Bank of China contributes $41.6 million AUD to the $405 million AUD term loan tranche of a $494 million AUD syndicated loan for the RATCH-Australia 449.8 MW Renewable Portfolio Refinancing Project (Linked to Record ID#101313 and #101314)

Project narrative

On September 1, 2022, financial close was reached on a deal in which a syndicate of nine banks — including the Bank of China (BOC) — entered into a $494.00 million AUD ($336.34 million USD) syndicated green loan agreement with RATCH-Australia Renewables (Holdings) Pty. Ltd. — an Australia-incorporated special purpose vehicle (SPV) wholly owned by RATCH-Australia Corporation Pty Ltd (RAC), an Australia independent power producer wholly-owned by Stock Exchange of Thailand-listed RATCH Group Public Company Limited — for the RATCH-Australia 449.8 MW Renewable Portfolio Refinancing Project. This loan was divided into four tranches: a $13.00 million AUD ($8.85 million USD) debt service reserve facility tranche with a maturity period of three years and a final maturity date of September 1, 2025; a $71.00 million AUD ($48.34 million USD) term loan tranche with a maturity period of seven years and final maturity date of September 1, 2029; a $405.00 million AUD ($275.75 million USD) term loan tranche with a maturity period of five years and a final maturity date of September 1, 2027; and a $5.00 million AUD ($3.40 million USD) letter of credit tranche with a maturity period of three years and a final maturity date of September 1, 2025. The debt carried an interest rate of BBSY plus a fixed margin. This loan was RATCH-Australia's first green financing framework debt financing. The proceeds of this loan were to be used by the borrower to repay and refinance the individual-project debt of three renewable energy assets of RATCH-Australia: the 180.5 MW in Far North Queensland, the 226.8 MW Collector Wind Farm in southern New South Wales, and the 42.5 MW Collinsville Solar Farm in Central Queensland. BOC contributed $1.40 million AUD ($0.95 million USD) to the $13.00 million AUD debt service reserve facility tranche. Record ID#101313 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DBS Bank ($1.40 million AUD), Deutsche Bank ($2.00 million AUD), E.Sun Commercial Bank ($0.70 million AUD; $0.48 million USD), ING Bank N.V. ($2.00 million AUD; $1.36 million USD), MUFG Bank, Ltd. ($2.00 million AUD), Société Générale S.A. (SocGen) ($1.40 million AUD), and Sumitomo Mitsui Banking Corporation (SMBC) ($2.00 million AUD) {{see ID#193984}. BOC contributed $4.50 million AUD ($3.06 million USD) to the $71.00 million AUD term loan tranche. Record ID#101314 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DBS Bank ($4.50 million AUD), Deutsche Bank ($6.70 million AUD; $4.56 million USD), E.Sun Bank ($2.20 million AUD; $1.50 million USD), ING Bank ($6.70 million AUD), MUFG Bank ($6.70 million AUD), SocGen ($4.50 million AUD), and Clean Energy Finance Corporation (CEFC) ($35.70 million AUD; $24.31 million USD). BOC contributed $41.60 million AUD ($28.32 million USD) to the $405 million AUD term loan tranche. Record ID#101315 captures BOC's contribution. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: DBS Bank ($41.60 million AUD), Deutsche Bank ($62.30 million AUD; $42.42 million USD), E.Sun Bank ($20.80 million AUD; $14.16 million USD), ING Bank ($62.30 million AUD), MUFG Bank ($62.30 million AUD), SocGen ($41.60 million AUD), SMBC ($62.30 million AUD) and CEFC ($10.30 million AUD; $7.01 million USD). BOC did not contribute to the $5 million AUD letter of credit tranche, which was exclusively provided by MUFG Bank. Deutsche Bank served as a mandated lead arranger. The Mount Emerald Wind Farm is located 50 kilometers southwest of Cairns. It has 53 turbines and opened in August 2019. The Collector Wind Farm is located along the Cullerin Ridge, southwest of Goulburn in the Southern Tablelands of New South Wales. It has 54 wind turbines. It began full generation in February 2021 and formally opened in November 2022. The Collinsville Solar Power is located 90 kilometers southwest of Bowen and 4 kilometers west of Collinsville in central Queensland on the site of the decommissioned Collinsville Power Station.