17 Investments in associated organisations and joint ventures

Losses exceeding the carrying amount of the investments deriving from at-equity valuation are netted with the loans receivable (see Note 18) as part of the net investment, and are presented in the table above.

Since 1 October 2019, SWIBI AG has no longer been recognised as a subsidiary, but as an associate under the name of esolva ag in the consolidated financial statements (see the “Transition from full consolidation to equity method“ section).

In March 2019 Engie New Business acquired an interest in tiko Energy Solutions AG by way of a unilateral capital increase. Repower’s interest declined from 35.0 to 19.85 per cent. The carrying amount of the investment came to CHF 0 thousand, and the cumulated loan’s reductions for losses came to CHF 12,843 thousand. The investment and loan are recognised at cost under financial assets (see Note 18).

The loan’s reductions for losses of CHF 6,713 thousand as of 31 December 2019 relates to the loan to the associate Aerochetto S.r.l.