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[IPP] Chinese banks pledge a $399.5 million USD syndicated loan for the 250 MW NBT/Malakoff Wind Project in Pakistan
| Funder | Bank of China (BOC)|China Development Bank (CDB)|Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | NBT Wind Power Pakistan II (Private) Limited (NBTWPPPL-II) |
| Country | Pakistan |
| Start Date | Jan 01, 2013 |
| End Date | Dec 18, 2026 |
| Duration | 5,099 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 72709 |
Grant Description
Chinese banks pledge $399.5 million USD syndicated loan for the 250 MW NBT/Malakoff Wind Project in Pakistan In 2013, the Industrial and Commercial Bank of China (ICBC), China Development Bank (CDB), and Bank of China (BOC) pledged a $399,500,000 USD syndicated loan to NBT Wind Power Pakistan II (Private) Limited for the 250 MW NBT/Malakoff Wind Project in Pakistan.
The Export-Import Bank of Malaysia Berhad also reportedly pledged funds for the project, and Sinosure was also reportedly involved. Harbin Electric International Company Limited was the EPC contractor for the project.
NBT Wind Power Pakistan II (Private) Limited (NBTWPPPL-II) was a project company and special purpose vehicle owned by Malakoff International Limited — a company incorporated in Cayman Islands (a wholly-owned subsidiary of Malakoff Corporation Berhad, Malaysia) — and NBT AS, a Norwegian company organized under the laws of Norway.
NBT AS owned 40% equity stake in NBTWPPPL-II, while Malakoff International Limited owned a 60% ownership stake.
Staff Comments
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.According to multiple, official sources, the Government of Pakistan has issued sovereign guarantees in support of all loans issued by Chinese state-owned banks for independent power projects (IPPs) in Pakistan (see https://www.fmprc.gov.cn/ce/cepk/chn/zbgx/t1735166.htm and http://pk.chineseembassy.org/eng/zbgx/202110/t20211010_9558510.htm and https://www.dropbox.com/s/bmx3w2b38o7guxm/Debt%20Pricing%20of%20IPPs%20%28002%29.pdf?dl=0). As such, AidData assumes that the loan captured in this record is backed by a sovereign guarantee from the Government of Pakistan.
Sources & References
- LAG-259 GL of NBT Wind-II 16-09-2014
- Generation License Application of NBT-II.
- NBT POWER PAKISTAN FINANCING 250 MW FOR WIND FARM
- We do not have China debt problem: Umar
- 中国驻巴基斯坦使馆发言人就美方涉中巴经济走廊言论答记者问
- Debt Pricing of IPPs (002) Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
NBT Wind Power Pakistan II (Private) Limited (NBTWPPPL-II)
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