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Overview

Bank of China contributes $40.02 million AUD to the $360.2 million AUD tranche of a $609 million AUD syndicated loan for the 200 MW Silverton Wind Farm, 102 MW Nynga Solar Plant, and 53 MW Broken Hill Solar Plant Refinancing Project (Linked to Record ID#101182)

Commitments (Constant USD, 2023)$26,260,878
Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 14, 2022
Last repayment (originally scheduled)
Jun 14, 2029

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

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • DBS Bank Ltd.
  • DNB Bank ASA (formerly DnB NOR ASA)
  • ING Group N.V.
  • Mizuho Financial Group (MHFG)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Westpac Banking Corporation

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PARF FinCo 1 Pty Ltd
  • PARF Silverton FinCo Pty Ltd
  • Pisa Acquisition Finance Company Pty Ltd

Loan description

June 2022 $609 million AUD syndicated loan for the 200 MW Silverton Wind Farm, 102 MW Nynga Solar Plant, and 53 MW Broken Hill Solar Plant Refinancing Project in Australia

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On June 14, 2022, financial close was reached on a deal in which a syndicate of 12 banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — entered into a $609.00 million AUD ($423.24 million USD) syndicated loan agreement with Pisa Acquisition Finance Company Pty Ltd, PARF Silverton FinCo Pty Ltd, and PARF FinCo 1 Pty Ltd — Australia-incorporated special purpose vehicle (SPVs) wholly owned by Powering Australian Renewables Fund (PowAR), an Australian investment fund owned by state-owned QIC (40% stake), state-owned Future Fund (20% stake), and Australian energy company AGL Energy Limited (20% stake) — for the 200 MW Silverton Wind Farm, 102 MW Nynga Solar Plant, and 53 MW Broken Hill Solar Plant Refinancing Project. This loan was divided into two tranches: a $360.20 million AUD ($250.33 million USD) Foundation A SFA Debt tranche with a maturity period of seven years and a final maturity date of June 14, 2029; and a $248.80 million AUD ($172.91 million USD) Working Capital Facility A tranche with a maturity period of two years and a final maturity date of June 14, 2024. The proceeds were to be used by the borrowers to refinance the 200 MW Silverton Wind Farm, 102 MW Nynga Solar Plant, and the 53 MW Broken Hill Solar Plant located in New South Wales. Each lender, including BOC and ICBC, each contributed $40.02 million AUD ($27.81 million USD to the $360.2 million AUD tranche. Record ID#101181 captures BOC's contribution. Record ID#101182 captures ICBC's contribution. In addition to BOC and ICBC, the following lenders contributed to the $360.2 million AUD tranche: Australia and New Zealand Banking Group (ANZ), DBS Bank, DNB ASA, ING Group N.V., Mizuho Financial Group, MUFG Bank, and Westpac Banking Corporation. BOC and ICBC did not contribute to the $248.8 million AUD working capital facility tranche. The following lenders contributed to the tranche: MUFG Bank ($40.00 million AUD; $27.80 million USD), Commonwealth Bank of Australia (CBA) ($80.00 million AUD; $55.60 million USD), National Australia Bank Limited (NAB) ($80.00 million AUD), and Sumitomo Mitsui Banking Corporation (SMBC) ($48.80 million AUD; $33.92 million USD). BOC and ICBC did not contribute to the $248.8 million AUD working capital facility tranche. The following lenders contributed to the tranche: MUFG Bank ($40.00 million AUD; $27.80 million USD), Commonwealth Bank of Australia (CBA) ($80.00 million AUD; $55.60 million USD), National Australia Bank Limited (NAB) ($80.00 million AUD), and Sumitomo Mitsui Banking Corporation (SMBC) ($48.80 million AUD; $33.92 million USD).