Narrative
Full Description
Project narrative
On December 30, 2011, the Jiangxi Branch of China Development Bank Corporation (CDB) entered into a $7,000,000 USD facility agreement and a $6,800,000 USD and RMB 35,000,000 facility agreement with LDK Solar Co., Ltd. — a Cayman Islands-incorporated Jiangxi, China-based manufacturer of photovoltaic solar panels listed on the New York Stock Exchange (NYSE) — for the North Palm Springs Solar Power Plant Project. The $7 million USD loan carried a maturity period of approximately 15.211 years and a final maturity date of March 13, 2027. The $6.8 million USD loan carried a maturity period of 15 years and a final maturity date of December 30, 2026. The RMB 35 million loan carried a maturity period of approximately 15.307 years and a final maturity date of April 17, 2027. This loan was governed by English law. This loan was secured by (i.e. collateralized against) a share pledge of 100% LLC membership in North Palm Springs Investments, LLC (NPSLLC) — a California-incorporated wholly-owned subsidiary of LDK Solar USA, Inc. — pledged by LDK Solar USA, Inc. — a California-incorporated wholly-owned subsidiary of LDK Solar — per a Share Pledge Agreement dated December 30, 2011, being CDB's sole recourse to LDK Solar, with the share pledge as a condition precedent to the loan's issuance. Record ID#105900 captures the $7 million USD facility. Record ID#105901 captures the $6.8 million USD facility. Record ID#105902 captures the RMB 35 million facility. The proceeds of the $7,000,000 USD facility were used for the financing of a NPS1A North Palm Springs 1A Project, an electricity grid-connected DC single axis tracker, utility-scale photovoltaic (PV) solar power generation plant with installed capacity of 2.83 MW located on 14 acres of land at Dillon Road & Worsley Road and the proceeds of the $6,800,000 USD and a RMB 35,000,000 facility were used for the financing of North Palm Springs 4A Project, an electricity grid-connected DC single axis tracker, utility-scale PV solar power generation plant with installed capacity of 4.96 MW, two PV systems located on 23 acres of land at 19th Avenue & Karen Drive, together known as the North Palm Springs Solar Power Plant Project located in Palm Springs, Riverside County, California. LDK Solar served as the Engineering, Construction and Procurement (EPC) contracts with SPI in California. SPI Solar won an EPC contract in July 2011. Both projects were commissioned in 2012, with 20-year Power Purchase Agreements (PPAs) with Southern California Edison. As of March 31, 2014, $6,520,000 USD was outstanding under the $7 million USD loan, $6,080,000 USD was outstanding under the $6.8 million USD, and RMB 32,600,000 was outstanding under the RMB 35,000,000. LDK Solar went into liquidation in the Grand Court of the Cayman Islands per a wind up petition filed on February 21, 2024. On October 21, 2014, LDK Solar Systems Inc., LDK Solar USA Inc. and LDK Solar Tech USA Inc. filed a prepackaged Chapter 11 reorganization plan with the U.S. Bankruptcy Court for the District of Delaware with a debt-for-equity swap. Global drops in the price of solar products and decreased demand negatively impacted LDK Solar. On October 31, 2017, Greenbacker Renewable Energy Company LLC acquired all of the outstanding equity of North Palm Springs Investments, LLC for $7,700,000 USD from LDK Solar USA.