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Overview

Bank of China contributes $106.14 million CAD to a $500.02 million CAD term loan tranche of a $604.15 million CAD syndicated loan for the 1005 MW Greenfield Centre 2023 Refinancing Project

Commitments (Constant USD, 2023)$78,654,908
Commitment Year•2023Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Nov 14, 2023
Last repayment (originally scheduled)
Nov 12, 2030

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

  • Associated Banc-Corp
  • Credit Agricole S.A. (Crédit Agricole Group)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Bank of Canada
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Bayerische Landesbank (BayernLB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Greenfield Energy Centre LP

Loan description

Bank of China contributes $106.14 million CAD to a $500.02 million CAD term loan tranche of a $604.15 million CAD syndicated loan for the 1005 MW Greenfield Centre 2023 Refinancing Project

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On November 14, 2023, financial close was reached on a deal in which a syndicate of eight banks — including the Bank of China (BOC) — entered into a $604.15 million CAD ($437.35 million USD) syndicated loan agreement with Greenfield Energy Centre LP — an Ontario, Canada-incorporated special purpose vehicle (SPV) wholly owned by American energy company Calpine Corporation — for the 1005 MW Greenfield Centre 2023 Refinancing Project. This loan was divided into four tranches: a $500.02 million CAD ($361.97 million USD) term loan tranche with a maturity period of seven years; a $48.13 million CAD ($34.84 million USD) working capital tranche with a maturity period of seven years wholly provided by MUFG Bank; a $36.00 million CAD ($26.06 million USD) letter of credit tranche with a maturity period of seven years provided equally ($18.00 million CAD; $13.03 million USD) provided by Bayerische Landesbank (BayernLB) and Crédit Agricole Group; and a $20.00 million CAD ($14.48 million USD) letter of credit tranche with a maturity period of seven years wholly provided by National Bank of Canada. The proceeds were to be used by the borrower to refinance the combined-cycle power generation 1005 MW Greenfield Energy Centre in Ontario. BOC contributed $106.14 million CAD ($76.84 million USD) to the $500.02 million CAD term loan tranche. In addition to BOC, the following lenders contributed the respective amounts to the loan syndicate: Associated Bank ($71.14 million CAD; $51.50 million USD), BayernLB ($53.14 million CAD; $38.47 million USD), MUFG Bank, Ltd. ($23.04 million CAD; $16.68 million USD), National Bank of Canada ($51.14 million CAD; $37.02 million USD), Société Générale S.A. (SocGen) ($71.14 million CAD), and Sumitomo Mitsui Banking Corporation (SMBC) ($71.14 million CAD).