Skip to content
AidData logo

Overview

Bank of China contributes €34.36 million EUR to a €240.55 million EUR syndicated loan to Ventient Energy for the Castile and León 443 MW Renewable Energy Portfolio Acquisition Project

Commitments (Constant USD, 2023)$34,176,233
Commitment Year•2022Country of Activity•SpainDirect Recipient Country of Incorporation•United KingdomSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 30, 2022
Start (planned)
Mar 31, 2022
Start (actual)
Apr 1, 2022
End (planned)
Mar 31, 2022
End (actual)
Apr 1, 2022
Last repayment (originally scheduled)
Dec 31, 2035

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

  • ABANCA Corporación Bancaria, S.A. (formerly Novacaixagalicia)
  • BNP Paribas S.A.
  • ING Bank N.V.
  • Intesa Sanpaolo S.P.A. (formerly Cariplo/Banca Intesa/BCI)
  • National Australia Bank Limited (NAB)
  • NN Group N.V.

Receiving agencies

Private Sector

  • Ventient Energy Limited

Loan description

2022 syndicated €240.55 million EUR loan from BoC and others to Ventient Energy for the Castile and León 443 MW Renewable Energy Portfolio Acquisition Project in Spain

Interest type•UnknownMaturity•13.75 years

Narrative

Full Description

Project narrative

On March 30, 2022, financial close was reached on a deal in which a syndicate of seven banks — including the Bank of China (BOC) — €240.55 million EUR ($267.28 million USD) syndicated term loan agreement with Ventient Energy Limited — a pan-European renewable energy developer based in London, England with its parent company being Luxembourg-incorporated Ventient Energy Sarl, which is wholly owned by IIF International Holding LP, a Cayman Islands-exempted limited partnership advised by JP Morgan Investment Management and wholly owned by institutional investors (no ultimate controlling party) — for the Castile and León 443 MW Renewable Energy Portfolio Acquisition Project. This loan carried a maturity period of 13 years and nine months (13.75 years) and a final maturity date of December 31, 2035. Each of the lenders, including BOC, contributed €34.36 million EUR ($38.18 million USD) to the loan syndicate. In addition to BOC, the following lenders contributed to the loan syndicate: ABANCA Corporación Bancaria, S.A., BNP Paribas S.A., ING Bank N.V., Intesa Sanpaolo S.p.A., National Australia Bank Limited (NAB), and NN Group N.V.. The proceeds were to be used by the borrower to acquire Bajoz Eólica, S.L.U., Hornija Eólica, S.L.U., and Esquilvent, S.L.U. from Inversiones Empresariales Vapat S.L., three companies with renewable energy assets with a total capacity of 443 MW in the autonomous community of Castile and León. In December 2021, Ventient Energy entered into a purchase agreement with Inversiones Empresariales Vapat for the acquisition of renewable energy assets of 443 MW in Castile and León, consisting of 203 MW of installed onshore wind farms and the future buildout of 240 MW of hybridized solar to be built at Ventient's onshore wind sites. The acquisition was expected to be completed in early 2022 pending regulatory approval. The acquisition was completed in April 2022, raising Ventient's installed capacity over its entire portfolio to 2.8 GW.

Staff comments

1. As this acquisition was expected to be completed in "early" 2022; therefore, AidData has coded March 31, 2022, as the last date of the first quarter of 2022, as the expected start and completion dates.