Project debt |
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| Project debt |
Note 15. - Project debt
This note shows the project debt linked
to the assets included in Note 6 of these Consolidated Condensed Interim Financial Statements.
Project debt is
generally used to finance contracted assets, exclusively using as guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In addition, the cash of the Company´s projects include funds held to
satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash for an amount of $202 million as of
March 31, 2023 ($208 million as of December 31, 2022).
The breakdown of project debt for both non-current and current liabilities as of
March 31, 2023 and December 31, 2022 is as follows:
During the first quarter of 2023, the Company refinanced Solaben 2&3 assets, entering into two green senior euro-denominated loan agreements for the two assets with a syndicate of banks for a total amount of €198.0 million. The new project debt replaced the previous project loans and maturity was extended from December 2030 to June 2037.
The repayment schedule for project debt in accordance with
the financing arrangements as of March 31, 2023 is as follows and is consistent with the projected cash flows of the related projects:
The repayment schedule for project debt in accordance with
the financing arrangements as of December 31, 2022, was as follows and was consistent with the projected cash flows of the related projects:
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