Annual Report 2021
Financial statements

See accounting policies AA and BB.

31 December 202131 December 2020
Lease liabilities5521
Total Borrowings19254

As at year-end, borrowings had the following terms to maturity:

Maturity of borrowings
31 December 202131 December 2020
Maturity - Falling due within 1 year912
Maturity - Falling due between 1 and 5 years5820
Maturity - Falling due after 5 years12422
Maturity Borrowings19254

Borrowings increased mainly due to the acquisition of wind farm Wieringermeer, which was partially financed by a loan of 113 million. At year-end 2021, the fair value of borrowings was 192 million (2020: 54 million). For information regarding the fair value, see chapter The average interest rate payable on loans was 0.59% (2020: 1.32%). The average incremental borrowing rate on the lease liabilities was 1.63% (2020: 1.77%).