143 Cloudberry Annual report 2021 Financial statements Note 23 Long term debt In November 2021 the Group increased the NOK 700 million credit facility with SpareBank 1 SR-Bank ASA (established in March 2021) to NOK 1 400m, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility to finance investments in producing power plants (hydro and wind) in Norway and Sweden. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically. In addition to the term loan facility, the facility with SP Bank also consists of a related revolving credit facility of NOK 300m. The Group has the following long-term borrowings as per 31 December 2021: NOK 1 000 31.12.2021 31.12.2020 Total bank loan related to power plants 301 577 26 266 Reclassified principal payment to short term interest bearing loans and borrowings (10 105) - Derivative liability realted to hedge accounting 2 615 173 Total long term interest bearing loans and borrowings 294 087 26 440 The term loan facility established in SpareBank 1 SB-Bank ASA has refinanced the two existing term loans related to Røyrmyra and Finnesetbekken, amounted to NOK 26.4m per 31 December 2020. In relation to the acquisition of Selselva Kraft AS, Bjørgelva Kraft AS and Nessakraft AS, the Group has withdrawn NOK 49.3m, NOK 24.3m and NOK 87m respectively. The total amount withdrew from the term loan facility as per 31 December is NOK 225m, this also includes drawn construction financing of NOK 40m related to the construction of Skåråna hydro power plant. The remaining debt is related to Åmotsfoss Kraft AS, this will also be refinanced with the term loan facility in 2022. The table below shows a reconciliation of opening balance, movements and closing balance of the longterm debt for the year 2021: NOK 1 000 In cash flow statement Opening balance long term debt 01.01.21 26 440 Debt take over in acqusitions non-cash 331 609 Repaid existing debt in subsidiaries for refinancing cash outflow (281 062) Drawn from new facility with refinanced cash inflow 186 348 Drawn construction loan cash inflow 40 000 Downpayments cash outflow (1 584) Change in swap derivative non cash 2 442 Reclassified principal payments to short term non-cash (10 105) Closing balance long term debt 31.12.21 294 087 Of which: Drawn from new facility with refinanced 186 348 Drawn construction loan 40 000 Proceeds from new term loans 2021 226 348 Repaid existing debt in subsidiaries for refinancing (281 062) Downpayments (1 584) Total repayment of term loan 2021 (282 646)
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