Narrative
Full Description
Project narrative
On September 24, 2018, financial close was reached on a deal in which a syndicate of three banks — the Industrial and Commercial Bank of China (ICBC), National Australia Bank Limited (NAB) and Westpac Banking Corporation — provided a $115 million AUD syndicated loan to Pacific Hydro Pty Ltd — an Australia-based renewables company wholly owned by SPIC Pacific Energy Pty Ltd, a vehicle for Chinese state-owned enterprise State Power Investment Corporation Limited (SPIC) — for the Haughton Solar Farm (Stage 1) Project in Queensland. Each bank contributed $28.0 million USD to the syndicated loan. Record ID#93938 captures ICBC's contribution to this loan. The proceeds of this loan were to be used by the borrower for the construction of the first stage of the Haughton Solar Farm, a 100 MW solar farm in Upper Haughton, located 17 kilometers northwest from the township of Clare and 37 kilometers southwest of the township of Ayr in North Queensland. Specifically, the 1,181 hectare property site was owned by the Burdekin Shire Council and was surrounded by the Haughton River to the north, and Piccaninny and Oaky creeks to the south. On April 27, 2023, financial close was reached on a deal in which a syndicate of three banks — the Industrial and Commercial Bank of China (ICBC), National Australia Bank Limited (NAB) and Westpac Banking Corporation — entered into a $74.10 million AUD ($49.03 million USD) syndicated term loan agreement with Pacific Hydro Haughton Solar Farm Pty. Ltd — an Australia-incorporated special purpose vehicle (SPV) wholly owned by Pacific Hydro Pty Ltd, an Australia-based renewables company wholly owned by SPIC Pacific Energy Pty Ltd, a vehicle for Chinese state-owned enterprise State Power Investment Corporation Limited (SPIC) — for the 100 MW Haughton Solar Farm Refinancing Project. This loan carried a maturity period of one year and four months (1.333 years) and a final maturity date of August 30, 2024. Each lender contributed $24.70 million AUD ($16.34 million USD) to the loan syndicate. The proceeds were to be used by the borrower to refinance Stage 1 of the 100 MW Haughton Solar Farm in Upper Haughton, Queensland. Record ID#101218 captures ICBC's contribution.