Overview

Bank of China contributes to SGD 650 million syndicated green loan facility to SP Group to finance the construction, development, operations, and maintenance of Labrador Tower

Commitments (Constant USD, 2023)$96,809,386

Commitment Year•2023Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Dec 1, 2023

Geospatial footprint

Map overview

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The purpose of this project was for the Bank of China to contribute to SGD 650 million syndicated green loan facility to SP Group to finance the construction, development, operations, and maintenance of Labrador Tower. More detailed locational information can be found at: https://www.openstreetmap.org/way/1180610989

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 Commercial Banks

Bank of China (BOC)

Cofinancing agencies

Private Sector

DBS Bank Ltd.
Malayan Banking Berhad (Maybank)
Oversea-Chinese Banking Corporation, Limited (OCBC Bank)
United Overseas Bank Limited (UOB)

Receiving agencies

State-owned companies

Singapore Power Limited (SP Group)

Loan desecription

Bank of China contributions to SGD 650 million 2023 syndicated green loan facility for SP Group to finance construction, development, operations, and maintenance of Labrador Tower

Interest type•Unknown

Narrative

Full Description

Project narrative

In December 2023, a syndicate of 5 banks -- including Bank of China -- signed an agreement to provide a SGD 650 million syndicated green loan facility to SP Group, a Singapore-based gas provider. Proceeds from the facility will be used to finance and refinance loans for the construction, development, operation, and maintenance of Labrador Tower, a "Grade A office block and retail space" being constructed by the company. Other lending details are unknown. As of February 28, 2024, Labrador Tower was under construction, with an expected completion date some time in 2024.

Staff comments

1. AidData is unable to ascertain the individual contributions made to the facility by each member of the syndicate, therefore equal contributions from each lender have been assumed.