Cloudberry Annual report 2022 Financial statements 134 FY 2021 NOK million Producing power plants Power plant under construction Equipment Right to use - lease asset Total Accumulated cost 1.1.2021 58 6 2 5 72 Additions from business combinations during the year 746 47 - - 794 Additions during the year 2 176 1 1 180 Transfer between groups 12 (15) - - (3) Transfer from inventory - 44 - - 44 Cost of disposed assets - - (1) - (1) Effects of movement in foreign exchange - (4) - - (4) Accumulated cost at 31.12.2021 819 255 2 6 1 082 Accumulated depreciations and impairment losses at 1.1.2021 11 - 2 1 13 Accumulated depreciations acquired assets during the year 51 - - - 51 Depreciations for the year 8 - - 1 10 Impairment losses - - - - - Accomulated depreciations and impairment losses disposed assets - - (1) - (1) Effects of movements in foreigs exchange - - - - - Accumulated depreciations and impairment losses at 31.12.2021 70 - 1 2 73 Carrying amount at end of period 749 255 1 4 1 009 Carrying amount beginning of period 48 6 1 4 58 Estimated useful life (years) 25-50 5-10 5-50 During 2022 the Group has expanded the portfolio of producing power plants with acquisitions of Ramsliåna, Tinnkraft, and Bøen Kraft, which are all producing power plants. The latter two were assessed as business combinations, see note 5 for further information. Two projects under construction, Hån Vindpark and Skåråna were completed during 2022 and have been transferred between asset classes and are now classified as producing power plants. Power plant assets are pledged as security for long term debt, see note 23 Long term debt. The development project Sundby Vindpark (Kafjärden) was transferred from inventory to power plant under construction (PPE) when final investment decision (FID) was made in December 2022. Sundby is the only power plant under construction as per year end. Right to use lease assets include office lease and fixed amount fall lease on power plants. For further details about lease, please see 25 Lease agreements. The total contractual obligations related to the project Sundby amounts to EUR 50m, of which EUR 12m is already invested and reflected in the table above. The obligation related to Øvre Kvemma is total investment of NOK 124m (enterprise value). The investment is expected to be financed with 50% debt. See note 24 Provisions, guarantees and contractual obligations.
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