ICBC contributes $73.44 million AUD to a $293.75 million AUD syndicated loan for the 175 MW White Rock Wind Farm (WRWF) Stage 1 Project (Linked to Record ID#94622)

Project narrative

On June 21, 2016, financial close was reached on a deal in which a syndicate of four banks — the Industrial and Commercial Bank of China (ICBC), China Development Bank Corporation (CDB), National Australia Bank Limited (NAB), and Westpac Banking Corporation — entered into a $293.75 million AUD ($219.41 million USD) syndicated loan agreement with White Rock Wind Farm Pty Ltd. (WRWFPL) — a special purpose vehicle (SPV) and joint venture of Chinese state-owned firm CECEP Wind Power Australia Holding Pty Ltd, a wholly-owned subsidiary of Chinese state-owned CECEP Wind-Power Co., Ltd. (CECWPC) (75% equity stake) and White Rock Wind Farm New (Holding) Pty Ltd, a wholly-owned subsidiary of Hong Kong-incorporated Goldwind White Rock Wind Farm Limited, itself a wholly-owned subsidiary of Goldwind International Holdings (Hong Kong) Limited (GWI), a wholly-owned subsidiary of Chinese private wind firm Xinjiang Goldwind Science & Technology Co., Ltd. (25% equity stake) — for the 175 MW White Rock Wind Farm (WRWF) Stage 1 Project. This loan carried a maturity period of two years and a final maturity date of June 21, 2018. Each lender contributed $73.44 million AUD ($54.85 million USD). Record ID#94621 captures ICBC's contribution. Record ID#94622 captures CDB's contribution. The proceeds of this loan were used by the borrower for the development of Stage 1 of the White Rock Wind Farm (WRWF), which is located in New South Wales in the New England Tablelands, approximately 24 kilometers west of Glen Innes and 47 kilometers east of Inverell. Stage 1 sought to construct 70 turbines, with a total electricity generation capacity of 175 MW, capable of powering 75,000 homes annually. Stage 1 included the construction of access tracks and associated infrastructure, such as a transmission line to connect the wind farm to TransGrid's existing 132 kV Inverell – Glen Innes transmission line at the north end of the project site and the accompanying 132 kV / 32 kV substation, a temporary concrete batching plant, on-site control buildings, equipment storage facilities, and wind monitoring powers. A future second stage would expand the wind farm by 49 turbines, along with associated supplementary infrastructure, raising WRWF's total capacity to 297.5 MW. Stage One's 70 wind turbines were Goldwind's GW121-2.5MW wind turbine generators (WTGs). The permanent magnet, direct drive (PMDD) wind turbines used feature diameter of 121 meters, a hub height of 90 meters, and a tip height of 150 meters. The wind farm was expected to reduce greenhouse gas emissions (GHGs) by 754,000 tons annually once operational. In July 2012, the New South Wales Government issued development approval for the construction of a 119 wind turbine at the White Rock project site. Then, in 2014, the developer of the project, Epuron Pty Ltd, sold the project to Goldwind. In June 2015, WRWFPL signed a Power Purchase Agreement with TransGrid for the wind farm's output. In May 2016, CECWPC acquired a 75% stake in the project via a capital injection of $33,944,000 AUD. Goldwind Australia Pty Ltd was the engineering, procurement, and construction (EPC) and operations and maintenance (O&M) contractor responsible for project implementation. Goldwind International was responsible for the provision of wind turbine equipment and assisted on commissioning of the turbines. Goldwind Australia contracted Fulton Hogan to serve as balance of plant contractor for the majority of civil works. WRWFPL engaged with TransGrid for the supply of grid connection components. TransGrid awarded a subcontract to Zinfra PTY. Ltd for the construction of the substation and 132 kV transmission line. ICS Industries provided buildings for Zinfra, and TP Turners worked with Zinfra on the civil works. Blue Water Shipping was involved in logistics and transportation of the wind turbines to the farm. Goldwind Australia appointed Entura to served as an independent advisor and to provide engineering designs reviews and site inspections for the balance of plant contract. In October 2016, Goldwind Australia awarded a $14 million AUD to Keppel Prince Engineering (KPE) for the construction of 80 tower sections for the wind farm. Construction commenced on May 25, 2016. The wind farm was planned to go operational in the latter half of 2017. Turbine delivery began in December 2016 and finished in August 2017. The erection of turbines began in January 2017 The substation was energized in June 2017. The wind farm began sending energy to the grid on July 10, 2017. All turbines were installed and commissioned, and WRWF became fully operational on March 19, 2018. Then, on May 28, 2018, a syndicate of six banks — including China Construction Bank Corporation (CCB), Bank of Communications (BoComm), the Agricultural Bank of China (ABC), and the Industrial and Commercial Bank of China (ICBC) — a $280.00 million AUD ($212.24 million USD) syndicated term loan with WRWFPL for the 175 MW WRWF Stage 1 2018 Refinancing Project. This loan carried a maturity period of five years and a final maturity date of May 28, 2023. The proceeds were used by the borrower refinance the project debt for the first stage of White Rock Wind Farm. CCB contributed $50.00 million AUD ($37.90 million USD), BoComm contributed $40.00 million AUD ($30.32 million USD), ABC contributed $40.00 million AUD, and ICBC contributed $70.00 million AUD ($53.06 million USD) to the loan syndicate. Record ID#94629 captures CCB's contribution. Record ID#94630 captures BoComm's contribution. Record ID#94631 captures ABC's contribution. Record ID#94632 captures ICBC's contribution. Then, on July 20, 2023, financial close was reached on a deal in which a syndicate of seven Chinese state-owned banks — including ABC, BOC, BoComm, CCB, China Everbright Bank, China Merchants Bank, and ICBC — entered into a $160.00 million AUD ($109.31 million USD) syndicated term loan agreement with WRWFPL for the 175 MW WRWF Stage 1 2023 Refinancing Project. This loan carried a maturity period of five years. The proceeds were to be used by the borrower to refinance the debt of the first stage of WRWF. ABC, BOC, BoComm, China Everbright, and China Merchants Bank each contributed $20.00 million AUD ($13.66 million USD) to the loan syndicate. CCB and ICBC each contributed $30.00 million AUD ($20.50 million AUD) to the loan syndicate. Record ID#101571 captures ABC's contribution. Record ID#101572 captures BOC's contribution. Record ID#101573 captures BoComm's contribution. Record ID#101574 captures CCB's contribution. Record ID#101575 captures China Everbright Bank's contribution. Record ID#101576 captures China Merchants Bank's contribution. Record ID#101577 captures ICBC's contribution.