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v3.23.2

Loans and Financing | 12 Months Ended
--- | ---
Dec. 31, 2022
Loans And Financing |
Loans and Financing |
20. | Loans and Financing
Schedule of borrowings |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | Contractual | Effective |  | 12.31.2022 | 12.31.2021
|  |  |  | Issue | Number of | Final | Payment | financial | interest | Contract
Contracts | Company | Allocation | Guarantees | Date | installment | maturity | of charges | charges p.a. | rate p.a. | amount
FOREIGN CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
National Treasury Department (STN - Secretaria do Tesouro Nacional) |  |  |  |  |  |  |  |  |  |  |  |
Par Bond (a) | Copel | Debt negotiation | Guarantees deposited | 05.20.1998 | 1 | 04.11.2024 | Half-yearly | 6.0% + 0.20% | 6.0% + 0.20% | 17,315 | - | 89,058
Discount Bond (a) | 05.20.1998 | 1 | 04.11.2024 | Half-yearly | 1% + 0.20% | 1% + 0.20% | 12,082 | - | 61,514
Total foreign currency |  |  |  |  |  |  |  |  |  |  | - | 150,572
LOCAL CURRENCY |  |  |  |  |  |  |  |  |  |  |  |
Banco do Brasil |  |  |  |  |  |  |  |  |  |  |  |
CCB 306.401.381 (b) | Copel HOL | Working capital. | Credit assignment | 07.21.2015 | 2 | 03.25.2023 | Quarterly | 135.00% of DI | 145.46% of DI | 640,005 | - | 641,207
CCB 265.901.903 | Copel DIS | 06.29.2022 | 2 | 06.24.2025 | Quarterly | DI + spread 1,25% | DI + spread 2,14% | 750,000 | 751,673 | -
|  |  |  |  |  |  |  |  |  |  | 751,673 | 641,207
Caixa Econômica Federal |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | Copel GET | Partial amortization of the 3rd, 4th and 5th debenture issues and meeting various short-term obligations, including energy purchases, regulatory obligations and dividends. | Personal guarantee | 09.10.2022 | 2 | 09.10.2025 | Half-yearly | DI + spread 1,22% | DI + spread 1,31% | 1,000,000 | 1,037,946 | -
|  |  |  |  |  |  |  |  |  |  | 1,037,946 | -
Caixa Econômica Federal |  |  |  |  |  |  |  |  |  |  |  |
415.855-22/14 | Copel DIS | Rural Electricity Program - Luz para Todos. | Own revenue; issue of promissory notes and commercial duplicates. | 03.31.2015 | 120 | 12.08.2026 | Monthly | 6.0% | 6.0% | 16,984 | 7,664 | 9,580
|  |  |  |  |  |  |  |  |  |  | 7,664 | 9,580
Banco do Nordeste do Brasil |  |  |  |  |  |  |  |  |  |  |  |
35202166127989 | Jandaíra I | Implementation of Jandaíra Wind Complex. | Bank guarantee | 05.31.2021 | 192 | 06.15.2038 | Monthly | 2.7086% + IPCA (1) | 3.0107% + IPCA | 21,687 | 17,969 | 7,312
35202164527986 | Jandaíra II | 05.31.2021 | 192 | 06.15.2038 | Monthly | 2.2161% + IPCA (1) and 2.7086% + IPCA (1) | 3.0107% + IPCA | 56,421 | 46,644 | 18,424
35202162927987 | Jandaíra III | 05.31.2021 | 192 | 06.15.2038 | Monthly | 2.7086% + IPCA (1) | 3.0107% + IPCA | 65,158 | 53,843 | 21,645
35202160027984 | Jandaíra IV | 05.31.2021 | 192 | 06.15.2038 | Monthly | 2.2161% + IPCA (1) and 2.7086% + IPCA (1) | 3.0107% + IPCA | 65,421 | 54,053 | 22,058
35201915725525 | Potiguar B141 | Implementation of Vilas Wind Complex. | Fiduciary assignment of credit rights; fiduciary assignment of rights under the O&M contract; fiduciary assignment of rights arising from the authorization; pledge of shares; fiduciary alienation of project machinery and equipment; 100% bank guarantee; fiduciary assignment of the Debt Service Reserve Accounts; fiduciary assignment of the operating reserve account (O&M); Shareholder support agreement | 04.04.2019 | 216 | 04.15.2039 | Monthly | IPCA + 2.3323% | IPCA + 2.3323% | 92,138 | 89,685 | 94,781
35201922425522 | Potiguar B142 | 04.04.2019 | 216 | 04.15.2039 | Monthly | IPCA + 2.3323% | IPCA + 2.3323% | 92,213 | 89,709 | 94,809
35201926525533 | Potiguar B143 | 04.11.2019 | 216 | 04.15.2039 | Monthly | IPCA + 2.3323% | IPCA + 2.3323% | 92,138 | 89,376 | 94,453
35201910625534 | Ventos de Vila Paraíba IV | 04.18.2019 | 216 | 05.15.2039 | Monthly | IPCA + 2.3323% | IPCA + 2.3323% | 92,138 | 91,004 | 96,237
352020148727169 | Potiguar B61 | 08.11.2020 | 216 | 08.15.2040 | Monthly | IPCA + 1.4865% | IPCA + 1.4865% | 163,886 | 186,552 | 176,324
|  |  |  |  |  |  |  |  |  |  | 718,835 | 626,043
Banco do Brasil - BNDES Transfer |  |  |  |  |  |  |  |  |  |  |  |
21/02000-0 | Copel GeT | Implementation of Mauá HPP. | Revenue from energy sales from the plant. | 04.16.2009 | 179 | 01.15.2028 | Monthly | 2.13% above TJLP | 2.13% above TJLP | 169,500 | 60,720 | 72,109
|  |  |  |  |  |  |  |  |  |  | 60,720 | 72,109
(a) | On March 10, 2022, the debt was redeemed in advance, net of the collateral and escrow deposits.
(b) | Debt renegotiated in March 2021, with changes in the amortization dates and the amount of financial charges.
(c) | Commercial paper, single series, for public distribution with restricted efforts. Guarantor: Copel. Trustee: Pentágono S.A. DTVM.
(1) | IPCA used in the calculation of interest and not in the update of the principal.
(continued)
|  |  |  |  |  |  |  | Contractual | Effective |  | 12.31.2022 | 12.31.2021
|  |  |  | Issue | Number of | Final | Payment | financial | interest | Contract
Contracts | Company | Allocation | Guarantees | Date | installment | maturity | of charges | charges p.a. | rate p.a. | amount
BNDES |  |  |  |  |  |  |  |  |  |  |  |
820989.1 | Copel GeT | Implementation of Mauá HPP. | Revenue from energy sales from the plant. | 03.17.2009 | 179 | 01.15.2028 | Monthly | 1.63% above TJLP | 1.63% above TJLP | 169,500 | 60,719 | 72,109
1120952.1 | Implementation of transmission line between Foz do Iguaçu and Cascavel Oeste substations. | Assignment of receivables; revenue from energy transmission services. | 12.16.2011 | 168 | 04.15.2026 | Monthly | 1.82% and 1.42% above TJLP | 1.82% and 1.42% above TJLP | 44,723 | 11,186 | 14,431
1220768.1 | Implementation of Cavernoso II SHP. | Revenue from energy sales from the plant. | 09.28.2012 | 192 | 07.15.2029 | Monthly | 1.36% above TJLP | 1.36% above TJLP | 73,122 | 32,012 | 36,593
13211061 | Implementation of Colíder HPP. | Assignment of receivables | 12.04.2013 | 192 | 10.15.2031 | Monthly | 0% and 1.49% above TJLP | 6.43% and 7.68% | 1,041,155 | 615,968 | 680,413
13210331 | Implementation of Cerquilho III substation. | 12.03.2013 | 168 | 08.15.2028 | Monthly | 1.49% and 1.89% above TJLP | 1.49% and 1.89% above TJLP | 17,644 | 7,502 | 8,758
15206041 | Implementation of transmission line Assis - Paraguaçu Paulista II. | 12.28.2015 | 168 | 06.15.2030 | Monthly | 2.42% above TJLP | 9.04% | 34,265 | 16,139 | 18,151
15205921 | Implementation of transmission lines Londrina - Figueira and Salto Osório - Foz do Chopim. | 12.28.2015 | 168 | 12.15.2029 | Monthly | 2.32% above TJLP | 8.93% | 21,584 | 9,542 | 10,822
18205101 | Implementation of Baixo Iguaçu HPP. | 11.22.2018 | 192 | 06.15.2035 | Monthly | 1.94% above TJLP | 8.50% | 194,000 | 159,948 | 171,447
19207901- A+B+E+F+G+H | Implementation of transmission facilities for the line: substation Medianeira; substation Curitiba Centro and Curitiba Uberaba and substation Andirá Leste. | 06.03.2020 | 279 | 12.15.2043 | Monthly | IPCA + 4.8165% | IPCA + 4.8570% | 206,882 | 200,932 | 185,532
19207901- C+D+I+J | Implementation of transmission facilities for the line: transmission line Curitiba Leste - Blumenal and Baixo Iguaçu - Realeza. | 06.03.2020 | 267 | 12.15.2043 | Monthly | IPCA + 4.8165% | IPCA + 4.8570% | 225,230 | 188,869 | 162,773
14205611-C | Copel DIS | Preservation of business, improvements, operating support and general investments in the expansion and consolidation of projects and social investment programs of companies (ISE). | Surety of Copel; assignment of revenues and indemnity rights under the concession. | 12.15.2014 | 113 | 06.15.2024 | Monthly | 6.0% | 6.0% | 78,921 | 11,757 | 19,595
14.2.1271.1 | Santa Maria | Construction and implementation of wind generating plants. | Surety of Copel; pledge of shares; assignment of receivables and revenues. | 06.01.2015 | 192 | 08.15.2031 | Monthly | 1.66% above TJLP | 8.26% | 71,676 | 34,125 | 37,771
14.2.1272.1 | Santa Helena | 06.01.2015 | 192 | 08.15.2031 | Monthly | 1.66% above TJLP | 8.26% | 82,973 | 37,027 | 40,983
11211521 | GE Farol | Pledge of shares; assignment of receivables from energy sales from the project; assignment of machinery and equipment. | 03.19.2012 | 192 | 06.15.2030 | Monthly | 2.34% above TJLP | 2.34% above TJLP | 54,100 | 29,888 | 33,570
11211531 | GE Boa Vista | 03.19.2012 | 192 | 06.15.2030 | Monthly | 2.34% above TJLP | 2.34% above TJLP | 40,050 | 22,096 | 24,818
11211541 | GE S.B. do Norte | 03.19.2012 | 192 | 06.15.2030 | Monthly | 2.34% above TJLP | 2.34% above TJLP | 90,900 | 50,112 | 56,287
11211551 | GE Olho D'Água | 03.19.2012 | 192 | 06.15.2030 | Monthly | 2.34% above TJLP | 2.34% above TJLP | 97,000 | 53,519 | 60,113
18204611 | Cutia | Pledge of shares; assignment of receivables. | 10.10.2018 | 192 | 07.15.2035 | Monthly | 2.04% above TJLP | 8.37% | 619,405 | 543,337 | 563,569
13212221 - A | Costa Oeste | Implementation of transmission line between Cascavel Oeste and Umuarama Sul substations and implementation of Umuarama Sul substation. | Assignment of receivables; 100% of pledged shares. | 12.03.2013 | 168 | 11.30.2028 | Monthly | 1.95% + TJLP | 1.95% + TJLP | 27,634 | 12,842 | 14,898
13212221 - B | 12.03.2013 | 106 | 09.30.2023 | Monthly | 3.5% | 3.5% | 9,086 | 598 | 1,396
14205851 - A | Marumbi | Implementation of transmission line between Curitiba and Curitiba Leste and implementation of Curitiba Leste substation. | 07.08.2014 | 168 | 06.30.2029 | Monthly | 2.00% + TJLP | 2.00% + TJLP | 33,460 | 16,981 | 19,444
14205851 - B | 07.08.2014 | 106 | 04.30.2024 | Monthly | 6.0% | 6.0% | 21,577 | 3,020 | 5,285
|  |  |  |  |  |  |  |  |  |  | 2,118,119 | 2,238,758
Total local currency |  |  |  |  |  |  |  |  |  |  | 4,694,957 | 3,587,697
|  |  |  |  |  |  |  |  |  | Gross debt | 4,694,957 | 3,738,269
|  |  |  |  |  |  |  |  |  | (-) Transaction cost | (44,594) | (59,825)
|  |  |  |  |  |  |  |  |  | Net debt | 4,650,363 | 3,678,444
|  |  |  |  |  |  |  |  |  | Current | 278,838 | 579,770
|  |  |  |  |  |  |  |  |  | Noncurrent | 4,371,525 | 3,098,674
DI - Interbank Deposit Rate IPCA - Inflation Index TJLP - Long term interest rate
| 20.1 | Breakdown of loans and financing by currency and index
Breakdown of loans and financing by currency and index |  |  |  |  |
|  | 12.31.2022 | % | 12.31.2021 | %
Foreign currency | change in currencies in the period (%) |  |  |  |
U.S. Dollar | (6.50) | - | - | 150,572 | 4.09
|  | - | - | 150,572 | 4.09
Local currency | indexes at period end (%) |  |  |  |
TJLP | 7.20 | 1,755,556 | 37.75 | 1,916,561 | 52.11
CDI | 13.65 | 1,772,718 | 38.12 | 639,555 | 17.39
TR | 0.21 | - | - | - | -
IPCA | 5.79 | 1,099,050 | 23.63 | 935,900 | 25.44
Without indexer (annual fixed rate) | - | 23,039 | 0.50 | 35,856 | 0.97
|  | 4,650,363 | 100.00 | 3,527,872 | 95.91
|  | 4,650,363 | 100.00 | 3,678,444 | 100.00
| 20.2 | Maturity of noncurrent installments
Schedule of maturity of noncurrent installments |  |  |
12.31.2022 | Gross debt | (-) Transaction cost | Net debt
2024 | 608,001 | (8,902) | 599,099
2025 | 1,604,933 | (5,666) | 1,599,267
2026 | 230,905 | (2,171) | 228,734
2027 | 232,594 | (2,172) | 230,422
2028 | 215,888 | (2,182) | 213,706
After 2028 | 1,514,960 | (14,663) | 1,500,297
| 4,407,281 | (35,756) | 4,371,525
| 20.3 | Changes in loans and financing
Schedule of changes in debentures |  |  |
| Foreign currency | Local currency | Total
Balance as of January 1, 2020 | 108,983 | 3,033,400 | 3,142,383
Funding | - | 263,000 | 263,000
Charges | 6,928 | 176,337 | 183,265
Monetary and exchange variations | 31,189 | 5,869 | 37,058
Amortization - principal | - | (253,700) | (253,700)
Payment - charges | (6,763) | (176,712) | (183,475)
Balance as of December 31, 2020 | 140,337 | 3,048,194 | 3,188,531
Effect of acquisition of control of Vilas Complex | - | 514,272 | 514,272
Funding | - | 134,313 | 134,313
(-) Transaction costs | - | (1,647) | (1,647)
Charges | 6,218 | 191,398 | 197,616
Monetary and exchange variations | 10,266 | 31,091 | 41,357
Amortization - principal | - | (202,577) | (202,577)
Payment - charges | (6,249) | (187,172) | (193,421)
Balance as of December 31, 2021 | 150,572 | 3,527,872 | 3,678,444
Effect of acquisition of control of Vilas Complex (Note 1.1.1) | - | 25,398 | 25,398
Funding | - | 1,891,954 | 1,891,954
(-) Transaction costs | - | (19,781) | (19,781)
Charges | 953 | 390,569 | 391,522
Monetary and exchange variations | (14,378) | 34,978 | 20,600
Amortization - principal | (134,894) | (865,425) | (1,000,319)
Payment - charges | (2,253) | (335,202) | (337,455)
Balance as of December 31, 2022 | - | 4,650,363 | 4,650,363
| 20.4 | Covenants
Loans and financing agreements contain clauses that require economic and financial ratios to be maintained within pre-determined parameters, requiring annual fulfillment and other conditions to be complied with, such as not changing the Company's interest in the capital stock of subsidiaries that would represent change of control without prior consent. The non-compliance with the contracted conditions may result in fines or in the declaration of the early maturity of debts. As of December 31, 2022, all ratios and covenants have been fully met. The subsidiary Cutia Empreendimentos Eólicos S.A. calculated Debt Service Coverage Ratio - ICSD of 1.15 and, therefore, needed to supplement the Reserve Account with at least R$5,736. The deposit was made on March 13, 2023, before the contractually defined deadline. The Company expects that all financial indicators, measured annually, will be met in 2023. The financial covenants contained in the agreements are presented below:
The financial covenants contained in the agreements are presented below |  |  |
Company | Contractual Instrument | Annual financial ratios | Limit
Copel GeT | BNDES Finem No. 820989.1 - Mauá | EBITDA / Net financial results | ≥ 1.3
Banco do Brasil No. 21/02000-0 - Mauá
Commercial paper | Debt service coverage ratio Consolidated net debt / Consolidated ebitda | ≥ 1.5 ≤ 3.5
Copel DIS | BNDES Finem No. 14205611 | Financial indebtedness / EBITDA | ≤ 4.0
Santa Maria | BNDES Finem No. 14212711 | Debt service coverage ratio | ≥ 1.3
Santa Helena | BNDES Finem No. 14212721
São Bento Energia, Investimento e Participações | BNDES Assignment Agreement | Debt service coverage ratio | ≥ 1.3
GE Boa Vista S.A. | BNDES Finem No. 11211531
GE Farol S.A. | BNDES Finem No. 11211521
GE Olho D´Água S.A. | BNDES Finem No. 11211551
GE São Bento do Norte S.A. | BNDES Finem No. 11211541
Cutia | BNDES Finem No. 18204611 | Debt service coverage ratio (a) | ≥ 1.2
Costa Oeste | BNDES Finem No. 13212221 | Debt service coverage ratio | ≥ 1.3
Marumbi | BNDES Finem No. 14205851 | Debt service coverage ratio | ≥ 1.3
Financing for businesses - Finem
(a) | financial ratio calculated based on the amounts of the consolidated financial statements of Cutia Empreendimentos Eólicos S.A. The contract establishes that, should the index be in the range between 1.10 and 1.20, the value of the funds invested in the Reserve Account must be complemented so that the total reaches the index of 1.20, within 2 days of the release of the financial statements.

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