Atlantica Yield plc (NASDAQ:AY) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 08:30 am ET
the net -- the net change in consolidated cash for the first nine months of 2019 was an increase of $25.4 million.
On the next slide, number nine, we would like to review our net debt position. Our consolidated net debt as of September 30, 2019 is approximately $170 million lower than then at the end of 2018. We closed the first nine months of 2019 with net corporate debt of $613.2 million, slightly higher than the net corporate debt as of December 31, 2018. With this our net corporate rate -- our net corporate debt to CAFD pre-corporate debt service ratio stood at 2.7 times. On the other hand, net project debt as of September 30, 2019 was $4,362 million approximately $200 million lower than at the closing of last year.
I will now turn the call back to Santiago who will provide an update on our growth strategy.
If we move to Page 11 you will see that we have closed the previously announced acquisition of ATN Expansion 2, for a total equity investment of around $20 million. As you may recall these are transmission lines in operation that we receive revenues denominated in US dollars, based on availability like our other transmission lines. And we've 20 and a 30-year contract PPA. This is part of accretive investments that we have announced -- we have been announcing and closing during the last year.
If we move to the next page, number 12, you will also see that our Board of Directors has approved a quarterly dividend of $0.41 per share for the third quarter of 2019 or a $1.64 if we annualize that number. This dividend represents a 14% increase compared with the same quarter last year and represents a 3% increase versus the Q2 2019 dividend.
Thank you for your attention. With that operator we are ready to take questions.