China Eximbank, Bank of China, China Construction Bank, and China Communications Bank provide $143 million syndicated buyer’s credit loan for 100MW An Khanh 1 Coal-Fired Power Plant Construction Project

On December 22, 2011, four Chinese state-owned banks and An Khanh Thermal Power Joint Stock Company— a project company and special purpose vehicle (SPV)— signed a $143,055,000 syndicated buyer’s credit loan agreement for the 100MW An Khanh 1 Coal-Fired Power Plant Construction Project. The Zhejiang Branch of the Bank of China (BOC, China Construction Bank, the Export-Import Bank of China (China Eximbank), and Bank of Communications each contributed approximately $35.75 million to the syndicated loan. The borrowing terms of the loan included a 13-year maturity and 3-year grace period. The loan's interest rate is unknown. The borrower was expected to use the syndicated loan proceeds to partially finance a $168.3 million EPC contract signed in June 2010 with People Electrical Appliance Group (PEOPLE). The first loan disbursement equal to $39,355,000 did not occur until January 5, 2013 and the entire $143,055,000 was disbursed as of May 10, 2015. In December 2011, the Bank for Investment and Development of Vietnam (BIDV) also provided a $25 million loan for the 100MW An Khanh 1 Coal-Fired Power Plant Construction Project. The Independent Power Project (IPP) project was financed with 85% debt and 15% ($25 million) equity. The purpose of the project was to construct a 100MW coal-fired power plant — with two, 50MW power generation units (Unit 1 and Unit 2) — in An Khánh commune, Dai Tu district, and Thái Nguyên province. PEOPLE was the EPC contractor responsible for project implementation. Works officially commenced on January 30, 2010. The power plant was officially inaugurated and connected to the national electricity grid on October 1, 2015.

Additional details

1. This project is also known as the 2x58MW An Khánh-1 Thermal Power Plant Construction Project. The Vietnamese project title is Nhà máy nhiệt điện An Khánh or Nhiệt điện An Khánh. The Chinese project title is 安庆火电站项目. 2. An Khanh Thermal Power Joint Stock Company is also known as An Khánh Thermo-Power Joint Stock Company or An Khanh Thermal Power JSC or 安庆电力股份有限公司. 3. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.

Number of official sources

14

Number of total sources

27