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Overview

ICBC contributes $60 million AUD to the $140 million AUD term loan tranche of a $240 million AUD syndicated loan for the Pacific Hydro 2020 Refinancing Project (Linked to Record ID#95138 and #95139)

Commitments (Constant USD, 2023)$42,692,434
Commitment Year•2020Country of Activity•AustraliaDirect Recipient Country of Incorporation•AustraliaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 15, 2020
Last repayment (originally scheduled)
Dec 14, 2025

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% Chinese 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)
  • DBS Bank Ltd.
  • National Australia Bank Limited (NAB)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • Pacific Hydro Pty Ltd (Pacific Hydro Australia (PHA))

Loan description

Loans for the Pacific Hydro 2020 Refinancing Project in Australia

Interest type•UnknownMaturity•5 years

Narrative

Full Description

Project narrative

On December 15, 2020, financial close was reached on a deal in which a syndicate of five banks — including China Construction Bank Corporation (CCB) and the Industrial and Commercial Bank of China (ICBC) — provided a $240 million AUD ($180.23 million USD) syndicated loan to Pacific Hydro Australia for the Pacific Hydro 2020 Refinancing Project. This $240 million AUD loan was divided into three tranches: a $90.00 million AUD ($67.59 million USD) revolver tranche with a maturity period of five years and a maturity date of December 15, 2025 provided by CCB ($20.00 million AUD; $15.02 million USD), National Bank of Australia (NAB) ($50.00 million AUD; $37.55 million USD), and Australia and New Zealand Banking Group ($20.00 million AUD); a $140.00 million AUD ($105.14 million USD) term loan tranche with a maturity period of five years and a maturity date of December 15, 2025 provided by CCB ($50.00 million AUD), ICBC ($60.00 million AUD; $45.06 million USD), and DBS Bank ($30.00 million AUD; $22.53 million USD); and a $10.00 million AUD ($7.51 million USD) revolver tranche with a maturity period of one year and a maturity date of December 15, 2021 provided entirely by NAB.. The proceeds of this loan were to be used by Pacific Hydro Australia to refinance its corporate debt. Record ID#95138 captures CCB's $20 million AUD contribution to the $90 million AUD revolver tranche. Record ID#95139 captures CCB's $50 million AUD contribution to the $140 million AUD term loan tranche. Record ID#95140 captures ICBC's $60 million AUD contribution to the $140 million AUD term loan tranche.

Staff comments

1. Pacific Hydro is a renewable energy company headquartered in Melbourne, Australia. The company was founded in 1992 and was soon floated on the Australian Stock Exchange, it was later bought by a consortium of industry superannuation funds and delisted. It is now owned by China's State Power Investment Corporation (SPIC). SPIC acquired Pacific Hydro from Australian fund manager IFM Investors for $2.2 billion USD in January 2016.