Overview

ICBC provides RMB 300 million loan to UHE São Simão Energia S.A. for debt refinancing purposes (Linked to Record ID#60193)

Commitments (Constant USD, 2023)$42,370,224

Commitment Year•2023Country of Activity•BrazilDirect Recipient Country of Incorporation•BrazilSector•EnergyFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 19, 2023

Last repayment (originally scheduled): Oct 15, 2024

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

UHE São Simão Energia S.A.

Loan description

ICBC provides RMB 300 million loan to UHE São Simão Energia S.A. for debt refinancing purposes

Grant element•3.0092%Interest rate (t₀)•3.3%Interest type•Fixed Interest RateMaturity•0.992 years

Narrative

Full Description

Project narrative

On October 19, 2023, ICBC and UHE São Simão Energia S.A. -- a special purpose vehicle and joint venture that is majority-owned by SPIC Brasil Energia Participações S.A. [51% equity stake] -- signed an RMB 300 million loan agreement for debt refinancing purposes. The loan carries a maturity just under 1 year (final maturity date: October 15, 2024) and a 3.3% interest rate. The borrower is responsible for repaying the loan in a single lump-sum at maturity. UHE São Simão Energia S.A. is responsible for the São Simão Hydroelectric Power Plant, which is located on the border between the states of Minas Gerais and Goiás, between the municipalities of São Simão (GO) and Santa Vitória (MG).