Annual Report 2022

See accounting policies AA and BB.

31 December 202231 December 2021
Lease liabilities6255
Total Borrowings214192

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

Maturity of borrowings
31 December 202231 December 2021
Maturity - Falling due within 1 year209
Maturity - Falling due between 1 and 5 years6158
Maturity - Falling due after 5 years134124
Maturity Borrowings214192

Borrowings increased mainly due to the acquisition of wind farm Strekdammen, which was partially financed by a loan of 19 million. At year-end 2022, the fair value of borrowings was 214 million (2021: 192 million). For information regarding the fair value, see chapter The average interest rate payable on loans was 1.40% (2021: 0.59%). The average incremental borrowing rate on the lease liabilities was 1.48% (2021: 1.63%).