ACCIONA, S.A. AND SUBSIDIARIES (Consolidated Group ...

18.- Bank borrowings
The detail of “Bank Borrowings” at 31 December 2011 and 2010 is as follows (in thousands of
euros):
2011 2010
Current Non-current Current Non-current
Mortgage loans for non-current asset financing 44,555 272,659 101,494 249,314
Mortgage loans for property developments 187,004 -- 225,418 --
Project finance 308,723 4,722,005 231,935 3,191,417
Unmatured discounted notes and bills 24,743 722 24,601 --
Obligations under finance leases 18,000 26,165 21,273 38,367
Other bank loans and credit facilities 1,464,826 1,402,932 2,602,180 1,094,451
Other limited recourse debt 169,116 256,257 8,294 365,233
Total bank borrowings 2,216,967 6,680,740 3,215,195 4,938,782
In 2011 and 2010 the Group's loans and credit facilities in euros bore interest at floating rates,
most of which were tied to Euribor.
The main change in 2011 relates to the increase in the borrowings relating to infrastructure
concessions within the Infrastructure division and to wind and solar thermal projects within the
Energy division, the main changes of which are explained below. Project finance arrangements
continue to be used as the basic structure for financing projects of this nature.
At 31 December 2011, the long-term project finance included a balance of EUR 1,324 million,
with final maturity on 30 March 2029, relating to the syndicated loan arranged by the Acciona
Group on 7 April 2011 to serve as long-term financing for certain wind and hydro generating
assets acquired from the Endesa Group in 2009. This financing was used to repay the bridge
financing that was originally arranged to cater for the acquisition of these assets, which was due to
be repaid in single instalment on 18 June 2011.
At 31 December 2011, the long term “Other Bank Loans and Credit Facilities” included a
balance of EUR 290 million maturing in 2016 and relating to the agreement entered into on 24
February 2011 by the Acciona Group subsidiary Termosolar, S.L. with Mizuho Corporate Bank
Nederland, Bank of Tokio Mitsubishi, Development Bank of Japan and Mitsubishi Corporation,
and a balance of EUR 227 million maturing in 2013 and relating to the agreement entered into on
30 November 2011 by the Group subsidiary Corporación Acciona Hidráulica, S.A. with Royal
Bank of Scotland and HSBC.
At 31 December 2011, the Group companies had additional undrawn financing of EUR 1,842,628
thousand, of which EUR 1,567,592 thousand related to working capital financing credit facilities.
Group management considers that the amount of these credit facilities, together with the
realisation of current assets, will sufficiently cover the Group's short-term payment obligations.
At 31 December 2011 and 2010, neither Acciona, S.A. nor any of its significant subsidiaries were
breaching any of their financial or other obligations in such a way as might give rise to the early
maturity of their financial obligations. It should only be noted that certain subsidiaries are
currently renegotiating their debt conditions as a result of non-compliance and are in the process
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