Asset Management Policy
Our business is to own, manage and operate sustainable assets in a sustainable way. As such, asset management is the core of our business. Asset management involves health and safety (H&S), environmental matters, compliance, operation and maintenance, financial, economic and other practices applied to the physical assets.
At Atlantica, we undertake a proactive approach to create long-term value for our stakeholders and believe in outstanding and disciplined asset management of our operations in order to be the best-in-class operator while simultaneously seeking excellence on a cost-efficient basis.
We are committed to efficiently and effectively managing our assets, maximizing asset performance and promoting positive impacts in local communities while minimizing risks and negative impacts to the environment, workforce and contractors. In some cases, we operate and maintain our assets directly; in other cases, we use third parties for those functions.
Excellence and Efficiency are one of our core values. We believe in outstanding and disciplined asset management of our operations while seeking excellence in a cost-efficient manner. As such, we are committed to:
- Promoting and maintaining a zero-accident policy. Developing new initiatives and implementing world class safety standards in Health and Safety in all operating assets.
- Enforcing safety, environmental and operational procedures through annual audits and inspections, identifying hazards, developing prevention strategies, analyzing deviations and implementing corrective plans.
- Complying with laws, regulations and permit requirements and with our internal policies in all areas where we operate.
- Maintaining annual emergency drill plans to evaluate and improve emergency procedures.
- Maintaining emergency plans in-place at our assets and assessing potential emergency scenarios and the associated emergency procedures.
- Investigating potential incidents to identify root causes and implement corrective measures.
- Subjecting our key equipment to predictive, preventive, and corrective maintenance to maximize performance while minimizing risks.
- Maintaining key performance indicators and periodically monitoring such indicators to obtain quantifiable information to enable us to measure asset performance and define and implement action plans to correct potential deviations.
- Managing risks:
- Identifying, measuring, quantifying, covering and monitoring our risk exposure and taking all the necessary actions to mitigate or
reduce such risks.
- Disclosing risk identification and mitigation measures.
- Continuing to identify best practices and implementing them accordingly.
- Disclosing asset management objectives.
- Maintaining and periodically reviewing our quality management system.
- Maintaining a formal asset management plan.
- Periodically auditing our assets, including all relevant matters relating to operation, maintenance, health and safety, environment and financial matters, as well as Atlantica’s corporate support functions, with the aim of reviewing compliance with our best practices and promoting constant improvement.
- Managing suppliers according to Atlantica’s suppliers code of conduct.
- Providing periodic training to our employees and contractors’ employees to improve their skills as well as to promote talent retention and professional career development initiatives.
- Performing routine analysis to optimize capex and opex needs.
- Driving the operational excellence and strengthening a culture of lessons learned in order to increase the creation of value for shareholders and other stakeholders.
- Fostering continuous improvement.
Finally, some of our plants will eventually need to be dismantled. As such, we commit to:
- Updating the closure plan on an as-needed basis.
- Creating provisions and planning to set aside funds to cover closure and rehabilitation following the contractual obligations.
- Having our senior management responsible and accountable for dismantling activities and rehabilitation.
- Consulting local communities in closure planning.
- Reporting on closure implementation and site rehabilitation.
- Commitment to rehabilitate land to its "before use" state and maximize benefits.
- Developing the safety, environmental and operational procedures for dismantling activities.
The implementation of this Asset Management Policy is reviewed by senior management in the Business Committees.