Skip to content
AidData logo

Overview

Bank of China contributes $54.57 million AUD to a $218.27 million AUD syndicated loan for the 228 MW Lal Lal Wind Farm Refinancing Project

Commitments (Constant USD, 2023)$35,808,498
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
Aug 25, 2022
Last repayment (originally scheduled)
Aug 25, 2027

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

Private Sector

  • Westpac Banking Corporation

State-owned Banks

  • Norddeutsche Landesbank Girozentrale (NORD/LB)

State-owned companies

  • Export Development Canada (EDC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Lal Lal Wind Farms Pty Ltd

Loan description

Bank of China contributions to a $218.27 million AUD syndicated loan for the 228 MW Lal Lal Wind Farm Refinancing Project

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On August 25, 2022, financial close was reached on a deal in which a syndicate of four banks — Bank of China (BOC), Norddeutsche Landesbank Girozentrale (NORD/LB), Export Development Canada (EDC), and Westpac Banking Corporation — entered into a $218.27 million AUD ($151.84 million USD) syndicated term loan agreement with Lal Lal Wind Farms Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) and joint venture of Australia's Macquarie (20% equity stake), United Kingdom-based InfraRed Capital Partners (40% equity stake) and Canada-based Northleaf Capital Partners (40% equity stake) — for the 228 MW Lal Lal Wind Farm Refinancing Project. This loan carried a maturity period of five years and final maturity date of August 25, 2027. Each lender, including BOC, contributed $54.57 million AUD ($37.96 million USD) to the loan syndicate. The proceeds were to be used by the borrower to refinance the 228 MW Lal Law Wind Farm, which consists of the 38-turbine 144 MW Yendon Wind Farm and the 22-turbine 84 MW Elaine Wind Farm, located 20 kilometers southeast of Ballarat, Victoria.