Narrative
Full Description
Project narrative
On December 15, 2022, financial close was reached on a deal in which a syndicate of 14 banks — including the Bank of China (BOC) — entered into a €1.040 billion EUR ($1.10736 billion USD) syndicated loan agreement with Renantis S.p.A. — an Italy-incorporated and based renewable energy company headquartered in Milan wholly-owned by Green BidCo S.p.A., an Italy-incorporated special purpose vehicle (SPV) wholly owned by Cayman Islands-incorporated IIF Int’l Acquisitions Ltd, of Infrastructure Investment Fund (IIF), an investment vehicle advised by J.P. Morgan Investment Management Inc. — for the 1.2 GW Renantis Solar and Wind Portfolio 2022 Refinancing Project. The loan was divided into five tranches: a €455.00 million EUR ($484.47 million USD) green loan tranche with a maturity period of 10 years; a €383.42 million EUR ($408.26 million USD)-equivalent green loan tranche denominated in British pound sterling with a maturity period of 10 years; a €100.00 million EUR ($106.48 million USD) revolver facility tranche with a maturity period of seven years; a €50.00 million EUR ($53.24 million USD) debt service reserve facility with a maturity period of 10 years; and a €51.12 million EUR ($54.43 million USD) debt service reserve facility tranche denominated in British pound sterling with a maturity period of 10 years. Each of the 14 banks, including BOC, contributed €32.50 million EUR ($34.61 million USD) to the €455 million EUR green loan, €27.39 million EUR ($29.16 million USD) to the €383.42 million EUR green loan, €7.14 million EUR ($7.61 million USD) to the €100 million EUR revolver facility, €3.57 million EUR ($3.80 million USD) to the €50 million EUR debt service reserve facility; and €3.65 million EUR ($3.89 million USD) to the €51.12 million EUR debt service reserve facility. Record ID#108690 captures BOC's contribution to the €455 million EUR green loan. Record ID#108691 captures BOC's contribution to the €383.42 million EUR green loan. Record ID#108692 captures BOC's contribution to the €100 million EUR revolver facility. Record ID#108693 captures BOC's contribution to the €50 million EUR debt service reserve facility. Record ID#108694 captures BOC's contribution to the €51.12 million EUR debt service reserve facility. In addition to BOC, the following lenders contributed to the loan syndicate: ASN Bank N.V., Bank of America, Bankinter, S.A. Canadian Imperial Bank of Commerce (CIBC), Commonwealth Bank of Australia (CBA), Crédit Agricole Group, HSBC Bank, Intesa Sanpaolo S.p.A., MUFG Bank, Ltd., National Westminster Bank Plc (NatWest), Coöperatieve Rabobank U.A. (Rabobank), Banco Santander, S.A., and Siemens Bank GmbH. Crédit Agricole Group served as the environment, social, and governance (ESG) coordinator. The proceeds were to be used by the borrower to refinance its 1.2 GW portfolio of renewable energy producing assets, consisting of 34 wind farms (including two under construction wind farms in Finland with an aggregate capacity of 60 MW) with a total capacity of 1.1 GW and six solar photovoltaic plants with a total capacity of 64 MW located across Italy, the United Kingdom, France, Spain, and the Nordic countries, including Finland. Renantis was formerly known as Falck Renewables, having rebranded in November 2022 after Infrastructure Investment Fund (IIF) acquired it.
Staff comments
1. IJGlobal states the specific borrowing was an entity called "Italian SubHolding", but AidData has not found no evidence of the existence of a company by that name. Therefore, AidData has assumed that Renantis S.p.A. or an affiliate was the borrowing institution.