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Overview

ICBC contributes to $350 million syndicated loan to Pacific Hydro Chile for the refinancing of existing debt (Linked to Record ID#97156)

Commitments (Constant USD, 2023)$64,549,915
Commitment Year•2021Country of Activity•ChileDirect Recipient Country of Incorporation•ChileSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 27, 2021

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

  • Commonwealth Bank of Australia (CBA) (CommBank)
  • DNB Bank ASA (formerly DnB NOR ASA)
  • National Australia Bank Limited (NAB)

State-owned Commercial Banks

  • China Construction Bank Corporation (CCB)

Receiving agencies

State-owned companies

  • SPIC Pacific Hydro Pty Ltd. (formerly known as Pacific Hydro Chile S.A)

Security / collateral agents

Private Sector

  • National Australia Bank Limited (NAB)

Loan desecription

In 2021, ICBC and CCB contribute to USD 350 million syndicated loan to Pacific Hydro Chile for the refinancing of existing debt

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 27, 2021, it was announced that Pacific Hydro Chile, a subsidiary of the Australian Pacific Hydro, itself a subsidiary of the Chinese state-owned State Power Investment Corporation (SPIC), obtained a $350 million syndicated loan from a syndicate of lenders. The funds were used to refinance existing debt, especially regarding corporate assets in Chile and Australia, and to create a 'global corporate financing platform'. The lending syndicate consisted of China Construction Bank (CCB) (as captured via Record ID#97156), Industrial and Commercial Bank of China (ICBC) (as captured via Record ID#97342), the Commonwealth Bank of Australia, DNB ASA, and National Bank of Australia. National Bank of Australia also acted as trustee and security agent.

Staff comments

1. The specific amount that each lender contributed to the syndicated loan is currently unknown. AidData is currently assuming the equal contribution of all lenders, and estimating the funding agency's contribution ($70 million) by dividing the total loan amount ($350 million) by the total number of lenders (5). 2. WRI's China Overseas Finance Inventory (COFI) Database (https://www.wri.org/research/china-overseas-finance-inventory-database) identifies a third Chinese bank (ABC) that may have participated in the lending syndicate. This issue warrants further investigation.