Canadian Imperial Bank of Commerce (CIBC) (1 Nov 2019 – 31 Oct 2020)

Adoption Date: 03 Dec 2003
Country of Headquarters: Canada
Region of Headquarters: North America
Current EPFI Reporting Year/Period: 1 Nov 2019 - 31 Oct 2020
Institutional Reporting: Link to Report

 

Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the Equator Principles Association website.

Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.

Project Finance Advisory Services

Total number mandated in the reporting period: 0

Project Finance Transactions

Total number that reached Financial Close in the reporting period: 9

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure 1
Oil & Gas 2
Power 6
Others
Region
Americas 8
Europe, Middle East & Africa 1
Asia Pacific
Country Designation
Designated Country4 9
Non Designated Country
Independent Review
Yes 9
No
Totals 9
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment. See list of Designated Countries.

Project-related Refinance & Project-related Acquisition For Project Finance

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)

No. Project Name Sector Country(s) Year of Financial Close
1 Project Keane II (K2) Power Ireland 2019
2 Sugar Creek Wind Subco, LLC Power United States 2020
3 Maverick Creek Wind Holdings, LLC Power United States 2020
4 Hunter Solar, LLC Power United States 2020
5 Coastal GasLink Pipeline Limited Partnership Oil & Gas Canada 2020
6 Highway 104 Sutherlands River to Antigonish Twinning Project Infrastructure Canada 2020
7 (DESRI Illinois Portfolio) Prairie State Solar, LLC and Dressor Plains Solar, LLC Power United States 2020
8 (DESRI Louisiana Portfolio) Iris Solar, LLC and St. James Solar, LLC Power United States 2020

Note, Project name reporting for Project Finance transactions (Nov 2019 – Oct 2020)

Number of projects that were not disclosed as per the disclosure conditions specified in Annex B of the Principles: 1

Under EP4, project name reporting is required for Project Finance transactions that have reached Financial Close and encouraged for Project-Related Corporate Loans that have reached Financial Close.

Project-Related Corporate Loans

Total number that reached Financial Close in the reporting period: 0

Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Implementation of the Equator Principles

Implementation Reporting

– Mandate of Equator Principles (EP) Reviewers: Equator Principles applicable projects are reviewed by CIBC’s Environmental Credit Risk Management (ECRM) staff to ensure compliance with the Equator Principles.

– Respective roles of EP Reviewers, business lines, and senior management in transaction review process: CIBC has specific processes in place for all transactions. EP compliance, where applicable, is included in these processes (e.g., see above point)

– Incorporation of EPs in credit risk management policies and procedures: EPs are included in our environmental due diligence requirements, which have been in place since 2007 in the form of a set of Standards and Procedures that apply globally.

CIBC’s ECRM group provides training, guidance and review on EP implementation across the bank. ECRM completes training across the bank to both lending and risk adjudication groups, and has provided updated guidance as appropriate with respect to adoption of “EP4” in 2020. This training includes implementation of the Equator Principles.

All EP applicable transactions are reviewed by ECRM group staff. In fiscal year ended October 31, 2020, we financed 9 projects where the Equator Principles were applicable and that reached Financial Close.