Bank of China contributes €1.59 million EUR to €14.56 million EUR debt service reserve facility tranche of €473.04 million EUR syndicated loan to Glennmont Partners for 50% stake in Gode Wind 3 Offshore Wind Farm (Linked to Record ID#104722, #104723, #104724, #104725)

Project narrative

On December 6, 2023, financial close was reached on a deal in which a syndicate of ten banks — including Bank of China (BOC) — entered into a €473.04 million EUR ($510.62 million USD) syndicated loan to Gode Wind 3 Investor GmbH — a Germany-incorporated special purpose vehicle (SPV) wholly owned by Glennmont Clean Energy Fund Europe III, a fund managed by Glennmont Partners, a London-based fund manager specializing in clean energy — for 50% stake in Gode Wind 3 Offshore Wind Farm. Glennmont Partners purchased the 50% stake in the wind farm from the Danish developer Ørsted; both parties each now own a 50% stake. The loan was divided into six tranches: a €14.56 million EUR ($15.72 million USD) Debt Service Reserve Facility tranche, €30 million EUR ($32.38 million USD) undrawn facility tranche, a €8.85 million EUR ($9.55 million USD) Term Loan 3 tranche, a €23.75 million ($25.64 million USD) Term Loan 2 tranche, a €317.18 million EUR ($342.38 million USD) Term Loan 1 tranche, and a €.30 million EUR ($.32 million USD) Term Loan 4. Each tranche carried an interest rate based on a floating rate plus a margin of 1.30% and a maturity period of 20.5 years. The nine lenders in addition to BOC included: ABN AMRO Bank, Crédit Agricole Group, DZ Bank AG, ING Bank N.V., Korea Development Bank (KDB), National Westminster Bank Plc (NatWest), Banco Santander, S.A. (Santander Group), Siemens Bank GmbH, and Standard Chartered Bank PLC. Record ID#104721 captures BOC's contribution to the €14.56 million EUR Debt Service Reserve Facility tranche. Nine of the lenders, including BOC, contributed €1.59 million EUR ($1.72 million USD). Banco Santander contributed €170,000 EUR ($0.18m USD) to this tranche. Record ID#104722 captures BOC's contribution to the €30 million EUR undrawn facility tranche. Nine of the lenders, including BOC, contributed €3.29 million EUR ($3.55 million USD) to this tranche. Banco Santander contributed €.36 million EUR ($.39 million USD) to this tranche. Record ID#104723 captures BOC's contribution to the €8.85 million EUR Term Loan 3 tranche. Nine of the lenders, including BOC, contributed €0.97m EUR ($1.05 million). Banco Santander contributed €100,000 EUR ($110,000 USD) to this tranche. Record ID#104724 captures BOC's contribution to the €23.75 million Term Loan 2 tranche. Nine of the lenders, including BOC, contributed €2.60 million EUR ($2.81 million USD). Banco Santander contributed €280,000 EUR ($300,000 USD) to this tranche. Record ID#104725 captures BOC's contribution to the €317.18 million EUR Term Loan 1 tranche. Nine of the lenders, including BOC, contributed €31.07 million EUR ($33.54 million USD). Banco Santander contributed €37.50 million EUR ($40.48 million USD) to this tranche. Only Banco Santander contributed to the €.30 million EUR Term Loan 4 tranche. The proceeds of this loan were used to procure a 50% stake in the Gode Wind 3 project, which is under construction and is expected to be fully commissioned in 2024. The wind farm has an overall capacity of 253 Megawatts (MW) and is located in the German North Sea.The Gode Wind 3 offshore wind farm was awarded to Ørsted as two offshore wind projects in 2017 and 2018 under the names of Gode Wind 3 and Gode Wind 4. In September 2019 the two projects were renamed and begun to be built jointly as one project, Gode Wind 3. Glennmont Partners also committed to financing 50% of the construction costs under this acquisition deal.