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Overview

ICBC contributes $70.8 million USD to a $376.3 million syndicated loan for the 242 MW Diamantina Gas-Fired Power Station Refinancing Project

Commitments (Constant USD, 2023)$74,070,845
Commitment Year•2015Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2015

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • MUFG Bank, Ltd. (Formerly Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU))
  • National Australia Bank Limited (NAB)
  • Oversea-Chinese Banking Corporation, Limited (OCBC Bank)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Diamantina Power Station Pty Limited

Loan description

ICBC contributions to a $376.3 million USD syndicated loan for the 242 MW Diamantina Gas-Fired Power Station Refinancing Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2015, a syndicate of five banks — the Industrial and Commercial Bank of China (ICBC), Australia and New Zealand Banking Group (ANZ), Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), National Australia Bank Limited (NAB), Oversea-Chinese Banking Corporation, Limited (OCBC Bank), and Westpac Banking Corporation — entered into a $376.3 million USD syndicated loan agreement with Diamantina Power Station Pty Limited — an Australia-incorporated special purpose vehicle (SPV) and joint venture of APA Group (50% equity stake) and AGL Energy Ltd (50% equity stake) — for the 242 MW Diamantina Gas-Fired Power Station Refinancing Project. ICBC, ANZ, BTMU, and OCBC Bank each contributed $70.8 million USD, and NAB contributed $93.1 million USD. The proceeds of this loan were used to refinance the Diamantina Power Station, a combined-cycle gas turbine power plant with a capacity of 242 MW, located in the Mount Isa region of Queensland. As Mount Isa is not connected to the National Electricity Market (NEM), the power station transmits energy through a local distribution network; its clients include communities and mines.