Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Financial statements 112 Note 23 Long term debt The Group has the following long-term loan agreements as of 31 December 2020: NOK 1 000 Covenants Maturity date 2020 2019 Secured Bank loan, Røyrmyra 1) 2029 18 750 - Bank loan, Finnsetbekken 2) 2036 7 516 - Total secured long-term debt 26 266 - Total long-term debt 26 266 - Prinsipal repayments -1 472 - Total long-term debt excluding principal payments 24 794 - The bank loan facilities’ terms are at a market floating interest rate with a fixed interest rate swap to reduce the interest rate risk. See note 11 Hedge accounting. The following financial covenants and collateral apply to the credit facilities: 1) Group consolidated equity ratio, minimum 25% Liquidity reserves, minimum of 4% of total borrowings, limited to maximum NOK 10 million Collateral in shares in Røyrmyra Vindpark AS, receivables in Cloudberry Production and Røyrmyra Vindpark AS, property plant and equipment and lease agreement in Røyrmyra Vindpark AS. 2) Collateral in property plant and equipment, lease agreement, receivables in Finnesetbekken AS. The Group was not in any breach with covenants as per 31 December 2020. Repayment of debt in 2020: In the business combination with Scanergy AS, see note 5 Business combination, a shareholder debt of NOK 27.2m was acquired. This debt has been repaid in 2020. Repayments on the current long term loan agreements related to Røyrmyra and Finnesetbekken was NOK 1.4m in 2020.