v3.24.0.1

Project debt | 12 Months Ended
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Dec. 31, 2023
Project debt [Abstract] |
Project debt | Note 16.- Project debt This note shows the project debt linked to the assets included in Note 6 of these Consolidated Financial Statements. Project debt is generally used to finance contracted assets, exclusively using as a guarantee the assets and cash flows of the company or group of companies carrying out the activities financed. In most of the cases, the assets and/or contracts are set up as a guarantee to ensure the repayment of the related financing. In addition, the cash of the Company´s projects includes funds held to satisfy the customary requirements of certain non-recourse debt agreements and other restricted cash (Note 13) for an amount of $177 million as of December 31, 2023 ($208 million as of December 31, 2022). The variations in 2023 of project debt have been the following:
|  | Project debt - long term |  |  | Project debt - short term |  |  | Total |
Balance as of December 31, 2022 |  |  | 4,226,518 |  |  |  | 326,534 |  |  |  | 4,553,052 |
Nominal increase |  |  | 213,232 |  |  |  | - |  |  |  | 213,232 |
Nominal repayment |  |  | (4,768 | ) |  |  | (513,576 | ) |  |  | (518,344 | )
Interest payment |  |  | - |  |  |  | (227,145 | ) |  |  | (227,145 | )
Total cash changes |  |  | 208,464 |  |  |  | (740,721 | ) |  |  | (532,257 | )
Interest accrued |  |  | - |  |  |  | 227,418 |  |  |  | 227,418 |
Currency translation differences |  |  | 28,808 |  |  |  | 7,150 |  |  |  | 35,958 |
Other non-cash changes |  |  | 35,024 |  |  |  | 65 |  |  |  | 35,089 |
Reclassifications |  |  | (566,941 | ) |  |  | 566,941 |  |  |  | - |
Total non-cash changes |  |  | (503,109 | ) |  |  | 801,574 |  |  |  | 298,465 |
Balance as of December 31, 2023 |  |  | 3,931,873 |  |  |  | 387,387 |  |  |  | 4,319,260 |
The decrease in total project debt as of December 31, 2023, is primarily due to the repayment of project debt for the period in accordance with the financing arrangements. The Company refinanced the Solaben 2&3 assets in March 2023, 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 for a similar amount and maturity was extended from December 2030 to June 2037. Chile PV 1 and Chile PV 2, where the Company owns a 35% equity interest, were not able to maintain the minimum required cash in its debt service reserve account during the year 2023 due to low electricity prices, which represents an event of default as of December 31, 2023. As a result, although the Companies do not expect an acceleration of the debts to be declared by the credit entities, Chile PV 1 and Chile PV 2 did not have an unconditional right to defer the settlement of the debt for at least twelve months and the project debts, which amount to $50 million and $21 million as of December 31, 2023, respectively, were classified as current in these Consolidated Financial Statements in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”. The variations in 2022 of project debt were the following:
|  | Project debt - long term |  |  | Project debt - short term |  |  | Total |
Balance as of December 31, 2021 |  |  | 4,387,674 |  |  |  | 648,519 |  |  |  | 5,036,193 |
Nominal repayment |  |  | (73,478 | ) |  |  | (310,629 | ) |  |  | (384,107 | )
Interest payment |  |  | - |  |  |  | (232,855 | ) |  |  | (232,855 | )
Total cash changes |  |  | (73,478 | ) |  |  | (543,484 | ) |  |  | (616,962 | )
Interest accrued |  |  | - |  |  |  | 230,237 |  |  |  | 230,237 |
Business combination (Note 5) |  |  | 1,301 |  |  |  | 148 |  |  |  | 1,449 |
Currency translation differences |  |  | (119,068 | ) |  |  | (18,040 | ) |  |  | (137,108 | )
Other non-cash changes |  |  | 39,161 |  |  |  | 82 |  |  |  | 39,243 |
Reclassifications |  |  | (9,072 | ) |  |  | 9,072 |  |  |  | - |
Total non-cash changes |  |  | (87,678 | ) |  |  | 221,499 |  |  |  | 133,821 |
Balance as of December 31, 2022 |  |  | 4,226,518 |  |  |  | 326,534 |  |  |  | 4,553,052 |
The decrease in total project debt as of December 31, 2022 was primarily due to:
| - | the repayment of project debt for the period in accordance with the financing arrangements; and
| - | the lower value of debt denominated in Euros given the depreciation of the Euro against the U.S. dollar since December 31, 2021.
As of December 31, 2021, Kaxu total debt was presented as current in the Consolidated Financial Statements of the Company, for an amount of $314 million, in accordance with International Accounting Standards 1 (“IAS 1”), “Presentation of Financial Statements”, as a result of the existence of a theoretical event of default under the Kaxu project finance agreement. Since March 31, 2022, the Company has again an unconditional right to defer the settlement of the debt for at least more than twelve months, and therefore the debt previously presented as current in these Consolidated Financial Statements was reclassified as non-current in accordance with the financing agreements. The repayment schedule for project debt in accordance with the financing arrangements as of December 31, 2023, and assuming there would be no acceleration at the Chile PV 1 and Chile PV 2 debts as of December 31, 2023, is as follows and is consistent with the projected cash flows of the related projects:
2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Subsequent years |  |  | Total |
Interest payment |  |  | Nominal repayment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 15,215 |  |  |  | 305,087 |  |  |  | 325,303 |  |  |  | 352,495 |  |  |  | 499,968 |  |  |  | 464,648 |  |  |  | 2,356,544 |  |  |  | 4,319,260 |
The repayment schedule for project debt in accordance with the financing arrangements was as follows and was consistent with the projected cash flows of the related projects:
2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | Subsequent years |  |  | Total |
Interest payment |  |  | Nominal repayment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 15,053 |  |  |  | 311,481 |  |  |  | 323,731 |  |  |  | 442,920 |  |  |  | 358,444 |  |  |  | 504,954 |  |  |  | 2,596,469 |  |  |  | 4,553,052 |
The equivalent in U.S. dollars of the foreign currency-denominated project debts held by the Company is as follows:
|  | Balance as of December 31, |
Currency |  | 2023 |  |  | 2022 |
Euro |  |  | 1,571,369 |  |  |  | 1,633,790 |
South African Rand |  |  | 233,854 |  |  |  | 277,492 |
Algerian Dinar |  |  | 76,277 |  |  |  | 86,739 |
Total |  |  | 1,881,500 |  |  |  | 1,998,021 |
All of the Company’s financing agreements have a carrying amount close to its fair value.

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