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Overview

ICBC Argentina contributes to ARS 100 million syndicated loan for Frías Thermal Power Plant

Commitments (Constant USD, 2023)$3,390,644
Commitment Year•2015Country of Activity•ArgentinaDirect Recipient Country of Incorporation•ArgentinaOverseas Jurisdiction•ArgentinaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Mar 31, 2015
End (actual)
Dec 5, 2015
Last repayment (originally scheduled)
Mar 30, 2019

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (Argentina) Limited (ICBC (Argentina))

Cofinancing agencies

Private Sector

  • Banco Hipotecario SA

State-owned Banks

  • Bancó de Inversión y Comercio Exterior (BICE) S. A.

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Generación Frías S.A.

Guarantors

Private Sector

  • Grupo Albanesi S.A.

Loan description

ICBC Argentina contribution to ARS 100 million syndicated loan for Frías Thermal Power Plant

Interest type•Variable Interest RateMaturity•4 years

Narrative

Full Description

Project narrative

On March 31, 2015, an ARS 100 million syndicated loan agreement was signed between Generación Frías S.A. -- a wholly-owned subsidiary and special purpose vehicle of Argentine energy company Grupo Albanesi -- and the Industrial and Commercial Bank of China (Argentina) S.A., Banco Hipotecario S.A., and Banco de Inversión y Comercio Exterior (BICE) S.A. for the construction, installation, operation, and maintenance of the Frías Thermal Power Plant. The loan was divided into two tranches: an A tranche worth ARS 60 million, to which ICBC Argentina and Banco Hipotecario contributed, and a B tranche worth ARS 40 million, to which BICE contributed. The A tranche carried a 48 month (4 year) maturity and a variable interest rate of BADCOR plus 6.25%. The B tranche carried a 72 month maturity and a variable interest trate of BADLAR plus 6.50%. Both Albanesi S.A. and Rafael G. Albanesi S.A. served as guarantors for the loan. ICBC Argentina served as both the arranger and administrative agent in the syndicate. The Frías Thermal Power Plant is a 60 MW thermal power plant located in the city of Frías in the province of Santiago del Estero in Argentina. It has a dual-fuel turbine, allowing it to operate on both natural gas and diesel. It began commercial operations on December 5, 2015.

Staff comments

1. The Frías Thermal Power Plant is referred to as La Central Térmica Frías in Spanish. 2. In 2017, Generación Frías S.A. merged into Generación Mediterránea S.A., another wholly-owed member of the Albanesi Group.