ICBC contributes $22 million AUD to a $277 million AUD syndicated loan for the 168 MW Musselroe Wind Farm Project (Linked to Record ID#95267, #95269, #95270, #95271, and #95272)

Project narrative

On February 6, 2013, a syndicate of six banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — signed a $277 million AUD syndicated loan agreement with Musselroe Wind Farm Pty Ltd (MWRF) — a special purpose vehicle (SPV) that is jointly owned by China's Shenhua Clean Energy Holdings Pty Ltd (SCEH) (75% equity stake) and Tasmanian Government-owned Hydro Tasmania (25% equity stake) — for the 168 MW Musselroe Wind Farm Project. This loan was divided into an $137 million AUD tranche provided by Danish export credit agency (ECA) Eksport Kredit Fonden (EKF) with a maturity of 18 years, a $137 million AUD commercial loan with a maturity period of five years, and a $3 million AUD revolver. Concurrently with the loan agreement, SCEH purchased a 75% stake in the Musselroe Wind Farm from Hydro Tasmania for about $90 million AUD.. BOC and ICBC each contributed $22 million AUD to the $277 million AUD syndicated loan; EKF contributed $137 million AUD, National Australia Bank Limited (NAB) contributed $52 million AUD, Sumitomo Mitsui Banking Corporation (SMBC) contributed $25 million AUD, and Crédit Industriel et Commercial (CIC) contributed $20 million AUD to the loan syndicate. NAB served as mandated lead arranger, ECA arranger, and sole bookrunner. BOC, ICBC, and SMBC served as mandated lead arrangers. CIC served as participant. Record ID#95267 captures BOC's contribution. Record ID#95268 captures ICBC's contribution. On February 6, 2013, a syndicate of six banks — including the Bank of China (BOC) and the Industrial and Commercial Bank of China (ICBC) — signed a $277 million AUD syndicated loan agreement with Musselroe Wind Farm Pty Ltd (MWRF) — a special purpose vehicle (SPV) that is jointly owned by China's Shenhua Clean Energy Holdings Pty Ltd (SCEH) (75% equity stake) and Tasmanian Government-owned Hydro Tasmania (25% equity stake) — for the 168 MW Musselroe Wind Farm Project. This loan was divided into an $137 million AUD tranche provided by Danish export credit agency (ECA) Eksport Kredit Fonden (EKF) with a maturity of 18 years, a $137 million AUD commercial loan with a maturity period of five years, and a $3 million AUD revolver. Concurrently with the loan agreement, SCEH purchased a 75% stake in the Musselroe Wind Farm from Hydro Tasmania for about $90 million AUD. BOC and ICBC each contributed $22 million AUD to the $277 million AUD syndicated loan; EKF contributed $137 million AUD, National Australia Bank Limited (NAB) contributed $52 million AUD, Sumitomo Mitsui Banking Corporation (SMBC) contributed $25 million AUD, and Crédit Industriel et Commercial (CIC) contributed $20 million AUD to the loan syndicate. NAB served as mandated lead arranger, ECA arranger, and sole bookrunner. BOC, ICBC, and SMBC served as mandated lead arrangers. CIC served as participant. Record ID#95267 captures BOC's contribution. Record ID#95268 captures ICBC's contribution. On June 28, 2016, financial close was reached on a deal in which a syndicate of six banks — still including BOC and ICBC — entered into a $266.50 million AUD ($197.13 million USD) syndicated loan agreement with MWRF for the 168 MW Musselroe Wind Farm 2016 Refinancing Project. This loan was divided into three tranches: a $139.00 million AUD ($102.82 million USD) term loan tranche with a maturity period of five years and a final maturity date of June 28, 2021, $137.42 million AUD of which received a guarantee from EFK; a $2.50 million AUD ($1.85 million USD) working capital tranche with a maturity period of five years and a final maturity date of June 28, 2021 provided solely by NAB; and a $125.00 million AUD ($92.46 million USD) with a maturity period of five years and a final maturity date of June 28, 2021 provided solely by EFK. The proceeds of this loan were used to partly refinance the borrower's debt accrued for the construction of the Musselroe Wind Farm. BOC contributed $19.80 million AUD ($14.65 million USD), ICBC contributed $40.29 million AUD ($29.80 million USD), CIC contributed $29.80 million AUD ($22.04 million USD), NAB contributed $29.80 million AUD, and SMBC contributed $29.80 million AUD to the $139.00 million AUD term loan. Record ID#95269 captures BOC's contribution. Record ID#95270 captures ICBC's contribution. On July 13, 2021, financial close was reached on a deal in which a syndicate of four banks — still including BOC and ICBC — entered into a $103.30 million AUD ($77.38 million USD) syndicated loan agreement with MWRF for the 168 MW Musselroe Wind Farm 2021 Refinancing Project. This loan was characterized as a green loan. BOC and ICBC contributed $27.13 million AUD ($20.32 million USD) to the loan syndicate; NAB contributed $27.13 million AUD and SMBC contributed $21.80 million AUD ($16.33 million USD). The proceeds of this loan were used to refinance the Musselroe Wind Farm. Record ID#95271 captures BOC's contribution. Record ID#95272 captures ICBC's contribution. This project sought to construct a wind farm with a 168 MW capacity and 56 V90 wind turbines located on Cape Portland Bay, Tasmania, 100 kilometers northeast of Launceston and 20 kilometers north of Gladstone. The project also included the construction of a 46 kilometer long 110 kV transmission line from Derby to the wind farm, a 110/33 kV substation, and associated transformers, cables, other electrical systems, and access tracks. The Musselroe Wind Farm was designed to generate enough electricity to power 50,000 homes and off-set 450,000 tons of carbon dioxide emissions annually. The wind farm was claimed to be the biggest wind farm in Tasmania. Hydro Tasmania was the off-taker for the power generated by Musselroe under a 17-year Power Purchase Agreement (PPA). On September 20, 2012, SCEH had entered into the share-sale agreement the acquisition of the 75% stake in the Musselroe Wind Farm, contingent on regulatory approvals, project finance, and the execution of a formal connection agreement. Under the deal, Hydro Tasmania would provide operational, maintenance, and administrative services at the wind farm and would retain ownership of the land of the wind operating under a 30-year lease. Woolnorth Wind Farm Holdings, another joint between by SCEH and Hydro Tasmania, would operate the wind farm upon completion. Vestas was responsible, via a December 2011 contract, for the provision of its V90-3.0MW wind turbines and VestasOnline Business SCADA system, as well as a ten-year service agreement. Crisp Bros. & Haywards Pty. Ltd. was responsible for the construction of the turbine powers. Hazell Bros was responsible for the civil engineering works. Entura provided technical support during the construction of the wind farm. Consolidated Power Projects Australia Pty Ltd served as the Electrical Balance of Plant contractor for the project. Construction began in December 2011. The wind farm was scheduled to be completed and operational by July 1, 2013. The wind farm began sending electricity to the Tasmanian grid in April 2013. The full Musselroe Wind Farm was officially completed and opened in January 2014.