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Overview

China Construction Bank contributes $67.86 million AUD to a $475 million AUD syndicated loan with Endeavour Energy for general corporate purposes (Linked to Record ID#96913)

Commitments (Constant USD, 2023)$49,238,500
Commitment Year•2019Country 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 18, 2019

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

  • China Construction Bank Corporation (CCB)

Cofinancing agencies

Private Sector

  • Australia and New Zealand Banking Group (ANZ)
  • Canadian Imperial Bank of Commerce (CIBC)
  • Commonwealth Bank of Australia (CBA) (CommBank)
  • Credit Agricole S.A. (Crédit Agricole Group)
  • Mizuho Bank, Ltd.

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • Endeavour Energy Pty Ltd

Loan description

2019 $475 million AUD syndicated loan for Endeavour Energy for general corporate purposes in Australia

Interest type•Unknown

Narrative

Full Description

Project narrative

On December 18, 2019, financial close was reached on a deal in which a syndicate of seven banks — including the Bank of China (BOC) and China Construction Bank Corporation (CCB) — entered into a $475.00 million AUD ($324.91 million USD) syndicated capex loan agreement with Endeavour Energy, an Australian electricity distributor, for general corporate purposes. All lenders, including BOC and CCB, contributed $67.86 million AUD ($46.42 million USD) to the loan syndicate. Record ID#96913 captures BOC's contribution and Record ID#96914 captures CCB's contribution. In addition to BOC and CCB, the following lenders contributed to the loan syndicate: Australia and New Zealand Banking Group (ANZ), Mizuho Bank, Crédit Agricole Group, Commonwealth Bank of Australia (CBA), and Canadian Imperial Bank of Commerce (CIBC).

Staff comments

1. Endeavour Energy is one of the three electricity distributors in New South Wales. Its network provides electricity services to approximately 2.4 million people across Sydney’s Greater West, the Blue Mountains, Southern Highlands, the Illawarra and the South Coast. Advance Energy consortium holds a 50.4% stake in Endeavour Energy, while the Government of New Wales holds a 48.6% stake. Advance Energy is jointly owned by Macquarie Group (30.16%), AMP Capital (25%), British Columbia Investment Management Corporation (25%), and Qatar Investment Authority (19.85%).