Narrative
Full Description
Project narrative
On May 19, 2017, Pacific Hydro Chile -- the Latin American subsidiary of China's State Power Investment Corporation (SPIC) -- contracted one term loan facility and two revolving credit facilities, involving China Construction Bank and the Industrial and Commercial Bank of China, as well as an additional revolving credit facility that did not involve any Chinese banks. These loans carried 3.5-year maturities (final maturity dates: November 10, 2020) and they were contracted for various reasons, including capital expenditure for the Punta Sierra wind farm (77 MW) in Coquimbo, Chile. ICBC contributed $20.47 million to the $111.37 million syndicated term loan. Other banks that participated in the syndicate include Commonwealth Bank of Australia, National Australia Bank, and DnB NOR Bank. The revolving credit facility with no involvement from Chinese banks has a value of $37.13 million and was financed by the Commonwealth Bank of Australia and the National Australia Bank. The Punta Sierra wind farm is located in the Coquimbo province and will provide 82 MW of power. Construction of the wind farm began on March 20, 2017 and was originally expected to be operational by the end of 2018. The turbines for the wind farm began to arrive in July 2017 and all turbines were installed by May 21, 2018.