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ICBC contributes to $72 million syndicated loan for 45 MW Nam San 3B (NS3B) Hydroelectric Power Plant Acquisition Project
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | BCPG Indochina Co., Ltd. (BIC) |
| Country | Lao People's Democratic Republic |
| Start Date | Jun 30, 2020 |
| End Date | Oct 31, 2030 |
| Duration | 3,775 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 95610 |
Grant Description
ICBC contributes to USD 72 million syndicated loan for 45 MW Nam San 3B (NS3B) Hydroelectric Power Plant Acquisition Project 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 69 MW Nam San 3A (NS3A) Hydroelectric Power Plant Acquisition Project.
The borrower is responsible for making 40, quarterly repayments between March 2020 and March 2030.
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 45 MW Nam San 3B (NS3B) Hydroelectric Power Plant Acquisition Project.
The borrower is responsible for making 40, quarterly repayments between September 2020 and September March 2030.
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).
The acquisition was completed on September 20, 2019.
The purpose of the 45 MW 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 45 MW 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
- The size of ICBC’s contribution to the syndicated loan is unknown. For the time being, AidData assumes equal contributions ($36 million) across the two participants in the loan syndicate.
- 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.
Sources & References
- EXIM Thailand
- ICBC (THAI) and SuMi TRUST Bank (THAI) to offer financial support to BCPG’s renewable energy projects in Laos and Japan
- Waranon Vanichprapa Partner
- Annual Report: No Boundaries for a True Pioneer
- BCPG Public Company Limited Management Discussion and Analysis for Q3/2020 Results
- Analyst Meeting 2019 Results
- EXIM Thailand and China
- Japan banks to loan Bt10.5bn for BCPG energy projects
- EXIM Thailand joins forces with ICBC to support BCPG in developing hydropower plants in Lao PDR
- Annual information disclosure form Ended December 31, 2020 BCPG Public Company Limited
- BCPG keeps forging ahead with the second hydro power project in Laos and a co-investment project in 500-MW Transmission Line System to Vietnam
- Acquisition of all shares in Nam San 3A Power Sole Co.
- Ltd. and Nam San 3B Power Sole Co.
- Ltd. of BCPG Public Company Limited to invest in hydro power plant project in the Lao People’s Democratic Republic and investment in the construction and operation of transmission line system and substation to the Socialist Republic of Vietnam
- Annual Report 2019 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
BCPG Indochina Co., Ltd. (BIC)
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