Narrative
Full Description
Project narrative
In 2020, China Construction Bank (Asia) Corporation Limited (CCB (Asia)) entered into a €72 million EUR loan agreement with an unspecified Hong Kong subsidiary of China Energy Engineering Group Planning and Engineering Co., Ltd. (CPE; CEEPE) — a Chinese state-owned engineering and design firm which is wholly-owned by China Energy Engineering Corporation Limited (CEEC) — to (a) finance the purchase of a 100% equity stake in Empresarios Agrupados Internacional, S.A. (EAI) and Ghesa Ingenieriay Tecnologia, S.A. (Ghesa) and (b) provide working capital to EAI and GHESA and the Hong Kong borrower. CPE entered into a Share Purchase Agreement with EAI and Ghesa's shareholders, Naturgy Engineering, S.L., IIberdrola Ingeniería y Construcción, S.A.U., and Técnicas Reunidas, S.A., to purchase a 100% equity stake in the companies for a consideration of €78.3 million EUR. Ghesa and EAI are Spanish engineering design firms active in the design and the construction of facilities and infrastructure of the energy sector, especially for nuclear plants and thermonuclear plants. EAI was founded in 1971 and works with electricity, information, and renewable energy, while Ghesa was founded in 1963 and works for power facilities, foundations, and infrastructure construction. The equity transfer ceremony was held on January 21, 2020. This was one of the largest acquisitions of a Spanish engineering and design companies by a Chinese company to date.