ICBC contributes $22 million USD to $332 million USD PTC Transfer Credit Facility tranche of $1.5 billion USD syndicated loan for the acquisition of American Electric Power's 1.37 GW USA Wind and Solar PV Portfolio (Linked to Record ID#106238)

Project narrative

On August 16, 2023, financial close was reach on a syndicated loan agreement in which a syndicate of lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $1.5 billion USD loan agreement with IRG Acquisition Holdings LLC — a Delaware-incorporated special purpose vehicle (SPV) jointly owned by Blackstone Infrastructure Partners (33.33%), Caisse de depot et placement du Quebec (CDPQ) (33.33%), and Invenergy (33.33%) — for the acquisition of American Electric Power's 1.37 GW USA Wind and Solar PV Portfolio. The facility included a $15 million USD Working Capital tranche, a $60 million USD DSR Letter of Credit tranche, a $215 million USD Letter of Credit tranche, a $332 million USD production tax credit (PTC) Transfer Credit Facility tranche, and a $437 million USD Green Loan tranche. Each tranche carried a maturity of five years and a final maturity date of August 16, 2023. Record ID#106237 captures ICBC's $22 million USD contribution to the $332 million USD PTC Transfer Credit Facility tranche of the $1.5 billion USD syndicated loan agreement. The following lenders contributed the following amounts to this tranche: Export Development Canada ($86 million USD), Banco Sabadell ($22 million USD), Banco Bilbao Vizcaya Argentaria (BBVA) ($15 million USD), MetLife ($60 million USD), Natixis ($18 million USD), NatWest ($26 million USD), NordLB ($18 million USD), Rabobank ($28 million USD), Santander ($23 million USD), Societe Generale (SocGen) ($15 million USD). Record ID#106238 captures ICBC's $28 million USD contribution to the $437 million USD Green Loan tranche. The following lenders contributed the following amounts to this tranche: Export Development Canada ($114 million USD), Banco Sabadell ($28 million USD), BayernLB ($4 million USD), BBVA ($20 million USD), MetLife ($80 million USD), Natixis ($32 million USD), NatWest ($34 million USD), NordLB ($24 million USD), Rabobank ($24 million USD), Santander ($34 million USD), and SocGen ($19 million USD). Bank of America Securities served as transferability underwriter, placement agent, and financial adviser. The proceeds were to be used to finance the borrower's acquisition of American Electric Power’s (AEP) 1.37 GW unregulated, contracted renewables portfolio, a fully operational large-scale U.S. wind and solar portfolio consisting of 14 projects in 11 states for 1,200 MW of wind generation projects and 165 MW of solar projects. In addition to the $1.059 billion USD of debt, each sponsor provided $147 million USD in equity for the $1.5 billion USD acquisition. The acquisition closed on August 16, 2023.