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Overview

ICBC contributes to $100 million syndicated loan for 69MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project

Commitments (Constant USD, 2023)$51,586,691
Commitment Year•2020Country of Activity•Lao People's Democratic RepublicDirect Recipient Country of Incorporation•ThailandSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 31, 2020
Start (actual)
Sep 20, 2019
End (actual)
Sep 20, 2019
First repayment (originally scheduled)
May 1, 2020
Last repayment (originally scheduled)
Jan 28, 2030

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of the 69 MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project was to facilitate BIC’s acquisition of all shares in Nam San 3A Power Sole Co., Ltd. — the project company responsible for the 69 MW Nam San 3A (NS3A) Hydroelectric Power Plant in Xiangkhouang Province — from Phongsubthavy Roads and Bridges Construction and Irrigation (PSG). More detailed locational information can be found at https://hobomaps.com/NamSan3dams.html and https://www.google.com/maps/search/Nam+San+3A/@19.1089328,103.6271636,14z/data=!3m1!4b1 and https://www.openstreetmap.org/relation/5831709.

Stakeholders

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

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Cofinancing agencies

State-owned Banks

  • Export-Import Bank of Thailand

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • BCPG Indochina Co., Ltd. (BIC)

Implementing agencies

Joint Venture/Special Purpose Vehicles

  • BCPG Indochina Co., Ltd. (BIC)

Loan desecription

ICBC contributes to USD 100 million syndicated loan for 69MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project

Grace period•0.25 yearsInterest type•Variable Interest RateLoan tenor•6-month rateMaturity•10 years

Narrative

Full Description

Project narrative

On January 31, 2020, the Industrial and Commercial Bank of China (ICBC) and Export-Import Bank of Thailand signed a $100 million loan agreement with BCPG Indochina Co., Ltd. (BIC) — a special purpose vehicle and wholly-owned subsidiary of BCPG Public Company Limited — to support the 69MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project. The loan carries the following borrowing terms: a 10-year maturity, a 0.25-year grace period, and an interest rate of 6-month LIBOR plus an unspecified margin. The borrower is responsible for making 40, quarterly repayments between March 2020 and March 2030. The purpose of the 69MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project was to facilitate BIC’s acquisition of all shares in Nam San 3A Power Sole Co., Ltd. — the project company responsible for the 69MW Nam San 3A (NS3A) Hydroelectric Power Plant in Xiangkhouang Province — from Phongsubthavy Roads and Bridges Construction and Irrigation (PSG). The acquisition was completed on September 20, 2019. Then, on June 31, 2020, the Industrial and Commercial Bank of China (ICBC) and Export-Import Bank of Thailand signed a $72 million loan agreement with BCPG Indochina Co., Ltd. (BIC) — a special purpose vehicle and wholly-owned subsidiary of BCPG Public Company Limited — to support the 45MW Nam San 3B (NS3B) Hydroelectric Power Plant Acquisition Project. The loan carries the following borrowing terms: a 10-year maturity, a 0.25-year grace period, and an interest rate of 6-month LIBOR plus an unspecified margin. The borrower is responsible for making 40, quarterly repayments between September 2020 and September March 2030. The purpose of the 45MW Nam San 3B (NS3B) Hydroelectric Power Plant Acquisition Project was to facilitate BIC’s acquisition of all shares in Nam San 3B Power Sole Co., Ltd. — the project company responsible for the 45MW Nam San 3B (NS3B) Hydroelectric Power Plant in Xiangkhouang Province — from Phongsubthavy Roads and Bridges Construction and Irrigation (PSG). The acquisition was completed on February 11, 2020. From 2022 onward, the two hydro power projects of BIC/BCPG — Nam San 3A and Nam San 3B — will be under power purchase agreements with Vietnam Electricity (EVN) for 25 years, resulting in an extension of power purchase agreement period from 2042 to 2047.

Staff comments

1. The size of ICBC’s contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($50 million) across the two participants in the loan syndicate. 2. Nam San 3A Power Sole Co., Ltd. and Nam San 3B Power Sole Co., Ltd. were limited companies registered in the Lao People’s Democratic Republic.