Narrative
Full Description
Project narrative
On February 7, 2023, financial close on a deal in which a syndicate of nine banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a $852.00 million AUD ($590.49 million USD) syndicated green loan agreement with Atmos Finco Pty Ltd — an Australia-incorporated special purpose vehicle (SPV) wholly owned by Australia-based renewable energy company Atmos Renewables, itself wholly owned by Australia-based global investment management company Igneo Infrastructure Partners, which is headquartered in London, United Kingdom and is the infrastructure arm of Australia-based First Sentier Investors, a standalone business owned by Japan's Mitsubishi UFJ Trust and Banking Corporation — for the Atmos Renewable 1.664 GW Portfolio Refinancing Project. This loan was divided into four tranches: a $448.00 million AUD ($310.49 million USD) term loan tranche with a maturity period of five years and a final maturity date of February 8, 2028; a $299.00 million AUD ($207.22 million USD) term loan tranche with a maturity period of three years and a final maturity date of February 8, 2026; a $35.00 million AUD ($24.26 million USD) revolver tranche with a maturity period of five years and a final maturity date of February 8, 2028; and a $70.00 million AUD ($48.51 million USD) letter of credit tranche with a maturity period of five years and a final maturity date of February 8, 2028. This green loan was under Atmos' new Green Financing Framework aligned with the Asia Pacific Loan Market Association (APLMA) Green Loan Principles, and as such contained provisions on green project section, management of proceeds, and reporting. The proceeds were to be used by the borrower to refinance Atmos Renewables' 14 operational wind and solar assets across Australia with a total capacity of 1.664 GW consolidating existing asset-level debt. Atmos Renewables' portfolio included the 132 MW Nevertire Solar Farm, 100 MW Phase 1 of Hornsdale Wind Farm, 100 Mw Phase 2 of Hornsdale Wind Farm, the 115 MW Phase 3 of Hornsdale Wind Farm, the 57.6 MW Cherry Tree Wind Farm, the 112 MW Granville Harbour Wind Farm, the 228 MW Lal Lal Wind Farm, the 95 MW Susan River Solar Farm, the 50 MW Hayman Solar Farm, the 150 MW Daydream Solar Farm, the 75 MW Childers Solar Farm, the 30 MW Kiata Wind Farm, and the 420 MW Macarthur Wind Farm. ICBC contributed $51.00 million AUD ($35.35 million USD) to the $448 million AUD term loan tranche. Record ID#101234 captures ICBC's contribution. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: Commonwealth Bank of Australia (CBA) ($58.43 million AUD; $40.50 million USD), DBS Bank ($71.10 million AUD; $49.28 million USD), DNB ASA ($24.00 million AUD; $16.63 million USD), HSBC Bank ($59.40 million AUD; $41.17 million USD), MUFG Bank, Ltd. ($40.98 million AUD; $28.40 million USD), National Australia Bank Limited (NAB) ($44.10 million AUD; $30.56 million USD), Royal Bank of Canada (RBC) ($9.00 million AUD; $6.24 million USD), and Westpac Banking Corporation ($90.00 million AUD; $62.38 million USD). ICBC contributed $34.00 million AUD ($23.56 million USD) to the $299 million AUD term loan tranche. Record ID#101235 captures ICBC's contribution. In addition to ICBC, the following lenders contributed the respective amounts to the tranche: CBA ($38.95 million AUD; $26.99 million USD), DBS Bank ($47.40 million AUD; $32.85 million USD), DNB ($16.00 million AUD; $11.09 million USD), HSBC ($39.60 million AUD; $27.45 million USD), MUFG ($27.32 million AUD; $18.93 million USD), NAB ($29.40 million AUD; $20.38 million USD), RBC ($6.00 million AUD; $4.16 million USD), and Westpac ($60.00 million AUD; $41.58 million USD). ICBC did not contribute to the $35 million AUD revolver tranche; CBA contributed $12.00 million AUD ($8.32 million USD), DBS Bank contributed $11.50 million AUD ($7.97 million USD), and NAB contributed $11.50 million AUD. ICBC did not contribute to the $70 million AUD letter of credit tranche; CBA contributed $32.30 million AUD ($22.39 million USD), HSBC contributed $16.00 million AUD, and MUFG contributed $21.70 million AUD. CBA, MUFG, and Westpac served as Joint Sustainability Coordinators.