ICBC contributes $5.3 million AUD to a $10.6 million AUD term loan for the 10 MW Gullen Solar Farm Project (Linked to Record ID#94876, #94877, and #94878)

Project narrative

On April 4, 2017, financial close was reached on a deal in which a syndicate of the Industrial and Commercial Bank of China (ICBC) and National Australia Bank Limited (NAB) entered into a $10.60 million AUD ($8.04 million USD) term loan agreement with New Gullen Range Wind Farm Pty Ltd (New GRWF) — a special purpose vehicle (SPV) owned by Goldwind Capital (Australia) Pty Ltd, a subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd., (25% equity stake) and Beijing Jingneng Clean Energy (Hong Kong) Co. Ltd, a subsidiary of Beijing Jingneng Clean Energy Co Ltd., (BJCE) (75% equity stake) — for the 10 MW Gullen Solar Farm Project. This loan carried a maturity period of 3.5 years (3.5 years) and a final maturity date of October 4, 2020. ICBC and NAB each contributed $5.30 million AUD ($4.02 million USD) to the loan syndicate. The project had a total cost of $26.6 million AUD in financing that included of a $9.90 million AUD ($7.51 million USD) grant from the Australian Renewable Energy Agency (ARENA), $4.57 million AUD ($3.47 million USD) in equity from BJCE, and $1.52 million AUD ($1.16 million USD) in equity from Goldwind. Record ID#94873 captures ICBC's contribution. The purpose of this loan was the construction and operations of the Gullen Solar Farm, a photovoltaic 10 MW solar farm located near Goulburn, New South Wales, co-located within the existing 165.5 MW Gullen Range Wind Farm 16 kilometers southwest of Crookwell. The project was expected to generate around 22,000 MWh of electricity in its first year of operations, capable of powering 3,100 average New South Wales homes. The solar farm used portions of the wind farm's infrastructure, including its substation, grid connection, and access tracks, leading to $6 million AUD in savings. Still, the Gullen Solar Farm Project included upgrades to the Bannister Hall and Storriers Lanes. The energy generated by the plant's 42,000 solar panels could offset over 18,000 tons of carbon dioxide emissions from New South Wales' grid, equivalent to the average annual emissions of 7,000 passenger vehicles. The ARENA grant was awarded in July 2014. Planning consent was granted in June 22, 2016. The solar farm was intended to initially sell its power without a Power Purchase Agreement (PPA). Goldwind Australia Pty Ltd (GWA) was the developer of the project, via Goldwind wholly-owned special purpose vehicle Gullen Solar Pty. Ltd. In mid-September 2016, NGRWF purchased 100% of Gullen Solar Pty. Ltd. from Goldwind. Balance-Decmil JV, a joint venture between Decmil Australia Pty. Ltd. (Decmil) and Balance Utility Solutions Pty. Ltd., was the engineering, procurement, and construction (EPC) contractor responsible for project implementation. Monford Group received a $11.5 million AUD contract to install key infrastructure. Divall's Earthmoving and Bulk Haulage was contracted to upgrade Bannister Hall and Storriers Lanes Construction was expected to commence in October 2016, and the farm was expected to be fully operational by June 2017. Construction began in October 2016 and was completed in September 2017. The solar farm began exporting electricity to the grid on October 5, 2017. It was then officially launched in a ceremony on February 1, 2018. Then, on September 15, 2020, financial close was reached on a deal in which a four-bank syndicate of BOC, BoComm, ICBC, and Australia and New Zealand Banking Group (ANZ) entered into a $188.33 million AUD ($137.90 million USD) term loan agreement with New Gullen Range Wind Farm Pty Ltd (New GRWF) — a special purpose vehicle (SPV) owned by Goldwind Capital (Australia) Pty Ltd, a subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd., (25% equity stake) and Beijing Jingneng Clean Energy (Hong Kong) Co. Ltd, a subsidiary of Beijing Jingneng Clean Energy Co Ltd., (BJCE) (75% equity stake) — for the Gullen Range Wind Farm (165.5 MW) and Gullen PV Solar Plant (10 MW) 2020 Refinancing Project. This loan carried a maturity period of five years and a final maturity date of September 15, 2025. All four banks contributed $47.08 million AUD ($34.48 million USD) to the loan syndicate. The proceeds of this loan were used by the borrower to refinance the project debt on the 165.5 MW Gullen Range Wind Farm and the 10 MW Gullen Solar Farm. Record ID#94876 captures BOC's contribution. Record ID#94877 captures BoComm's contribution. Record ID#94878 captures ICBC's contribution.