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Overview

Agricultural Bank of China provides a $55 million USD revolving credit facility to Florida Power & Light Company for unspecified purposes

Commitments (Constant USD, 2023)$57,089,312
Commitment Year•2019Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesOverseas Jurisdiction•United StatesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2019
Last repayment (originally scheduled)
Jul 24, 2022

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

  • Agricultural Bank of China (ABC)

Receiving agencies

Private Sector

  • Florida Power & Light Company (FPL)

Loan description

Agricultural Bank of China provides a $55 million USD revolving credit facility to Florida Power & Light Company for unspecified purposes

Interest type•UnknownMaturity•3 years

Narrative

Full Description

Project narrative

In 2019, the New York Branch of the Agricultural Bank of China (ABC NY) entered into a $55,000,000 USD revolving credit facility (RCF) agreement with Florida Power & Light Company (FPL) — a Florida-incorporated power utility company and wholly-owned subsidiary of NextEra Energy, Inc. based in Juno Beach, Florida — for unspecified purposes. This RCF carried a final maturity date of July 24, 2022 (a maturity period of around three years).

Staff comments

1. Florida Power & Light Company, the principal wholly-owned subsidiary of NextEra Energy, Inc., is the largest power utility in Florida and has the third-largest number of customers of any electric utility in the United States. It is a Juno Beach, Florida-based power utility company serving roughly 5 million customers and 11 million people in Florida and had about 10,000 employees as of the end of 2012.