December 2022, VRE1 obtained a 15-year debt facility of GBP72.4 million for the purpose of refinancing the shareholder’s loan provided by the ultimate holding company for the acquisition of 49.0% shareholding in BODL in 2021. The facility bears interest at a rate per annum equal to SONIA plus an applicable margin of 1.4% to 1.5% and will mature on 30 September 2037. The facility is secured by a fixed and floating charge over the assets of VRE1, as well as over VRE’s shares in VRE1. (xii) Term Loan - Clean Energy and Infrastructure UK Wind Limited (‘CEI UK Wind’) The GBP73.1 million loan was obtained over 5 tranches and secured against CEI UK’s tangible fixed assets, to finance its portfolio of wind farm assets. The loan bears a combinationof fixed interest rate of 2.2% per annum and variable interest rate based on the Retail Price Index (‘RPI’) and will mature in June 2032. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 271 26 BORROWINGS (CONTINUED) (a) Term loans (continued) (xiii) Term Loans - VRE (a) Term Loan - acquisition of JBM Solar Projects 23 Limited and JBM Solar Projects 18 Limited On 21 March 2023, VRE entered into an unsecured 2-year financing facility with Sumitomo Mitsui Banking Corporation, totalling GBP101.7 million, with an accordion facility of GBP45.1 million. The facility was used to fund the acquisition and construction of a 102MW solar portfolio consisting of two sites. The facility carries a variable interest rate based on SONIA plus a margin of 0.8%. It matures on 21 March 2025, with repayment in full on the maturity date. As of 31 December 2023, GBP59.9 million of the loan facility has been utilised. (b) Term Loan - acquisition of solar portfolio in the Republic of Ireland On 1 December 2023, VRE obtained an unsecured 5-years acquisition financing facility with MUFG Bank, Ltd. (‘MUFG’) of EUR99.5 million for the purpose of acquiring the operational solar portfolio in the Republic of Ireland as disclosed in Note 48. The facility interest rate is equal to