ICBC participates in $300 million syndicated loan to acquire equity stakes in 347MW Wayang Windu Power Plant, 377MW Salak Power Plant, and 271MW Darajat Power Plant

In July 2017, BCPG Public Company Limited — the renewable power arm of mostly state-owned refiner Bangchak Corporation Plc — signed a $300 million syndicated loan agreement with Bangkok Bank Public Company Limited, Mizuho Bank (Bangkok Branch) and Industrial and Commercial Bank of China (Thai) Public Company to acquire 3 geothermal power assets in Indonesia. The loan carries a 6-year maturity. It has three tranches denominated in Thai Baht, US Dollar, and Japanese Yen, with the interest rates tethered to THB FIX USD LIBOR and JPY TIBOR. BCPG Public Company Limited was expected to use the loan proceeds to purchase indirect equity stakes in three geothermal power projects in Indonesia: a 20% equity stake in the 347MW Wayang Windu Power Plant, which has been operating at 127MW; a 17.3% equity stake in Salak Power Plant, with a total production capacity of 377MW, an equivalent of electricity and steam; and a 17.3% equity stake in Darajat Power Plant, with a total production capacity of 271MW of electricity and steam. All of these power plants have long-term feed-in tariff purchasing contracts with Indonesia's state utility, Perusahaan Listrik Negara (PLN).

Additional details

1. The size of Industrial and Commercial Bank of China (Thai) Public Company’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($100 million) across all three members in the syndicate. 2. Industrial and Commercial Bank of China (Thai) Public Company is also known as ICBC (Thai) Plc.

Number of official sources

4

Number of total sources

6