Bank of China contributes $55 million AUD to $300 million AUD term loan tranche of $1 billion AUS syndicated loan for the 756 MW Golden Plains Wind Farm Phase 1 Project (Linked to Record ID#107777, ID#107801, ID#107778)

Project narrative

On November 25, 2022, financial close was reached on a a syndicate of seven lenders — including Bank of China (BOC) — entered into a $1 billion AUD syndicated loan with Golden Plains WF1 Finance Pty — an Australia-incorporated special purpose vehicle (SPV) of the Australian subsidiary of the Portuguese renewables and energy storage company, TagEnergy, S.A. — for the 756 MW Golden Plains Wind Farm Phase 1 Project. The facility was divided into four tranches: a $175 million AUD ($118.56 million USD) term loan tranche with a maturity period of five years, a $275 million AUD ($186.31 million USD) term loan tranche with a maturity period of eight years, $300 million AUD ($203.25 million USD) term loan tranche with a maturity period of 21 years and one month, and a $259 million AUD ($175.47 million USD) Letter of Credit tranche with a maturity period of five years. The proceeds will be used by the borrower to construct the first phase of the Golden Plains Wind Farm in Victoria, Australia, which will become Australia's largest wind farm. Record ID#107778 captures BOC's $10 million AUD ($6.77 million USD) contribution to the $175 million AUD term loan tranche. The following lenders also contributed the following amounts: Eksport Kredit Fonden (EKF) ($10 million AUD); Commonwealth Bank of Australia (CBA) ($12.85 million; $8.71 million USD); KfW IPEX Bank ($40 million AUD; $27.1 million USD); Mizuho Financial Group ($40 million AUD); Westpac Banking Corporation ($10 million AUD); and the Clean Energy Finance Corporation (CEFC) ($52.15 million AUD; $35.33 million USD). Record ID#107777 captures BOC's $48.75 million AUD ($33.03 million USD) contribution to the $275 million AUD ($186.31 million USD) term loan tranche. The following lenders also contributed the following amounts: EKF ($48.75 million AUD); CBA ($48.75 million AUD); KfW IPEX Bank ($40 million AUD); Westpac ($48.75 million AUD); CEFC ($40 million AUD). Record ID#107776 captures BOC's $55 million AUD ($37.26 million USD) contribution to the $300 million AUD ($203.25 million USD) term loan tranche. The following lenders also contributed the following amounts: EKF ($55 million AUD); CBA ($55 million AUD); KfW IPEX Bank ($40 million AUD); Westpac ($55 million AUD); and the CEFC ($40 million AUD). AidData does not consider letters of credit to be flows. However, the following lenders contributed the following amounts to the $259 million AUD letter of credit tranche: BOC ($34.4 million AUD; $23.31 million USD); EKF ($34.4 million AUD); CBA ($34.4 million AUD); KfW IPEX Bank ($37.4 million AUD; $25.34 million USD); Mizuho Financial Group ($44 million AUD; $29.81 million USD); and Westpac ($34.4 million AUD); CEFC ($40 million AUD). Then, on April 4, 2023, a syndicate of six lenders — including BOC — entered into a $265 million AUD ($179.18 million USD) upsizing for the $1 billion AUD syndicated loan with with Golden Plains WF1 Finance Pty Ltd — an SPV now jointly owned by TagEngergy (85%) and Ingka Group, the investment arm of Sweden's IKEA, (15%) — for the 756 MW Golden Plains Wind Farm Phase 1 Project. The upsized facility included a $197.5 million AUD ($133.54 million USD) term loan tranche and a $67.5 million AUD ($45.64 million USD) term loan tranche. Record ID#107801 captures BOC's $50 million AUD ($33.81 million USD) contribution to the $197.5 million AUD term loan tranche of the upsized facility. The following lenders also contributed the following amounts: CBA ($17.5 million AUD; $11.83 million USD); KfW IPEX Bank ($30 million AUD; $20.28 million USD); Mizuho Financial Group ($50 million AUD); and Westpac ($50 million AUD). BOC did not contribute to the $67.5 million AUD term loan tranche of the upsized facility, though KfW IPEX Bank provided $20 million AUD ($13.52 million USD) and the CEFC provided $47.5 million AUD ($32.12 million USD). The 756 MW Golden Plains Wind Farm Phase 1 Project construction will produce a 756 MW farm located approximately 110 KM from Melbourne in Shire, south west Victoria, Australia. The Golden Plains Wind Farm will be expanded to have a capacity of 1.3 GW with an annual production of 4,000 GWh of green energy. After the completion of both phases, the developers hope to have installed 228 turbines and a 300 MW battery energy storage system (BESS). GE Renewable Energy was co-developer for the project. Vestas Wind Systems, Danish wind energy systems supplier, provided the 122 turbines for this phase of the project. Vestas Australia was Engineering, Procurement, and Construction (EPC) designated contractor on the construction as well as contracted for 30 years of maintenance at the site. WestWind Energy, an Australian developer and operator of wind farms, holds a 30-year deal to manage both stages of the Golden Plains wind farm. TagEnergy purchased the first stage of the project from WestWind Energy, owned by a Germany-based company, Westwind Group. The construction project was divided into east and west segments; the Phase 1 financing provided for the construction of Golden Plains Wind Farm – East. Construction on the 756 MW Golden Plains Wind Farm Phase 1 Project (East) was planned to being in Q1 2023, with an anticipated construction period of three years. Construction commenced on April 19, 2023. Commercial operations were expected to begin in September 2024, and on October 11, 2024, TagEnergy announced that the first turbines had begun production. However, several serious accidents have occurred during construction. Although the government occupational safety authority, WorkSafe Victoria, provided 22 safety compliance notices to the project between March 2023 and November 2024, a sub-contractor was killed by a turbine blade on November 11, 2024. On August 21, 2023 TagEnergy announced that it had reached a power purchase agreement with Snowy Hydro Limited — an Australian state-owned electricity enterprise— for 40% of energy and green certificates generated by stage 1 of the 756MW Golden Plains wind farm.