Grants and other liabilities

12 Months Ended

Dec. 31, 2022

Grants and other liabilities [Abstract]

Note 16.- Grants and other liabilities

Grants and other liabilities as of December 31, 2022 and December 31, 2021 are as follows:

	Balance as of December 31,
	2022		2021
Grants		911,593		970,557
Other liabilities and provisions		340,920		293,187
Dismantling provision		140,595		124,593
Lease liabilities		63,076		59,219
Accruals on Spanish market prices differences		91,884		74,795
Other		45,365		34,580
Grant and other non-current liabilities		1,252,513		1,263,744

As of December 31, 2022, the amount recorded in Grants corresponds primarily to the ITC Grant awarded by the U.S. Department of the Treasury to Solana and Mojave for a total amount of $610 million ($642 million as of December 31, 2021), which was primarily used to fully repay the Solana and Mojave short-term tranche of the loan with the Federal Financing Bank. The amount recorded in Grants as a liability is progressively recorded as other income over the useful life of the asset.

The remaining balance of the “Grants” account corresponds to loans with interest rates below market rates for Solana and Mojave for a total amount of $299 million ($326 million as of December 31, 2021). Loans with the Federal Financing Bank guaranteed by the Department of Energy for these projects bear interest at a rate below market rates for these types of projects and terms. The difference between proceeds received from these loans and its fair value, is initially recorded as “Grants” in the consolidated statement of financial position, and subsequently recorded in “Other operating income” starting at the entry into operation of the plants.

Total amount of income for these two types of grants for Solana and Mojave is $58.5 million and $58.7 million for the years ended December 31, 2022 and 2021, respectively (Note 20).

The “Accruals on Spanish market prices differences” corresponds to the payables related to the current high market prices in Spain at which the solar assets in Spain invoiced electricity up to December 31, 2022, as a result of a negative adjustment to the regulated revenues for the deviation from the estimated market prices used by the Administration in Spain, which is expected to be compensated over the remaining regulatory life of the solar assets of the Company.

The maturity of Other liabilities and provisions as of December 31, 2022 and 2021 is as follows:

As of December 31, 2022	Total		2023		2024 and 2025		2026 and 2027		Subsequent years
Other liabilities and provisions		340,920		-		46,489		41,428		253,003
Total		340,920		-		46,489		41,428		253,003

As of December 31, 2021	Total		2022		2023 and 2024		2025 and 2026		Subsequent years
Other liabilities and provisions		293,187		-		51,490		33,656		208,041
Total		293,187		-		51,490		33,656		208,041