Bank of China contributes €40.57 million EUR to the €162.3 million EUR construction-term loan tranche to the €175.8 million EUR syndicated loan for the 240.8 MW Överturingen Wind Farm 2022 Refinancing Project (Linked to Record ID#104236 and #104237)

Project narrative

On April 14, 2022, financial close was reached on a deal in which a syndicate of four lenders — the Bank of China (BOC), DGB Dekabank, National Westminster Bank Plc (NatWest), and Norddeutsche Landesbank Girozentrale (NORD/LB) — entered into a €175.80 million EUR ($191.84 million USD) syndicated loan agreement with Cloud Snurran AB — a Sweden-incorporated special purpose vehicle (SPV) and joint venture between Finnish private equity fund manager Capman Infra Management Oy (50% equity stake) and Aska Wind Farm Holdings Limited (50% equity stake) of which Scotland-based renewable energy company Red Rock Power Ltd., a wholly-owned European subsidiary of SDIC Power Holdings Co. Ltd, has a 50% interest in and is the managing shareholder of — for the 240.8 MW Överturingen Wind Farm 2022 Refinancing Project. This loan was divided into four tranches: a €6.50 million EUR ($7.09 million USD) debt service reserve facility tranche with a maturity period of 17 years and a final maturity date of December 31, 2039; a €3.00 million EUR ($3.27 million USD) capital facility tranche with a maturity period of 17 years and a final maturity date of December 31, 2039; a €162.30 million EUR ($177.11 million USD) construction-term loan tranche with a maturity period of 17 years and a final maturity date of December 31, 2039; and a €4.00 million EUR ($4.36 million USD) letter of credit tranche with a maturity period of 10 years and a final maturity date of December 31, 2032. The proceeds were to be used by the borrower for the Överturingen wind farm in Sweden. Each lender contributed €1.62 million EUR ($1.77 million USD) to the €6.5 million EUR debt service reserve facility tranche, €0.75 million EUR ($0.82 million USD) to the €3 million EUR capital facility tranche, and €40.57 million EUR ($44.28 million USD) to the €162.3 million EUR construction-term loan tranche. Record ID#104236 captures BOC's contribution to the €6.5 million EUR debt service reserve facility tranche. Record ID#104237 captures BOC's contribution to the €3 million EUR capital facility tranche. Record ID#104238 captures BOC's contribution to the €162.3 million EUR construction-term loan tranche. BOC, DekaBank, and NatWest committed €1.33 million EUR ($1.45 million USD) to the €4 million EUR letter of credit tranche. Överturingen is a 56-turbine wind farm situated across two sites, Lansterhojden and Storflotten in Ange, central Sweden, across 50 square kilometers connecting to the the Rätan Power Station in Berg district of Jämtland. It was expected to generate 805.5 GwH per year. It began commercial operation in December 2020. Överturingen is supported by a 29-year Power Purchase Agreement (PPA) with Norwegian aluminum producer, Norsk Hydro, and a 10-year PPA with NEAS energy.