ICBC contributes $70 million AUD to a $280 million AUD syndicated loan for the 175 MW White Rock Wind Farm (WRWF) Stage 1 2018 Refinancing Project (Linked to Record ID#94629, #94630, and #94631)

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 Goldwind White Rock Wind Farm Limited, itself a wholly-owned subsidiary of Hong Kong-incorporated 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. 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, ICBC contributed $70.00 million AUD ($53.06 million USD), National Australia Bank Limited (NAB) contributed $40.00 million AUD, and Westpac Banking Corporation contributed ($40.00 million AUD) 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. WRWF's Stage 1 consists of 70 turbines and has a total capacity of 175 MW. WRWF is located in New South Wales in the New England Tablelands, approximately 24 kilometers west of Glen Innes and 47 kilometers east of Inverell.