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Overview

ICBC contributes to a $297.5 million USD syndicated debt financing package for the 222 MW Bishop Hill Wind Farm Acquisition and Refinancing Project

Commitments (Constant USD, 2023)$49,682,368
Commitment Year•2016Country of Activity•United StatesDirect Recipient Country of Incorporation•United StatesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Feb 29, 2016
Start (actual)
Feb 29, 2016
End (actual)
Feb 29, 2016
Last repayment (originally scheduled)
Feb 28, 2023

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The 222 MW Bishop Hill Wind Farm is located in Henry County, Illinois, at E 1670 (CR39) and N 450, Cambridge, IL 61491. More detailed locational information can be found at: https://www.openstreetmap.org/relation/11772510

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • CIBC World Markets Inc.
  • CoBank, ACB
  • Coöperatieve Rabobank U.A. (Rabobank)
  • Deutsche Bank AG
  • Federation Des Caisses Desjardins Du Quebec (FCDQ)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • TerraForm IWG Acquisition Holdings II, LLC

Loan description

ICBC contributes to a $297.5 million USD syndicated debt financing package for the 222 MW Bishop Hill Wind Farm Acquisition and Refinancing Project in the United States in 2016

Interest type•UnknownMaturity•7 years

Narrative

Full Description

Project narrative

On February 29, 2016, financial close was reached on a deal in which a syndicate of six lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a syndicated debt financing package with TerraForm IWG Acquisition Holdings II, LLC — a Delaware-incorporated special purpose vehicle (SPV) wholly-owned by Terraform Power (TERP), a Brookfield Asset Management partner — for the 222 MW Bishop Hill Wind Farm Acquisition and Refinancing Project. The financing package included an $8 million USD letter of credit, a $16.2 million USD letter of credit, and a $273.3 million USD term loan. Each facility carried a maturity period of seven years and a final maturity date of February 28, 2023. In addition to ICBC, Coöperatieve Rabobank U.A. (Rabobank), CoBank, ACB, CIBC World Markets Inc., Deutsche Bank AG, and Federation Des Caisses Desjardins Du Quebec (FCDQ) also contributed to the syndicate. Rabobank served as bookrunner and underwriter. The proceeds wold be used by the borrower to acquire a 90.1% stake in and to refinance debt associated with the 222 MW Bishop Hill Wind Farm from Invenergy Wind Global LLC, which developed, owned, and operated the plant. TERP also wholly or majority acquired six other Invenergy wind projects for a total of $1.161 billion USD. Invenergy retained retained a 9.9% stake in most of the projects. The 222 MW Bishop Hill Wind Farm is located in Henry County, Illinois. The site commenced commercial operations in 2012, and sold power to the Tennessee Valley Authority (TVA) under a 20-year power purchase agreement (PPA), which was set to expire in April 2032. Under Brookfield management, the site sells power to the PJM market. In 2020, a consortium of South Korean investors purchased all of Invernergy's stakes and some (40%) of Brookfield's stakes in four windfarms, including Bishop Hill, though Brookfield remained a majority 50.1% owner.

Staff comments

1. The individual contributions of the six lenders to this $273.3 million USD syndicated term loan is unknown. For the time being, AidData has estimated ICBC's contribution by assuming that each lender contributed equally ($45,550,000) to the tranche.