The Company has entered into finance lease arrangements for certain of its energy infrastructure assets, with initial terms ranging from

three to 10 years.

The value of the finance lease receivable is comprised of the following:


	Minimum lease payments and unguaranteed residual value				Present value of minimum lease payments and unguaranteed residual value
December 31,	2022		2021		2022		2021

Less than one year	$	73,614	$	16,420	$	60,020	$	15,248

Between one and five years		196,314		64,739		149,052		49,546

Later than five years		144,482		62,827		85,432		38,564

	$	414,410	$	143,986	$	294,504	$	103,358

Less: Unearned finance income		(119,906)		(40,628)		-		-

	$	294,504	$	103,358	$	294,504	$	103,358


December 31,	2022		2021

Balance, January 1	$	103,358	$	64,274

Acquisition (Note 7)		110,097		-

Additions		86,602		40,154

Interest income		14,801		5,417

Billings and payments		(33,740)		(6,597)

Currency translation effects		13,386		110

Closing balance	$	294,504	$	103,358

For the years ended December 31, 2022 and 2021 the Company recognized selling profit related to the commencement of finance leases of $

17.5

million and $

6.2

million, respectively. Additionally, the Company recognized $

14.8 million and $5.4

million of interest income on the finance leases receivable, during the years ended December 31, 2022 and 2021. Income related to variable lease payments was nominal during the years ended December 31, 2022 and 2021.

The average interest rates implicit in the leases are fixed at the contract date for the entire lease term. At December 31, 2022, the average interest rate was 9.4 percent per annum (December 31, 2021 – 8.0 percent). The finance leases receivables at the end of reporting period are neither past due nor impaired.