Skip to content
AidData logo

Overview

Bank of China contributes to a $200 million AUD syndicated loan for the 333 MW MWac Darlington Point Solar Farm (DPSF) Refinancing Project

Commitments (Constant USD, 2023)$32,809,692
Commitment Year•2022Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 1, 2022

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

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Deutsche Bank AG
  • Westpac Banking Corporation

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Octopus Investments Aust Pty Ltd

Loan description

Bank of China contributions to a $200 million AUD syndicated loan for the 333 MW MWac Darlington Point Solar Farm (DPSF) Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In July 2022, a syndicate of four banks — including the Sydney Branch of the Bank of China (BOC), Commonwealth Bank of Australia (CBA), the Sydney Branch of Deutsche Bank AG, and Westpac Banking Corporation — entered into a $200 million AUD term facility agreement with Octopus Investments Aust Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) owned by Octopus Capital Limited (Octopus Group), a privately-held investment holding company based in the United Kingdom — for the 333 MW Darlington Point Solar Farm (DPSF) Refinancing Project. The proceeds were to be used by the borrower to refinance the original construction loan accrued in December 2018 for the Darlington Point Solar Farm (DPSF), a 333 MWdc/275 MWac solar farm consisting of one million solar panels located approximately 10 kilometers south of the town of Darlington Point near Griffith in the Murrumbidgee shire of western New South Wales that began commercial operations in 2020.

Staff comments

1. The individual contributions of the four lenders to this approximately $200 million AUD syndicated loan is unknown. For the time being, AidData has estimated BOC's contribution by assuming each lender contributed equally ($50,000,000 AUD) to the loan.