Bank of China contributes €112.78 million EUR to €2.15 billion EUR term loan tranche of a €2.39 billion EUR syndicated loan for the Saint Nazaire Offshore Wind Farm Refinancing Project (Linked to Record ID#104973 and #104974)

Project narrative

On February 8, 2023, financial close was reached on a deal in which a syndicate of 19 lenders — including Bank of China (BOC) — contributed to a €2.39454 billion EUR ($2.57015 billion USD) syndicated loan agreement with Parc du Banc de Guerande S.A.S. — a France-incorporated special purpose vehicle and joint venture (JV/SPV) owned by EDF Renewables (50%), Enbridge (25.5%), and CPP Investment Board (24.5%) — for the 480 MW Saint Nazaire Offshore Wind Farm Refinancing Project. The loan carried a face value of €2.39454 billion EUR ($2.57015 billion USD) and four tranches: a €30 million EUR ($32.20 million USD) revolving working capital facility tranche, a €84.96 million EUR ($91.19 million USD) debt service reserve facility tranche, a €2.15958 billion EUR ($2.31796 billion USD) term loan tranche, and a €120 million EUR ($128.8 million USD) letter of credit. Each tranche carried a maturity period of 16 years and 11 months, with a maturity date of January 5, 2040. The new loan refinanced an existing 2019 €1.45 billion EUR loan. In addition to BOC, the following lenders contributed to each tranche: ENR-CE Debt Fund, BayernLB, Belfius Bank, BNP Paribas, Caisse d'Epargne, CaixaBank, CM-CIC, Crédit Agricole Group, DZ Bank, La Banque Postale, Mizuho Financial Group, MUFG Bank, National Westminster Bank Plc (NatWest), Norinchukin Bank (Nochu Bank), Coöperatieve Rabobank U.A. (Rabobank), Société Générale S.A. (SocGen), Standard Chartered Bank, and Banque publique d'investissement (Bpifrance). Record ID#104973 captures BOC's contribution to the €30 million EUR revolving working capital facility tranche. Eighteen lenders, including BOC, contributed €1.27 million EUR ($1.36 million USD) to the tranche. Only SocGen contributed €7.2 million EUR ($7.73 million USD). Record ID#104974 captures BOC's contribution to the €84.96 million EUR debt service reserve facility tranche. Eighteen lenders, including BOC, contributed €4.44 million EUR ($4.76 million USD). Only SocGen contributed €5.1 million EUR ($5.47 million USD). Record ID#104975 captures BOC's contribution to the €2.15958 billion EUR term loan tranche. Eighteen lenders, including BOC, contributed €112.78 million EUR ($121.05 million USD). Only SocGen contributed €129.57 million EUR ($139.07 million USD). Eighteen lenders, including BOC, contributed €6.57 million EUR ($7.05 million USD) to the €120 million EUR letter of credit tranche. SocGen contributed €1.80 million EUR ($1.93 million USD) to this tranche. AidData does not consider letters of credit to be flows. The Saint Nazaire wind farm is the first commercial-scale offshore wind farm in France. Located 12 kilometers off the Loire-Atlantique coast, the wind farm has a total capacity of 480 megawatts. The initial construction began in January 2020 and the farm went into operation in November 2022. The wind farm has a 17 year fixed-price power purchasing agreement with EDF.