Narrative
Full Description
Project narrative
On April 28, 2015, the Bank of Communications (BOCOM), along with a syndicate of lenders, signed a credit agreement with Jericho Wind, LP to finance the Jericho Wind Energy Centre in Ontario. The Bank of Communications contributed USD 51.8 million to the syndicated loan, which totaled USD 310.8 million. The other lenders of the syndicated loan were the MUFG Bank, Credit Agricole, Mizuho Financial Group (MHFG), and Nord/LB. Moreover Jericho Wind GP, ULC guaranteed the loan and Luminate, LLC provided consulting and independent engineering services to the project. At the time of the loan, Jericho Wind, LP and Jericho Wind GP, ULC were both subsidiaries of NextEra Energy Canada, ULC. On October 5, 2015, NextEra Energy Partners, LP acquired both Jericho Wind, LP and Jericho Wind GP, ULC, assuming the debt. Both NextEra companies are subsidiaries of NextEra Energy, Inc. The Jericho Wind Energy Centre began construction in May of 2014 and began commercial operation in November 26, 2014. However, as reports of the syndicate agreement came out in 2015, it is unclear what specific construction or operations the loan financed.
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. It is unclear what the syndicated loan specifically financed, as the Jericho Wind Energy Centre was reported complete in November of 2014, before the loan was signed. 3. This project is related to Record ID#93438. Both projects were financed by the same syndicate of banks in the same financial year. 4. MUFG Bank, Ltd. (formerly Bank of Tokyo-Mitsubishi UFJ (Canada), Ltd.) served as administrative agent. MUFG Union Bank N.A. served as collateral agent, Credit Agricole Corporate and Investment Bank, DZ Bank AG, Frankfurt Am New York Branch, Mizuho Bank, NORDS/LB - New York Branch, and Sumitomo Mitsui Banking Corporation 5. The Jericho Wind Energy Centre uses 92 GE 1.6-100 wind turbines.