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Overview

BOCHK (Manila Branch) contributes to a $277 million AUD syndicated green loan to ACEN Australia for the development of its energy projects in Australia

Commitments (Constant USD, 2023)$30,670,309
Commitment Year•2023Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaOverseas Jurisdiction•PhilippinesSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2023

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

  • Bank of China (Hong Kong) Limited (BOCHK)

Cofinancing agencies

Private Sector

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • CTBC Bank (formerly Chinatrust Commercial Bank)
  • CTBC Bank (Philippines) Corp.
  • Standard Chartered Bank PLC

Receiving agencies

Private Sector

  • ACEN Australia Pty. Ltd.

Loan description

BOCHK and BOCHK Manila Branch contributions to a $277 million AUD syndicated green loan to ACEN Australia for the development of its energy projects in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

In January 2023, a syndicate of six banks — including the Bank of China (Hong Kong) Limited (BOCHK) and its Manila Branch — entered into a $277.00 million AUD ($176.59 million USD; ₱10.5 billion PHP) syndicated green term loan agreement with ACEN Australia Pty. Ltd. — an Australia-incorporated renewable energy company and subsidiary of Philippines-based ACEN Corporation, energy firm owned by the Ayala Corporation — for the development of its energy projects in Australia. This was a green loan. The proceeds of this loan were to be used by the borrower for the development and construction of its various projects in Australia, including wind, solar, battery storage, pumped hydropower, and energy storage, with a total capacity of 1.5 GW (under construction or in advanced development), such as the New England Solar Farm Project, the New England Solar Battery Energy Storage System Project, the Stubbo Solar Farm Project, the Valley of the Winds Project, and Robbins Island and Jim's Plain Wind Project. BOC reportedly had a larger stake than the other lenders. In addition to BOCHK and its Manila Branch, the following banks contributed to the loan syndicate: Singapore Branch of CTBC Bank, CTBC Bank (Philippines) Corp., the Australia Branch of Standard Chartered Bank PLC, and the Commonwealth Bank of Australia (CBA). BOCHK served as green loan structuring bank and CBA served as agent.

Staff comments

1. The individual contributions of the six lenders to this $277 million AUD syndicated loan are unknown. For the time being, AidData has estimated BOCHK and BOCHK Manila Branch's contributions by assuming that each lender contributed equally ($46,166,666.6667 AUD) to the loan.