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Overview

Bank of China contributes $39.52 million USD to $457.44 million USD to Calpine Development's US Portfolio Upsizing and Refinancing Project (Linked to Record ID#105451)

Commitments (Constant USD, 2023)$39,520,000
Commitment Year•2023Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 29, 2023
Last repayment (originally scheduled)
Mar 27, 2028

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

  • CoBank, ACB
  • Credit Agricole S.A. (Crédit Agricole Group)
  • ING Bank N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Bank of Canada
  • Natixis
  • Royal Bank of Canada (RBC)
  • Société Générale S.A. (SocGen or Societe Generale)
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Truist Bank, N.A.

Receiving agencies

Private Sector

  • Calpine Development Holdings, Inc. (CDHI)

Loan description

Bank of China contributes $39.52 million USD to $457.44 million USD to Calpine Development's US Portfolio Upsizing and Refinancing Project

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On October 1, 2022, financial close was reached on a deal in which a syndicate of 11 banks — including Bank of China (BOC) — entered into a $700 million USD green loan with Calpine Development Holdings, Inc — a Delaware-incorporated, Texas-headquartered indirect, wholly owned subsidiary of Calpine Corporation — for the financing of its US energy portfolio. The following lenders contributed the following amounts to the facility: BOC ($60.47 million USD), Truist Bank ($45.35 million USD), Royal Bank of Canada ($49.89 million USD), Crédit Agricole Group ($60.47 million USD), National Bank of Canada ($60.47 million USD), Natixis ($60.47 million USD), Société Générale (SocGen) ($60.47 million USD), CoBank ($75.6 million USD), ING Bank ($75.6 million USD), MUFG Bank ($75.6 million USD), and Sumitomo Mitsui Banking Corporation ($75.6 million USD). The loan facility includes construction loans for the building of renewable energy facilities. Calpine's US energy portfolio includes natural gas-fired, geothermal, and solar power generation as well as carbon capture and sequestration, battery storage, and the CPN pipeline projects. On March 29, 2023, financial close was reached on a deal in which a syndicate of 11 banks — including BOC— entered into a $457.44 million USD green loan with Calpine Development Holdings, Inc for the financing of its US energy portfolio. This loan was an upsizing of the $700 million USD loan from 2022 with the same syndicate of lenders (Record ID#105451). The new face value of the facility is $1.2 billion USD and carried a maturity of 5 years. The proceeds of the upsizing were used in part to refinance existing debt. The following lenders contributed the following amounts to the upsizing of the facility: BOC ($39.52 million USD), Truist Bank ($29.64 million USD), Royal Bank of Canada ($32.60 million USD), Crédit Agricole Group ($39.52 million USD), National Bank of Canada ($39.52 million USD), Natixis ($39.52 million USD), Société Générale (SocGen) ($39.52 million USD), CoBank ($49.4 million USD), ING Bank ($49.4 million USD), MUFG Bank ($49.4 million USD), and Sumitomo Mitsui Banking Corporation ($49.4 million USD).

Staff comments

1. The following organizations played the following roles: Latham & Watkins acted as legal adviser to sponsor(s); Leidos provided technical advice to lender(s) and sponsor(s); and ING Bank acted as ESG coordinator.