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Overview

Bank of Communications contributes USD 38.2 million towards a syndicated loan to Goshen Wind Inc. for the construction, operation, and connection to the power grid of the Goshen Wind Energy Center (GWEC)

Commitments (Constant USD, 2023)$39,964,778
Commitment Year•2015Country of Activity•CanadaDirect Recipient Country of Incorporation•CanadaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015
Start (actual)
Aug 1, 2014
End (actual)
Feb 23, 2015

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

  • China Bank of Communications (BoCom or BoComm)

Cofinancing agencies

Private Sector

  • Credit Agricole S.A. (Crédit Agricole Group)
  • Mizuho Financial Group (MHFG)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • Sumitomo Mitsui Banking Corporation (SMBC)

State-owned Banks

  • Norddeutsche Landesbank Girozentrale (NORD/LB)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Goshen Wind

Loan description

Bank of Communications contributes USD 38.2 million towards a syndicated loan to Goshen Wind Inc. for the construction, operation, and connection to the power grid of the Goshen Wind Energy Center (GWEC)

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2015, the Bank of Communications (BOCOM) contributed USD 38.2 million towards a syndicated loan to Goshen Wind Inc. for the construction and operation of the Goshen Wind Energy Center (GWEC) and a transmission interconnection facility to connect GWEC to the power grid. The terms of the loan are unknown. Goshen Wind, Inc. is a special purpose vehicle — and wholly-owned subsidiary of NextEra Energy Canada ULC, which is in turn an indirect wholly-owned subsidiary of NextEra Energy Resources LLC —that was established for the purpose of the development, construction, and operation of the Goshen Wind Energy Center (GWEC) and the construction and operation of a transmission interconnection facility to connect the GWEC to the Independent Electricity System Operator-controlled grid. The other lenders involved with the syndicated loan were the MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), Mizuho Financial Group (MHFG), Credit Agricole, and Nord/LB. Along with the Bank of Communications, all lenders contributed USD 38.2 million for a total of USD 229.2 million. Goshen Wind Inc. is a wholly-owned subsidiary of of NextEra Energy Canada, which is itself a subsidiary of NextEra Energy Resources LLC. The GWEC began construction in 2006 under Canadian Green Power. NextEra joined the project under their subsidiary Goshen Wind Inc. in 2007, and at some point assumed complete ownership of the project. The project was operational by February 23, 2015. Throughout the construction process, the project invested more than CAD 13 million in Ontarian businesses. The GWEC produces 102 Megawatt-hours, enough to power more than an 25,500 average homes in Ontario.

Staff comments

1. Although there is no explicit confirmation that the syndicate lenders coded as co-financers on this project actually contributed to the project, they all contributed the exact same amount to the same company in the same year, and so their syndication is inferred. 2. This project is related to Record ID#93451. Both projects were financed by the same syndicate of banks in the same financial year.