ICBC 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#101181)

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 — 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. 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).