up to 20 years, with a periodic distribution rate at KLIBOR plus a prevailing margin per annum. The financing is secured over the cash flows generated from the power plant and has a maturity date of 10 December 2038. (vi) Term Loan - Norman 1985 Limited (‘Norman’) The GBP63.5 million term loan was obtained on 25 July 2019 and secured against Norman’s tangible fixed assets to finance its portfolio of wind farm assets. The loan bears a fixed interest rate of 2.8% per annum and will mature in March 2037. (vii) Term Loans - Dullarbtons and Elipsgeen On 9 July 2021, both Dullarbtons and Elipsgeen, the wholly owned subsidiaries of VRE3, obtained secured facilities of EUR73.7 million and EUR73.0 million respectively. The facilities are secured against Dullarbtons’s and Elipsgeen’stangible fixed assets to finance the construction of its solar portfolio. It includes three term facilities and a Value Added Tax (‘VAT’) facility issued under one facility agreement. The three term facilities are as below: (a) Kreditanstalt für Wiederaufbau (‘KfW’) 17 years facility with the maturity on 31 December 2037. The facility bears a floating rate of Euro Interbank Offered Rate ('EURIBOR') plus 0.9% margin. (b) KfW 20 years facility with the maturity on 30 June 2041. The facility bears a floating rate of EURIBOR plus 0.9% margin. (c) Commercial Term Facility 20 years facility with the maturity on 30 June 2041. The facility bears a floating rate of EURIBOR plus 1.5% to 1.6% margin. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 270 26 BORROWINGS (CONTINUED) (a) Term loans (continued) (viii) Term Loan - Vantage Solar UK Limited (‘VSUK’) In February 2022, VSUK has refinanced the previous facility with a new external loan from non-banking institutions to replace the existing lenders. The new financing facility amounted to GBP274.9 million, with a fixed interest rate at 2.8% maturing on 31 March 2035. The facility is secured against VSUK’s assets, i.e. machinery, buildings, and land.