ICBC contributes $105.2 million USD to $1.052 billion USD syndicated debt finance package for the 1100 MW Cricket Valley Energy Center Construction Project

Project narrative

On January 24, 2017, financial close was reached on deal in which a syndicate of 11 lenders — including the New York branch of the Industrial and Commercial Bank of China (ICBC) — provided a $1.052 syndicated debt finance package to Cricket Valley Energy Center, LLC — a special purpose vehicle (SPV) owned by JERA Co., Inc. (44%) (co-owned by Chubu Electric Power and Tokyo Electric Power Company (TEPCO)), Teachers Insurance and Annuity Association of America (TIAA) (20%), Advanced Power (15%), BlackRock (10%), Development Bank of Japan (8%), and Nonghyup Life Insurance Co. Ltd. (3%) — for the 1100 MW Cricket Valley Energy Center Construction Project. The facility included a $337 million USD Construction Only Letter of Credit tranche, a $15 million USD Revolver tranche, and a $700 million USD Term Loan tranche. Each tranche carried a maturity period of 8.5 years and a final maturity date of June 30, 2025. ICBC contributed $95 million USD to the $700 million USD Term Loan tranche. The following lenders also contributed the following amounts to the tranche: BNP Paribas ($9.5 million USD), BofA Securities ($99 million USD), CIT Bank ($60 million USD), CoBank ($25 million USD), Credit Agricole Group ($9.5 million USD), GE Energy Financial Services ($94 million USD), National Australia Bank ($60 million USD), Siemens Financial Services ($48 million USD), and Industrial Bank of Korea ($200 million USD). The proceeds of the loan were to be used to develop and construct the 1100 MW Cricket Valley Energy Center greenfield natural gas-fired combined-cycle plant located in Dover, Dutchess County, New York, United States of America, approximately 62 miles (100 km) northeast of New York City. The site is intentionally adjacent to the Iroquois natural gas pipeline. The site sells energy, capacity, and ancillary services to the New York Independent System Operator (NYISO) energy market, and supplies power via a connection with the 345 kV Con Edison transmission line. The plant powers approximately one million households in New York's Hudson Valley. Bechtel Corporation provided engineering, procurement and construction (EPC) services to the project, and Advanced Power AG led the development of the facility and is the construction and assets manager. General Electric provided gas power and turbine equipment to the site. The site is maintained and operated by EthosEnergy Group, via a third-party agreement. Construction commenced in July 2017 and was expected to be completed in third quarter of 2020. The site began operations in April 2020.