representing 10% or more of the outstanding Atlantica Shares or the resulting direct or indirect parent of Atlantica, other than, in each case, the Transaction.

If at any time prior to the receipt of the required Company Shareholder Approvals, the Atlantica Board receives a written Acquisition Proposal made after the date of the Transaction Agreement that has not resulted from a breach of the non-solicitation provisions of the Transaction Agreement, the Atlantica Board may, directly or indirectly through its representatives, if the Atlantica Board determines in good faith that such Acquisition Proposal is or would reasonably be expected to lead to a Superior Proposal and that the failure to take such action would be inconsistent with its fiduciary duties under Applicable Law:

Atlantica must: (i) promptly (and in any event no later than 48 hours) notify Bidco if any Acquisition Proposal has been received, including the identity of any third party that makes such an Acquisition Proposal and its material terms and conditions, and provide to Bidco a copy of any written Acquisition Proposal and (ii) provide to Bidco a description and unredacted copies of all the material financial and other terms and conditions of such Acquisition Proposal and any and all unredacted proposals, indications of interest, draft contracts or other documents, exchanged between Atlantica or any of its Subsidiaries or representatives and the person(s) making such Acquisition Proposal or any of its affiliates or its or their representatives.

Prior to the receipt of the required Company Shareholder Approvals, if the Atlantica Board receives a written Acquisition Proposal made after the date of this Agreement that has not resulted from a breach of the non-solicitation provisions of the Transaction Agreement, and the Atlantica Board determines in good faith, after consultation with Atlantica’s financial adviser and outside legal counsel, that such Acquisition Proposal constitutes a Superior Proposal and that the failure to take such action in response to such Superior Proposal would be inconsistent with its fiduciary duties under applicable law, the Atlantica Board may:

Pursuant to the Transaction Agreement, and as used throughout this document, a “Superior Proposal” means any bona fide, written Acquisition Proposal that if consummated in accordance with its terms would result in a person (or the shareholders of any person) or “group” (within the meaning of Section 13(d)(3) of the U.S. Exchange Act) owning, directly or indirectly, (i) 50% or more of the outstanding Atlantica Shares or (ii) 50% or more (based on the fair market value thereof, as determined in good faith by the Atlantica Board) of the consolidated assets (including share capital of Atlantica’s Subsidiaries and minority-owned entities) of the assets or properties of the Atlantica Group, taken as a whole, on terms which the Atlantica Board determines, in good faith, after consultation with Atlantica’s financial adviser and outside legal counsel, would be, if consummated, (A) in the best interest of Atlantica and (B) superior to the terms of the Transaction in the aggregate, in each case, taking into account all financial, legal and regulatory terms and conditions of the Acquisition Proposal and the Transaction Agreement.

If, at any time prior to the receipt of the required Atlantica Shareholders approvals, an intervening event (as defined below) occurs, and the Atlantica Board (or any committee thereof), after consultation with its financial adviser and outside legal counsel, determines, in good faith, that the failure to take action would be inconsistent with its fiduciary duties under applicable law, then the Atlantica Board may make a Company Adverse Recommendation Change, provided that:

and, following the satisfaction of such requirements, the Atlantica Board (or any committee thereof) determines in good faith that the failure to take such action in response to such intervening event would continue to be inconsistent with its fiduciary duties under applicable law notwithstanding the revisions proposed by Bidco.

Pursuant to the Transaction Agreement, and as used throughout this document, an “intervening event” means any material Effect that affects or would be reasonably likely to affect the business, assets, properties, liabilities, results of operations or condition (financial or otherwise) of the Atlantica Group, taken as a whole, and that (i) is not known to or reasonably foreseeable by the Atlantica Board as of the date of the Transaction Agreement (or if known, the magnitude or material consequences of which were not known by the Atlantica Board as of the date of the Transaction Agreement), (ii) is not (A) a change or development in national, regional, state or local wholesale or retail markets or prices for electric power, capacity, emissions allowances, natural gas, fuel oil, coal, steel, concrete, water, steam or fuel or the transportation of any of the foregoing, including those due to actions by competitors or due to changes in commodities prices or hedging markets therefor, or (B) a change

in the rates that a member of the Atlantica Group may charge for electricity, energy, capacity and/or ancillary services or any other product or service subject to regulation by any governmental authority with jurisdiction over the energy industry, (iii) does not result from a breach of the Transaction Agreement by Atlantica, (iv) does not relate to clearance of the Transaction or the expiration or termination of any waiting period under any antitrust or other applicable law, (v) does not relate to the fact that, in and of itself, Atlantica exceeds any internal or published projections, estimates or expectations of its revenue, earnings or other financial performance or results of operations for any period (provided, the underlying cause of clause (v) may constitute an intervening event to the extent not otherwise excluded by this definition), (vi) does not relate to any action or announcement by any governmental authority that relates to any of the assets or programs of the Atlantica Group and (vii) does not relate to or involve any Acquisition Proposal or any inquiry or communications relating thereto or consequence thereof.

Each of Atlantica and Bidco will, and will cause their respective affiliates to, use their reasonable best efforts to implement or procure to implement the Transaction Agreement and consummate the Transaction, including:

Bidco will, upon consultation with Atlantica and its counsel, determine the strategy to obtain the applicable regulatory clearances, including (i) responding to any request from, inquiry or investigation by, and conducting all meetings and communications (including any negotiations) with, any relevant Governmental Authority and (ii) defending and settling any action brought by or before any relevant Governmental Authority.

Each of Bidco and Atlantica will, and will cause their respective affiliates to, cooperate and consult with the other party in connection with the making of any regulatory filings required under the Transaction Agreement, and keep each other apprised on a current basis of the status of matters relating to the completion of the Transaction, including: (i) (A) as far in advance as practicable, notifying the other party of, and providing the other party with an opportunity to consult with respect to, any filing or material communication or inquiry that it or any of its affiliates intends to make with any Governmental Authority (or with any third party in connection therewith), (B) providing the other party and its counsel, prior to submitting any such filing or making any such communication or inquiry, a reasonable opportunity to review (other than any filing under the HSR Act), and considering in good faith the comments of the other party and its representatives in connection with any such filing, communication or inquiry, and (C) promptly following the submission of such filing or making of such communication or inquiry, providing the other party with a copy of any such filing (other than any filing under the HSR Act), material communication or inquiry, if in written form, or, if in oral form, a summary of such communication or inquiry; (ii) as promptly as practicable following receipt, furnishing the other party with a copy of any filing or written communication or inquiry, or, if in oral form, a summary of any such communication or inquiry, that it or any of its affiliates receives from any Governmental Authority (or from any third party in connection therewith); and (iii) coordinating and reasonably cooperating with the other party in exchanging such information and providing such other assistance as the other party may reasonably request. Each of Bidco and Atlantica shall notify and consult with each other in advance of any meeting or conference with any Governmental Authority in respect of any filing, action or other inquiry regarding the Transaction.

Each of Bidco and Atlantica will, and will cause their affiliates to, use their reasonable best efforts to defend through litigation on the merits, including appeals, any action by any Governmental Authority challenging the Transaction. However, no member of the Bidco Group or any ECP Entity (including any current or prospective investors in or partners of any ECP Entity or any of their respective affiliates) will be required to offer, propose,

negotiate, agree to, commit to or effect, by undertaking, consent agreement, hold separate agreement or otherwise, (i) the sale, divestiture, licensing or disposition of all or any part of the businesses, assets, or interests of the Atlantica Group, any member of the Bidco Group, any ECP Entity or any current or prospective investors in or partners of any ECP Entity or any of their respective affiliates, (ii) the termination of any existing contractual rights, relationships or obligations, or the entry into or amendment of any licensing arrangements, (iii) the taking of any action that would limit the freedom of action of, or impose any other requirement on, any member of the Bidco Group, any ECP Entity or any current or prospective investors in or partners of any ECP Entity or any of their respective affiliates with respect to the ownership, operation, conduct or management of any business, assets or interests of the Atlantica Group, any member of the Bidco Group, any ECP Entity or any current or prospective investors in or partners of any ECP Entity or any of their respective affiliates; or (iv) any other remedial action, condition, commitment or undertaking whatsoever of any kind (each of the actions in (i)-(iv), a “Remedy Action”), except to the extent that such Remedy Action:

Atlantica will not offer, propose, negotiate, agree to, commit to, effect or take any Remedy Action, or defend, litigate or appeal any action, without the prior written consent of Bidco.

Completion of the Transaction is subject to receipt of a consent, “no objection statement”, a decision indicating a lack of jurisdiction or the expiration of applicable waiting periods for the following:

Bidco has agreed that, to the fullest extent permitted by applicable law, all rights to exculpation, indemnification and advancement of expenses for acts or omissions occurring at or prior to the Effective Time, whether asserted or claimed prior to, at or after the Effective Time, existing as at the date of the Transaction Agreement in favour of the current or former directors and officers of Atlantica or its Subsidiaries as provided in their respective articles of association or other organisational documents or in any agreement or deed of indemnity will survive the Transaction and will continue in full force and effect in accordance with their terms.

Atlantica and Bidco have agreed that, from and after the Effective Time, Bidco shall cause Atlantica and each of its Subsidiaries to the fullest extent permitted by applicable law to indemnify and hold harmless each current or former director or officer of Atlantica or any of its Subsidiaries or each person who has served as directors, managers, officers, members, trustees or fiduciaries of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise if such service was at the request of Atlantica or any of its Subsidiaries (each, together with such person’s heirs, executors or administrators, referred to in the Transaction Agreement as the “Indemnified Parties”) against any costs or expenses in connection with any actual or threatened action, arising out of, relating to or in connection with any action or omission by them in their capacities as such occurring or alleged to have occurred at or before the Effective Time.

Atlantica has agreed to purchase a six-year pre-paid tail policy providing insurance coverage, benefits and terms no less favourable, in the aggregate, to the Indemnified Parties than the current policies of directors’ and officers’ liability insurance and fiduciary liability insurance with respect to acts or omissions occurring or alleged to have occurred prior to the Effective Time.

The obligations of Bidco under the director and officer liability provision of the Transaction Agreement shall not be terminated, amended or modified in any manner so as to adversely affect any Indemnified Party (including such person’s successors, heirs and legal representatives) to whom the director and officer indemnification and liability provision of the Transaction Agreement applies, without the written consent of such affected Indemnified Party.

Atlantica shall promptly notify Bidco in writing any shareholder demands or actions (including derivative claims) commenced against any member of the Atlantica Group and/or their respective directors or officers relating to any documentation relating to the Scheme of Arrangement or the Transaction, and shall keep Bidco informed on a reasonably current basis regarding any transaction litigation (including by promptly furnishing to Bidco and its representatives such information relating to such transaction litigation as may reasonably be requested by Bidco and that would not reasonably be expected to result in the waiver of attorney client or other applicable legal privilege).

Atlantica shall give Bidco the opportunity to consult with it regarding the defence and settlement of any transaction litigation, give Bidco the opportunity to review and comment on filings and responses related to any transaction litigation and consider in good faith Bidco’s advice with respect to such transaction litigation and give Bidco the opportunity to participate (at Bidco’s expense) in the defence or settlement of such transaction litigation.

Prior to the Effective Time, no member of the Atlantica Group may settle or offer to settle any transaction litigation without the prior written consent of Bidco (which consent shall not be unreasonably withheld, conditioned or delayed).

Bidco has secured committed financing in connection with the Transaction, consisting of a combination of (i) equity financing to be provided by certain funds managed by ECP, who have agreed to capitalise Bidco subject to the terms and conditions set forth in the Equity Commitment Letter (as defined below), and (ii) debt financing to be provided by the sources thereof, subject to the terms and conditions set forth in the Debt Commitment Letter (as defined below). In addition, the Guarantor has provided the Guarantee with respect to the payment of the termination fee payable by Bidco, in each case, subject to the terms of the Transaction Agreement and of such Guarantee. The Equity Financing, the Debt Financing and the Guarantee are set out in further detail in this section under the headings “Equity Commitment Letter”, “Debt Commitment Letter” and “Guarantee” respectively.

In respect of the Equity Financing and the Debt Financing, Bidco has agreed to:

In respect of the Debt Financing, Bidco has agreed to use commercially reasonable efforts to: