GDF SUEZ and Industrial and Commercial Bank of China Limited (ICBC) have signed a Memorandum of Understanding (MoU) for Financing Cooperation on a non-exclusive basis.
This MoU aims at supporting GDF SUEZ in the financing of its projects throughout the world, in particular in Asia Pacific and in China. It will be deployed across GDF SUEZ Group’s businesses (gas, power, water and waste, energy efficiency services).
This agreement follows the MoU on global strategic partnership signed yesterday between GDF SUEZ and China Investment Corporation (CIC), within which GDF SUEZ E&P will welcome CIC as a new minority investor for its development.
This MoU signed today further develops the relationship between ICBC and GDF SUEZ, two global leaders in their respective sector, and leverages both on the cooperation agreement between CIC and GDF SUEZ as well as ICBC’s “affiliate” status with CIC.
Several possible forms of financing cooperation are contemplated in the MoU, including:
– New credit lines made available to GDF SUEZ at the corporate level that would allow to support the Group’s growth opportunities;
– Other forms of credit support such as multi-year guarantees, performance bonds and letters of credit;
– Specific case-by-case project financing;
– Potential creation of Hong-Kong-based vehicle(s) to finance specific projects or portfolio of projects in China in which GDF SUEZ is involved in, assisting GDF SUEZ in best serving its customers in China;
– Potential similar structures for GDF SUEZ projects outside China, wherever ICBC wants to further grow its already important presence and footprint;
– Utilisation of ICBC financial engineering expertise to optimise financing terms and conditions for GDF SUEZ.
Gérard Lamarche, Executive Vice President and Chief Financial Officer says : “ We are very pleased to enter into this MoU with ICBC as a second major step of our new partnership with CIC. This cooperation will strongly strategically and financially support GDF SUEZ Group’s development throughout Asia Pacific and China ”.
[mappress] Source: GDF SUEZ, August 11, 2011;