ICBC contributes £19.88 million GBP to the £880.87 million GBP generation term loan facility tranche of a £2.935 billion GBP syndicated loan for the 1.2 GW Dogger Bank C Wind Farm of the 3.6 GW Dogger Bank Wind Farm Project (Linked to Record ID#100297)

Project narrative

On December 2, 2021, financial close was reached on a deal in which a syndicate of 28 lenders and three export credit agencies (ECAs) — including the Bank of China (BOC) and the London Branch of the Industrial and Commercial Bank of China (ICBC) — entered into a £2.935 billion GBP ($3.90019 billion USD) syndicated loan agreement with Doggerbank Offshore Wind Farm Project 3 Projco Limited — an England and Wales-incorporated special purpose vehicle (SPV) owned, via Doggerbank Offshore Wind Farm Project 3 Holdco Limited, by Norwegian state-owned Equinor (50% equity stake) and British firm SSE Renewables plc (50% equity stake) — for the 1.2 GW Dogger Bank C Wind Farm of the 3.6 GW Dogger Bank Wind Farm Project. This loan was divided into 11 tranches: a £880.87 million GBP ($1.17055 billion USD) generation term loan facility with a maturity period of 15 years, a £40.00 million GBP ($53.15 million USD) revolving VAT facility tranche with a maturity period of 15 years, a £20.00 million GBP ($26.58 million USD) revolving working capital facility tranche with a maturity period of 15 years, a £160.00 million GBP ($212.62 million USD) letter of credit tranche with a maturity period of 15 years, a £80.12 million GBP ($106.47 million USD) debt service reserve facility tranche with a maturity period of 15 years, a £139.07 million GBP ($184.80 million USD) standby debt facility tranche with a maturity period of 15 years, a £311.49 million GBP ($413.92 million USD) transmission revolving credit facility (RCF) tranche with a maturity period of seven years, a £622.94 million GBP ($827.80 million USD) transmission term loan facility with a maturity period of seven years, a £130.00 million GBP ($172.75 million USD) Export Finance Norway (Eksfin)-covered credit facility tranche with a maturity period of 15 years, a £300.00 million GBP ($398.66 million USD) Swedish Export Credit Agency (EKN)-covered credit facility tranche with a maturity period of 15 years, and a £300.00 million GBP Banque publique d'investissement (Bpifrance)-covered credit facility with a maturity period of 15 years. BOC contributed £39.77 million GBP ($52.85 million USD) and ICBC contributed £19.88 million GBP ($26.42 million USD) to the £880.87 million GBP generation term loan facility tranche. Record ID#100297 captures BOC's contribution. Record ID#100298 captures ICBC's contribution. In addition to BOC and ICBC, 26 other lenders contributed the respective amounts to this tranche: Korea Development Bank (KDB) (£29.97 million GBP; $39.83 million USD), ABN AMRO Bank NV (£19.89 million GBP; $26.43 million USD), Barclays Bank Plc (£19.88 million GBP), Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) (£39.77 million GBP), BNP Paribas S.A. (£39.77 million GBP), CaixaBank S.A. (£29.83 million GBP; $39.64 million USD), Canadian Imperial Bank of Commerce (CIBC) (£29.83 million GBP), Crédit Industriel et Commercial (CIC) (£19.88 million GBP), Crédit Agricole Group (£39.77 million GBP), Danske Bank A/S (£19.88 million GBP), Deutsche Bank AG (£19.88 million GBP), DNB ASA (£39.77 million GBP), DZ Bank AG (£19.88 million GBP), ING Bank N.V. (£29.83 million GBP), Lloyds Bank (£9.80 million GBP; $13.02 million USD), Mizuho Bank (£39.97 million GBP; $53.11 million USD), MUFG Bank (£39.97 million GBP), National Westminister Plc (NatWest) (£29.83 million GBP), Norinchukin Bank (£29.83 million GBP), Coöperatieve Rabobank U.A. (Rabobank) (£39.97 million GBP), Banco Santander S.A. (£69.61 million GBP; $92.50 million USD), Shinsei Bank (£24.82 million GBP; $32.98 million USD), Skandinaviska Enskilda Banken AB (SEB) (£39.97 million GBP), Société Générale S.A. (SocGen) (£19.88 million GBP), Standard Chartered Bank PLC (£39.88 million GBP), and Sumitomo Mitsui Banking Corporation (SMBC) (£39.97 million GBP). BOC contributed £1.80 million GBP ($2.39 million USD) and ICBC contributed £0.90 million GBP ($1.20 million USD) to the £40 million GBP revolving VAT facility tranche. Record ID#100299 captures BOC's contribution. Record ID#100301 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£1.80 million GBP), ABN AMRO Bank (£0.90 million GBP), Barclays Bank (£0.90 million GBP), BBVA (£1.80 million GBP), BNP Paribas (£1.80 million GBP), CaixaBank (£1.36 million GBP; $1.81 million USD), CIBC (£1.36 million GBP), CIC (£0.90 million GBP), Crédit Agricole Group (£1.80 million GBP), Danske Bank (£0.90 million GBP), Deutsche Bank (£0.90 million GBP), DNB (£1.80 million GBP), DZ Bank (£0.90 million GBP), ING Bank (£1.36 million GBP), Mizuho (£1.80 million GBP), MUFG Bank (£1.80 million GBP), NatWest (£1.36 million GBP), Norinchukin Bank (£1.36 million GBP), Rabobank (£1.80 million GBP), Santander (£3.16 million GBP; $4.20 million USD), Shinsei Bank (£1.13 million GBP; $1.50 million USD), SEB (£1.80 million GBP), SocGen (£0.90 million GBP), Standard Chartered Bank (£1.80 million GBP), and SMBC (£1.80 million GBP). BOC contributed £0.90 million GBP and ICBC contributed £0.45 million GBP ($0.60 million USD) to the £20 million GBP revolving working capital facility tranche. Record ID#100302 captures BOC's contribution. Record ID#100303 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£0.90 million GBP), ABN AMRO Bank (£0.45 million GBP), Barclays Bank (£0.45 million GBP), BBVA (£0.90 million GBP), BNP Paribas (£0.90 million GBP), CaixaBank (£0.68 million GBP; $0.90 million USD), CIBC (£0.68 million GBP), CIC (£0.45 million GBP), Crédit Agricole Group (£0.90 million GBP), Danske Bank (£0.45 million GBP), Deutsche Bank (£0.45 million GBP), DNB (£0.90 million GBP), DZ Bank (£0.45 million GBP), ING Bank (£0.68 million GBP), Mizuho (£0.90 million GBP), MUFG Bank (£0.90 million GBP), NatWest (£0.68 million GBP), Norinchukin Bank (£0.68 million GBP), Rabobank (£0.90 million GBP), Santander (£1.58 million GBP; $2.10 million USD), Shinsei Bank (£0.56 million GBP; $0.74 million USD), SEB (£0.90 million GBP), SocGen (£0.45 million GBP), Standard Chartered Bank (£0.90 million GBP), and SMBC (£0.90 million GBP). BOC contributed £7.23 million GBP ($9.61 million USD) and ICBC contributed £3.61 million GBP ($4.80 million USD) to the £160 million GBP letter of credit tranche. As AidData does not consider letter of credits to be financial flows, there are no records associated with these commitments. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£7.23 million GBP), ABN AMRO Bank (£3.61 million GBP), Barclays Bank (£3.61 million GBP), BBVA (£7.23 million GBP), BNP Paribas (£7.23 million GBP), CaixaBank (£5.42 million GBP; $7.20 million USD), CIBC (£5.42 million GBP; $7.20 million USD), CIC (£3.61 million GBP), Crédit Agricole Group (£7.23 million GBP), Danske Bank (£3.61 million GBP), Deutsche Bank (£3.61 million GBP), DNB (£7.23 million GBP), DZ Bank (£3.61 million GBP), ING Bank (£5.42 million GBP), Mizuho (£7.23 million GBP), MUFG Bank (£7.23 million GBP), NatWest (£5.42 million GBP), Norinchukin Bank (£5.42 million GBP), Rabobank (£7.23 million GBP), Santander (£12.66 million GBP; $16.82 million USD), Shinsei Bank (£4.50 million GBP; $5.98 million USD), SEB (£7.23 million GBP), SocGen (£3.61 million GBP), Standard Chartered Bank (£7.23 million GBP), and SMBC (£7.23 million GBP). BOC contributed £3.62 million GBP ($4.81 million USD) and ICBC contributed £1.81 million GBP ($2.41 million USD) to the £80.12 million GBP debt service reserve facility tranche. Record ID#100304 captures BOC's contribution. Record ID#100305 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£3.62 million GBP), ABN AMRO Bank (£1.81 million GBP), Barclays Bank (£1.81 million GBP), BBVA (£3.62 million GBP), BNP Paribas (£3.62 million GBP), CaixaBank (£2.72 million GBP; $3.61 million USD), CIBC (£2.72 million GBP; $3.61 million USD), CIC (£1.81 million GBP), Crédit Agricole Group (£3.62 million GBP), Danske Bank (£1.81 million GBP), Deutsche Bank (£1.81 million GBP), DNB (£3.62 million GBP), DZ Bank (£1.81 million GBP), ING Bank (£2.72 million GBP), Mizuho (£3.62 million GBP), MUFG Bank (£3.62 million GBP), NatWest (£2.72 million GBP), Norinchukin Bank (£2.72 million GBP), Rabobank (£3.62 million GBP), Santander (£6.34 million GBP; $8.42 million USD), Shinsei Bank (£2.26 million GBP; $3.00 million USD), SEB (£3.62 million GBP), SocGen (£1.81 million GBP), Standard Chartered Bank (£3.62 million GBP), and SMBC (£3.62 million GBP). BOC contributed £6.29 million GBP ($8.36 million USD) and ICBC contributed £3.14 million GBP ($4.17 million USD) to the £139.06 million GBP standby debt facility tranche. Record ID#100306 captures BOC's contribution. Record ID#100307 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£6.29 million GBP), ABN AMRO Bank (£3.14 million GBP), Barclays Bank (£3.14 million GBP), BBVA (£6.29 million GBP), BNP Paribas (£6.29 million GBP), CaixaBank (£4.71 million GBP; $6.26 million USD), CIBC (£4.71 million GBP), CIC (£3.14 million GBP), Crédit Agricole Group (£6.29 million GBP), Danske Bank (£3.14 million GBP), Deutsche Bank (£3.14 million GBP), DNB (£6.29 million GBP), DZ Bank (£3.14 million GBP), ING Bank (£4.71 million GBP), Mizuho (£6.29 million GBP), MUFG Bank (£6.29 million GBP), NatWest (£4.71 million GBP), Norinchukin Bank (£4.71 million GBP), Rabobank (£6.29 million GBP), Santander (£11.00 million GBP; $14.62 million USD), Shinsei Bank (£3.92 million GBP; $5.21 million USD), SEB (£6.29 million GBP), SocGen (£3.14 million GBP), Standard Chartered Bank (£6.29 million GBP), and SMBC (£6.29 million GBP). BOC contributed £14.08 million GBP ($18.71 million USD) and ICBC contributed £7.04 million GBP ($9.36 million USD) to the £311.49 million GBP transmission RCF tranche. Record ID#100308 captures BOC's contribution. Record ID#100309 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£14.08 million GBP), ABN AMRO Bank (£7.04 million GBP), Barclays Bank (£7.04 million GBP), BBVA (£14.08 million GBP), BNP Paribas (£14.08 million GBP), CaixaBank (£10.56 million GBP; $14.03 million USD), CIBC (£10.56 million GBP), CIC (£7.04 million GBP), Crédit Agricole Group (£14.08 million GBP), Danske Bank (£7.04 million GBP), Deutsche Bank (£7.04 million GBP), DNB (£14.08 million GBP), DZ Bank (£7.04 million GBP), ING Bank (£10.56 million GBP), Mizuho (£14.08 million GBP), MUFG Bank (£14.08 million GBP), NatWest (£10.56 million GBP), Norinchukin Bank (£10.56 million GBP), Rabobank (£14.08 million GBP), Santander (£24.63 million GBP; $32.73 million USD), Shinsei Bank (£8.78 million GBP; $11.67 million USD), SEB (£14.08 million GBP), SocGen (£7.04 million GBP), Standard Chartered Bank (£14.08 million GBP), and SMBC (£14.08 million GBP). BOC contributed £28.16 million GBP ($37.42 million USD) and ICBC contributed £14.08 million GBP to the £622.94 million GBP transmission term loan facility tranche. Record ID#100310 captures BOC's contribution. Record ID#100311 captures ICBC's contribution. In addition to BOC and ICBC, 25 other lenders contributed the respective amounts to this tranche: KDB (£28.16 million GBP), ABN AMRO Bank (£14.08 million GBP), Barclays Bank (£14.08 million GBP), BBVA (£28.16 million GBP), BNP Paribas (£28.16 million GBP), CaixaBank (£21.11 million GBP; $28.05 million USD), CIBC (£21.11 million GBP), CIC (£14.08 million GBP), Crédit Agricole Group (£28.16 million GBP), Danske Bank (£14.08 million GBP), Deutsche Bank (£14.08 million GBP), DNB (£28.16 million GBP), DZ Bank (£14.08 million GBP), ING Bank (£21.11 million GBP), Mizuho (£28.16 million GBP), MUFG Bank (£28.16 million GBP), NatWest (£21.11 million GBP), Norinchukin Bank (£21.11 million GBP), Rabobank (£28.16 million GBP), Santander (£49.27 million GBP; $65.47 million USD), Shinsei Bank (£17.56 million GBP; $23.33 million USD), SEB (£28.16 million GBP), SocGen (£14.08 million GBP), Standard Chartered Bank (£28.16 million GBP), and SMBC (£28.16 million GBP). Four lenders contributed to the £130 million GBP Eksfin-covered credit facility tranche: Crédit Agricole Group, DNB, Lloyds, and Santander. Crédit Agricole Group, DNB, and Santander each contributed £35.00 million GBP ($46.51 million USD), while Lloyds contributed £30.00 million GBP ($39.87 million USD). Five lenders are known to have contributed to the £300 million GBP EKN-covered credit facility tranche, each contributing £50.00 million GBP ($66.44 million USD) to the tranche: BNP Paribas, DNB, Lloyds, Standard Chartered Bank, and SMBC. Six lenders contributed to the £300 million GBP Bpifrance-covered credit facility tranche, each contributing £50.00 million GBP to the tranche: BNP Paribas, Crédit Agricole Group, Lloyds, Santander, MUFG, and Standard Chartered Bank. Doggerbank Offshore Wind Farm Project 3 Projco Limited securitized (collateralized) its debt by providing a first legal mortgage on namely a leasehold on the converter station site at Wilton International, a leasehold on temporary construction compound A (PCC15a) at Wilton International, and a leasehold on temporary construction compound O (PCC17b) at Wilton International, a first fixed equitable charge on all other real property currently owned or acquired in the future, a first fixed charge on all the rights under key contracts, insurances, balances of bank accounts, its receivables, its investments, uncalled capital and goodwill, intellectual property, plant and machinery, and equipment, and a first floating charge on all its undertaking and its assets with a few exceptions as charged to MUFG Bank in a security agreement dated December 1, 2021. Furthermore, Doggerbank Offshore Wind Farm Project 3 Projco Limited securitized (collateralized) its debt by providing a first legal mortgage on the leasehold property known as Dogger Bank C (formerly known as Lackenby A) at the bed of the sea at Dogger Bank per a lease dated on or around the mortgage between Her Majesty the Queen, The Crown Estate Commissioners, and Doggerbank Offshore Wind Farm Project 3 Projco Limited as charged to MUFG Bank in a supplemental legal mortgage dated March 1, 2022. Doggerbank Offshore Wind Farm Project 3 Holdco Limited securitized (collateralized) the debt via a first fixed charge on all its rights, title, and interest in the balances of its bank accounts, all its owned shares of Doggerbank Offshore Wind Farm Project 3 Projco Limited, and a HoldCo loan agreements. as charged to MUFG Bank in a security agreement dated December 1, 2021. Doggerbank Offshore Wind Farm Project 3 Holdco Limited issued a guarantee to the creditors for the repayment. BOC, ICBC, ABN AMRO Bank, Barclays, BBVA, BNP Paribas, Crédit Agricole Corporate and Investment Bank (CACIB), CaixaBank, CIBC, CIC, Danske Bank, Deutsche Bank, DNB, the London Branch of DZ Bank, ING Bank, KDB, Lloyds Bank, Mizuho, MUFG, NatWest, Norinchukin, Rabobank, Santander, SEB, Shinsei Bank, SMBC, SocGen, and Standard Chartered Bank served as the mandated lead arrangers for the commercial facilities. SocGen served as documentation bank. Barclays served as account bank. MUFG Bank served as intercreditor agent, commercial facility agent, security trustee, and letter of credit issuing bank. Santander served as ECA Agent and facilities agent for Bpifrance, EKN, and Eksfin. Lloyds Bank Corporate Markets served as interest rate hedge execution bank. The London Branch of BOC, ICBC, ABN AMRO Bank, Barclays, BBVA, BNP Paribas, CACIB, CaixaBank, CIBC, CIC, Danske Bank, Deutsche Bank, ING Bank, KDB, Lloyds Bank, Mizuho, MUFG, NatWest, Rabobank, Santander, SEB, Shinsei, SMBC Nikko Securities, SocGen, and Standard Chartered Bank served as the interest rate hedging banks. Santander served as foreign exchange hedge execution bank. Barclays, BBVA, BNP Paribas, CACIB, CIBC, Deutsche Bank, DNB, ING Bank, Lloyds Bank, Mizuho, MUFG, NatWest, Santander, SEB, SMBC Nikko Securities, SocGen, and Standard Chartered Bank served as foreign exchange hedging banks. On November 2, 2021, SSE and Equinor announced the sale of 10% of each of their stakes in Dogger Bank C (20% total) to Eni S.p.A. for a consideration of £140 million GBP. The sale was completed in February 2022, after financial close of the senior debt. In November 2021, SSE Renewables and Equinor signed four 15-year offtake Power Purchase Agreements (PPAs) for the 1.2 GW production of Dogger Bank C with Danske Commodities (on behalf of Equinor) (40% share) (giving them a trading and balancing responsibility for 480 MW), SSE Renewables Energy Supply (on behalf of SSE Renewables) (20% share) (giving them a trading and balancing responsibility for 240 MW), Centrica Energy Marketing and Trading (20% share) (giving them a trading and balancing responsibility for 240 MW), and Shell Energy Europe Limited (20% share) (giving them a trading and balancing responsibility for 240 MW). The Dogger Bank Wind Farm Project sought to construct an 277-turbine offshore wind farm on the Dogger Bank sandbank in the North Sea, located over 130 kilometers (80 miles) off the northeast coast of Yorkshire, England, the world's largest offshore wind farm once operational. Equipped with 190 units of the 260-meter tall 13MW GE Haliade-X wind turbine for Dogger Bank A and B and 87 units of the 14MW GE Haliade-X wind turbine for Dogger Bank C, the entire wind farm was expected to produce 6 TWh of renewable electricity for an annual generation of 18 TWh a year — enough to meet 5% of the United Kingdom’s annual energy demand and power six million British homes annually. The construction of the entire wind farm was broken into three 1.2 GW phases (Dogger Bank A, Dogger Bank B, and Dogger Bank C), with the first two phases, Dogger Bank A and Dogger Bank B, being constructed concurrently. Dogger Bank C is specifically located in an area of approximately 560 square kilometers, its closet landing point being at 196 kilometers. Its cable landfall was situated between the towns of Redcar and Marske-by-the-Sea, with the electricity being fed into a converter station platform near Redcar and then connected to the national grid at Lackenby, Teesside. Dogger Bank Wind Farm received exclusive development rights for fifty years in 2010 by The Crown Estate, received planning consent in 2015, and secured 15-year contracts with the Low Carbon Contracts Company (LCCC) in September 2019. Dogger Bank A, B, and C all benefited from contracts for differences (CfDs) that provided competitive fixed prices for the wind farm. Once operational, Equinor would serve as the lead operator during the farm's expected 35-year lifetime. In February 2021, Hitachi ABB Power Grids won the contract for the installation of a high-voltage direct current (HVDC) light transmission link for Dogger Bank C (having already won the contract for Dogger A and B). Additionally, Aibel and Hitachi Abb Power Grids were jointly contracted to provide the offshore converter platforms. In May 2021, the developers signed a turbine supply deal with GE Renewable Energy for 87 14 MW Haliade-X turbines for Dogger Bank C, being an upgraded model of the same wind turbine used for Dogger A and B (with an extra 1 MW of capacity). In November 2021, the developers awarded a contract to a consortium of Sif Netherlands (Sif) and Smulders Projects Belgium (Smulders) was selected to supply monopile foundations and transition pieces for the project; Sif was responsible for the fabrication and supply of monopiles and primary steel for the transition pieces, while Smulders was responsible for the manufacturing of secondary steel for the project and the assembly, coating, and testing of the transition pieces. Jan De Nul was contracted to transport and install 87 turbines of Dogger Bank C. Seaway 7 was contracted to transport and install the foundations and transition pieces for Dogger Bank C. NKT was contracted to deliver and install HVDC onshore and offshore export cable systems for the Dogger Bank C (including the supply of over 500 kilometers of 320 kV offshore export cables and accessories). Jones Bros Civil Engineering UK was contracted to execute enabling works for the grid connection of the project. In December 2021, DEME Offshore, won a contract to provide engineering, procurement, construction and installation (EPCI) services for the inter-array cables for Dogger Bank C. In January 2022, it subcontracted Hellenic Cables to supply the inter-array cable. Peterson was contracted to provide facilities management for shared access to the onshore converter station of Dogger Bank C and another, separate wind farm, the Sofia Offshore Wind Farm. Allelys was responsible for the transport of the electricity transformers for the onshore converter station for Dogger Bank C. Sarens was contracted to provide heavy lift services for the lifting of stackable modules for Dogger Bank C. Hitachi Energy and Keltbray were responsible for the construction of the Dogger Bank C convertor station on the Sembcorp complex near Lazenby in Teesside. Heerema Marine Contractors won a contract for the transport and installation of the Dogger Bank C offshore substation. DEME Offshore awarded a contract to Tekmar Energy Limited for the supply of 172 cable protection systems (CPS) for Dogger Bank C. J. Murphy & Sons Limited was responsible for the design and delivery of Dogger Bank C of onshore cable ducts to connect the landfall site to the HVDC converter station. North Star Renewables was contract to provide a service operations vessel (SOV) to support offshore wind technicians working on the Dogger Bank C project. In December 2022, GE Renewable Energy awarded a contract to Mammoet UK to supply onshore heavy lifting and transport for the staging and assembly of turbine components for the entire Dogger Bank Wind Farm. In March 2023, GE Renewable Energy awarded a contract to Eastgate Engineering to provide mechanical and electrical activities for the pre-assembly of the towers and nacelles for the Haliade-X turbines to be used at Dogger Bank Offshore Wind Farm, with its work to be done at Able Seaton Port, the Dogger Bank offshore wind farm marshalling harbor. Aibel awarded contracts to Nordic Steel Group for supply of ventilation ducts for the converter platformers of all three phases of Dogger Bank, 360,000 kilos of ventilation ducts in total. In July 2022, the developers entered into a contract with Manor Renewable Energy (MRE) to provide the temporary offshore power to support the construction of all three phases. K2 Management was contracted to provide a four years construction monitoring for each of the Dogger Bank projects. Specialist Marine Consultants Ltd won a contract to provide turnkey marine coordination services for the entire Dogger Bank Wind Farm. Keltbray won civil engineering contracts for all phases of Dogger Bank. Equinor awarded a design contract to Ryder Architecture for Operations and Maintenance (O&M) Base for the entire Dogger Bank Wind Farm in the Port of Tyne, which included a warehouse and a quay for the farm Service Operations Vessels (SOVs). Construction of Dogger Bank C was planned to begin in the first quarter of 2022, with full power generation in the first quarter of 2026. Onshore cable installation civils work for Dogger Bank C began in the first quarter of 2022. Offshore construction began in spring 2022. As of March 2023, foundation installation was planned to begin in the third quarter of 2023 with turbine installation beginning in the second quarter of 2025, first power in the third quarter in 2025, and full power in the first quarter of 2026.