Overview

Bank of China provides EUR 68 million loan to PowerChina for its acquisition of TLT-Turbo GmbH

Commitments (Constant USD, 2023)$92,523,216

Commitment Year•2014Country of Activity•GermanyDirect Recipient Country of Incorporation•China (People's Republic of)Overseas Jurisdiction•GermanySector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Feb 7, 2014

Start (actual): Feb 7, 2014

End (actual): Feb 7, 2014

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

Bank of China (BOC)

Receiving agencies

State-owned companies

Sinohydro Corporation Limited

Loan description

Bank of China provides EUR 68 million loan to PowerChina for its acquisition of TLT-Turbo GmbH

Interest type•Unknown

Narrative

Full Description

Project narrative

On February 7, 2014, the Frankfurt Branch of the Bank of China (BOC) issued an EUR 68 million merger & acquisition (M&A) loan to Power Construction Corporation of China (PowerChina) for its acquisition of TLT-Turbo GmbH from Siemens Turbomachinery Equipment GmbH. TLT-Turbo GmbH supplies mining, industrial, and power ventilation products. The acquisition was completed on February 7, 2014; it made PowerChina the largest power plant fan supplier in the world.

Staff comments

1. TLT-Turbo GmbH, headquarted in Zweibrücken, manufactures radial and axial ventilators for all industrial applications, as well as ventilation systems.