Overview

ICBC NZ provides NZD 61.65 million sustainability-linked lending facility to Morrison & Co for sustainability projects at two Hobsonville Point schools

Commitments (Constant USD, 2023)$36,869,788

Commitment Year•2022Country of Activity•New ZealandDirect Recipient Country of Incorporation•New ZealandOverseas Jurisdiction•New ZealandSector•EducationFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jun 14, 2022

Last repayment (originally scheduled): Jun 14, 2027

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (New Zealand) Limited (ICBC New Zealand) (ICBC NZ)

Receiving agencies

Private Sector

Morrison & Co.

Loan description

ICBC NZ provides NZD 61.65 million sustainability-linked lending facility to Morrison & Co for sustainability projects at two Hobsonville Point schools

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On June 14, 2022, ICBC New Zealand reached financial close on a NZD 61.65 million sustainability-linked lending facility to Morrison & Co. to fund sustainability projects at two schools in the Hobsonville Point neighborhood of Auckland. The facility has a maturity of five years, maturing on June 14, 2027, with an unknown interest rate. The facility will be used to fund projects including rainwater collection systems and motion-activated light controls at the two unknown schools. The debt is managed by Morrison & Co. through a public-private partnership (PPP) that allows Morrison & Co. to manage the schools' facilities. The two schools have previously achieved five-star ratings under the GRESB Infrastructure Asset Assessment, and have rooftop solar panels and a building management system to minimize heating and cooling needs. Details on the new improvements, including the two specific schools, are unknown.