Fixed Assets

12 Months Ended

Dec. 31, 2022

Property, plant and equipment [abstract]

Fixed Assets

Note 9 - Fixed Assets

Composition and changes:

2022

Solar systems (A)

Wind farms (B)

Others

Total

USD in thousands

Cost:

As of January 1, 2022

122,565

1,403,984

3,908

1,530,457

Capitalization – IFRS 16

4,053

Additions (1)

280,518

460,722

2,190

743,430

Reclassification from IFRIC 12

162,359

Initial consolidation (2)

1,432

Translation differences

(37,448

)

(107,900

)

(459

)

(145,807

)

Cost as of December31, 2022

529,426

1,760,859

5,639

2,295,924

Accumulated depreciation:

As of January 1, 2022

10,726

29,498

1,404

41,628

Depreciation expenses

7,678

28,445

761

36,884

Translation differences

(1,325

)

(1,854

)

(143

)

(3,322

)

Accumulated depreciation as of December 31, 2022

17,079

56,089

2,022

75,190

Carrying value as of December 31, 2022

512,347

1,704,770

3,617

2,220,734

	2021
	Solar systems (A)			Wind farms (B)			Others		Total
	USD in thousands
Cost:
As of January 1, 2021		124,773			837,554			2,795		965,122
Capitalization - IFRS 16		-			5,166			-		5,166
Additions (1)		-			489,504			525		490,029
Initial consolidation (2)		-			120,845			514		121,359
Translation differences		(2,208	)		(49,085	)		74		(51,219	)
Cost as of December 31, 2021		122,565			1,403,984			3,908		1,530,457

Accumulated depreciation:
As of January 1, 2021		6,920			19,559			710		27,189
Depreciation expenses		3,806			12,795			664		17,265
Translation differences		(*)-			(2,856	)		30		(2,826	)
Accumulated depreciation as of December 31, 2021		10,726			29,498			1,404		41,628

Carrying value as of December 31, 2021		111,839			1,374,486			2,504		1,488,829

(*) Less than USD 1 thousand.

	(1)	A total of approximately USD 39 million out of the additions applies to the capitalization of borrowing costs which arose from the construction of the qualifying assets period (2021: approximately USD 26.7 million).

	(2)	In 2022 the Company consolidated Aureus Solis group and Raaba Flow KFT at a total cost of approximately USD 1.4 million (2021: consolidation of Bjorn project (Sweden) at a total cost of approximately USD 121 million).

(A)

Solar systems

Presented below is a review of the projects which are included under solar systems and have begun commercial operation, as of the reporting date (*):

Electricity production projects	Zayit Yarok	Sunlight 1	Sunlight 2	Atilla	Halutziot (**)
Country	Israel	Israel	Israel	Hungary	Israel
Year of commercial operation	2012	2018	2019	2019	2015
Installed capacity	0.5 MWp	53 MWp	12 MWp	57 MWp	55 MWp
Effective holding rate	100%	50% - 100%	74%-100%	50.1%	90%
Depreciated cost as of December 31, 2022	Approximately USD 0.6 million	Approximately USD 46.3 million	Approximately USD 12.2 million	Approximately USD 35.5 million	Approximately USD 161 million

(*) See also Note 8, regarding solar systems which are presented as contract assets in respect of concession arrangements, in accordance with IFRIC 12.

(**) See also Note 8, since the second quarter of 2022, the Halutziot project is treated as a fixed asset, at cost.

Presented below is a review of projects under construction which are included in the fixed assets, as of the reporting date:

Electricity production projects	Halutziot 2	Storage tender 1	RAABA ACDC	APEX
Country	Israel	Israel	Hungary	United States
Installed capacity	32 MWp	130 MWp	25 MWp	105 MWp
Effective holding rate	90%	50.1%-74%	100%	100%
Cost as of December 31, 2022	Approximately USD 26 million	Approximately USD 66 million	Approximately USD 15 million	Approximately USD 150 million

(B)

Wind farms

Presented below is a review of the projects which are included under wind farms and have begun commercial operation, as of the reporting date:

Electricity production projects	EWK	Lukovac	Sowi	Picasso	Tullynamoyle	Emek HaBacha	Gecama
Country	Serbia	Croatia	Kosovo	Sweden	Ireland	Israel	Spain
Year of commercial operation	2019	2018	2021	2021	2017	2022	2022
Installed capacity	105 MWp	49 MWp	105 MWp	113 MWp	13.6 MWp	109 MWp	329 MWp
Effective holding rate	50.1%	50.1%	Around 60%	Around 69%	50.1%	Around 40.9%	Around 72%
Depreciated cost as of December 31, 2022	Approximately USD 142.7 million	Approximately USD 48 million	Approximately USD 135.5 million	Approximately USD 141 million	Approximately USD 19 million	Approximately USD 203.2 million	Approximately USD 339 million

Presented below is a review of projects under construction which are included in the fixed assets, as of the reporting date:

Electricity production projects	Björnberget Vindkraft AB (1)	Ruach Beresheet
Country	Sweden	Israel
Installed capacity	372 MWp	189 MWp
Effective holding rate	Around 56%	54%
Cost as of December 31, 2022	Approximately USD 362 million	Approximately USD 313.7 million

(1)

On October 2, 2022, the project was connected to the local power grid, and commercial operation and sale of electricity in the Nordic power market began gradually . For additional details, see Note 28(A)(6).