Overview

China Development Bank provides €400 million EUR term loan to Redes Energéticas Nacionais for investments in electricity and gas infrastructure

Commitments (Constant USD, 2023)$549,138,384

Commitment Year•2013Country of Activity•PortugalDirect Recipient Country of Incorporation•PortugalSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Apr 30, 2013

Last repayment (originally scheduled): Apr 27, 2025

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Private Sector

Redes Energéticas Nacionais, SGPS, S.A. (REN)

Loan description

China Development Bank provides €400 million EUR term loan to Redes Energéticas Nacionais for investments in electricity and gas infrastructure

Interest rate (t₀)•5.015%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•12 years

Narrative

Full Description

Project narrative

On October 11, 2012 China Development Bank (CDB) closed on a €800 million EUR funding deal with Redes Energéticas Nacionais, SGPS, S.A. (REN), a Portuguese energy utility company. The loan consisted of two tranches worth €400 million EUR each. On April 30, 2013, REN signed a finance contract specifying the terms of the loan. The first tranche was to be used exclusively for debt refinancing and carried a maturity of 8 years and an annual spread of 4.7% on the 6-month Euribor. (captured via Record ID#101778) The second tranche was to be used exclusively for debt refinancing and carried a maturity of 8 years and an annual spread of 4.7% on the 6-month Euribor. (captured via Record ID#101779).