Project debt (Tables)

12 Months Ended

Dec. 31, 2021

Project debt [Abstract]

Project debt

The variations in 2021 of project debt has been the following:

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2020		4,925,268			312,346			5,237,614
Increases		54,908			256,581			311,489
Decreases		(85,259	)		(564,603	)		(649,862	)
Business combinations (Note 5)		288,352			38,781			327,133
Currency translation differences		(140,502	)		(49,679	)		(190,181	)
Reclassifications		(655,093	)		655,093			-
Balance as of December 31, 2021		4,387,674			648,519			5,036,193

The variations in 2020 of project debt were the following:

	Project debt - long term			Project debt - short term			Total
Balance as of December 31, 2019		4,069,909			782,439			4,852,348
Increases		613,604			268,339			881,943
Decreases		(272,548	)		(552,770	)		(825,318	)
Business combinations (Note 5)		149,585			8,680			158,265
Currency translation differences		150,506			19,869			170,375
Reclassifications		214,211			(214,211	)		-
Balance as of December 31, 2020		4,925,268			312,346			5,237,614

Repayment schedule for project debt

The repayment schedule for project debt in accordance with the financing arrangements and assuming there will be no acceleration at the Kaxu debt as of December 31, 2021, is as follows and is consistent with the projected cash flows of the related projects:

2022				2023		2024		2025		2026		Subsequent years		Total
Interest payment		Nominal repayment
	18,017		317,388		355,956		369,528		498,712		411,514		3,065,078		5,036,193

The repayment schedule for project debt in accordance with the financing arrangements as of December 31, 2020, is as follows and is consistent with the projected cash flows of the related projects:

2021				2022		2023		2024		2025		Subsequent years		Total
Interest payment		Nominal repayment
	19,287		293,059		328,364		355,806		371,548		508,843		3,360,707		5,237,614

Movement in project debt

The following table details the movement in project debt for the years 2021 and 2020, split between cash and non-cash items:

Project Debt	2021			2020
Initial balance		5,237,614			4,852,348
Cash changes		(636,831	)		(254,495	)
Non-cash changes		435,410			639,761
Final balance		5,036,193			5,237,614

Foreign currency-denominated project debt

The equivalent in U.S. dollars of the foreign currency-denominated debts held by the Company is as follows:

	Balance as of December 31,
Currency	2021		2020
Euro		1,942,903		2,240,811
South African Rand		314,471		355,414
Algerian Dinar		97,877		115,606
Total		2,355,251		2,711,830