NOTE 8.L OANS RECEIVABLE Maturity Interest Rate Dec 31, 2013 Dec 31, 2012 Värmevärden 2021 7.9% 37,658 34,768 MLTCLP 2014 —% 89 — Chapais: Tranche A (original principal $ 9,391) 2015 10.8% 2,579 3,675 Tranche B (original principal $ 3,624) 2019 4.9% 562 562 40,888 39,005 Less: current portion (1,310) (1,096) Total long-term loans receivable 39,578 37,909 Accrued interest on the loans receivable in the amount of $113 for the year ended December 31, 2013 is included in accounts receivable  (December 31, 2012 – $63). The estimated fair values of the loans receivable as at December 31, 2013 and 2012 approximate the carrying values. Värmevärden For the year ended December 31, 2013 December 31, 2012 SEK $ SEK $ Opening balance 227,541 34,768 551,808 81,587 Principal repayment — — (324,267) (47,959) Unrealized foreign exchange gain (loss) — 2,890 — 1,140 Ending balance 227,541 37,658 227,541 34,768 During the first quarter of 2012, Värmevärden’s parent company, Sefyr Värme AB, in which Capstone holds a 33.3% indirect investment, completed an approximately $150,000 (1,000,000 SEK) offering of senior secured bonds to select institutional investors. The bonds have afive-year term, are r non-amortizing and have a coupon of 7.0%. Proceeds from the bond issuance were distributed to the owners of Sefyr Värme AB, with Capstone receiving approximately$49,400, which was used to repay a portion of the senior credit facility. The distribution of $49,400 was comprised of a $48,100 shareholder loan repayment and a payment of $1,300 of accrued interest. Refer to note 19 (Long-term debt). In March 2012, theshareholder loan receivable from Värmevärden was amended including the annual interest rate which became 7.944%. Chapais Year Amount 2014 1,220 2015 1,359 2016 — 2017 — 2018 — Thereafter 562 Total 3,141 Financial instruments consist of cash and cash equivalents, restricted cash, short-term deposits, accounts receivable, loans receivable, accounts  payable and other liabilities, finance lease obligations, long-term debt, interest rate swap contracts and foreign currency contracts. The Corporation also has embedded derivatives on one of its commodity contracts. NOTE 9. FINANCIAL INSTRUMENTS (A) Fair Value of Financial Instruments 2013 ANNUAL REPORT  71 Expected repayments of the Chapais loanreceivable for the next five years and thereafterwere as follows: The following table summarizes thechange inthe loan receivable from Värmevärden during theyears ended: The following table summarizes the loans receivable from Värmevärden, MLTCLPand Chapais: