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Overview

ICBC contributes to a $210 million AUD syndicated loan to refinance the 113 MW Boco Rock Wind Farm (Linked to Record ID#93203)

Commitments (Constant USD, 2023)$26,303,859
Commitment Year•2018Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jun 25, 2018
Last repayment (originally scheduled)
Jun 24, 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

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • ING Bank N.V.
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Société Générale S.A. (SocGen or Societe Generale)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Boco Rock Wind Farm Pty Ltd (BRWF)

Loan description

ICBC contributes to a $210 million AUD syndicated loan to refinance the 113 MW Boco Rock Wind Farm in Australia 2018

Interest rate (t₀)•3.7759%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•5 years

Narrative

Full Description

Project narrative

On June 25, 2013, a syndicate of five banks — including the Industrial and Commercial Bank of China (Asia) Limited (ICBC (Asia)) — signed a $251.4 million AUD loan agreement with Boco Rock Wind Farm Pty Ltd (BRWF) — a special purpose vehicle wholly owned by Thailand-listed Electricity Generating Public Company Limited (EGCO) — to finance the 113 MW Boco Rock Wind Farm Project. This loan carried a maturity period of five years. All lenders, included ICBC, contributed approximately $49.65 million AUD to this syndicated loan. ICBC's contribution to this loan is captured by linked Record ID#93203. Then, on June 25, 2018, financial closure was reached on a deal in which a syndicate of six lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $210 million AUD (($155.91 million USD) facility (loan) agreement with BRWF to refinance the previous senior project finance debt facilities for the 113 MW Boco Rock Wind Farm. This loan carried a maturity period of five years, a final maturity date of June 25, 2023, and an interest rate based on BBSY plus a margin of 150 basis points (bps). Each lender, including ICBC, contributed $35.00 million AUD ($25.99 million USD) to the loan syndicate. In addition to ICBC, the following lenders contributed to this loan: MUFG Bank, Ltd., Commonwealth Bank of Australia (CBA), ING Bank N.V., Société Générale S.A. (SocGen), and National Australia Bank Limited (NAB). MUFG served as the sole mandated lead arrangers, underwrite, bookrunner, and facility agent, and syndicated this facility to the other lenders. The loan refinanced the Boco Rock Wind Farm, a 67 turbine wind farm with a capacity of 113.2 MW located 10 kilometers southwest outside of Nimmitabel, in the Snowy Mountains region of New South Wales approximately 35 kilometers south of Cooma. The wind farm was designed to accommodate future expansion to 121 turbines. Boco Rock Wind Farm was designed to generate enough energy to power approximately 40,000 New South Wales homes.

Staff comments

1. AidData is calculating the loan's interest rate (3.7759%) as the sum of the reported margin rate (150bps/1.50%) and the contemporary 6-month BBSY rate (2.2759%). BBSY rate information was taken from this source: https://www.dropbox.com/scl/fi/vf4hmk3ca1b11nm8tyjkg/BBSW-and-BBSY-Daily-Reference-Rates-2000-to-2023.xlsx.xlsx?cloud_editor=gsheet&dl=0&rlkey=ozq8sa1itiq8kmpnqhdb6jndh#gid=544580120