Project ID: 1380

China Eximbank provides $99.45 million preferential buyer's credit for 51MW Adama I Wind Farm Project

Commitment amount

$ 106213527.7

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Ethiopia

Sector

Energy (Code: 230)

Flow type

Export Buyer's Credit

Concessional

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2011

Completion

2012

2012-12-01

Actual

Geography

Description

On January 21, 2011, the Ethiopian Parliament and the Prime Minister's Office approved a $99,450,000 China Eximbank preferential buyer credit (PBC) loan agreement for 51MW Adama I Wind Farm Project (or the Adama Wind Farm I Project or ADAMA风电一期项目). At the end of the same month, Ethiopia's Ministry of Finance and Economic Development signed an on-lending agreement with Ethiopian Electric Power (EEP). The China Eximbank loan [CHINA EXIM BANK PBC 2010 (31) TOTAL NO. (138) 1420303052010211538] officially went into effect on May 25, 2011. The terms of the loan were as follows: 20 year maturity, 7 year grace period, and 2% interest rate. The project's total cost was approximately $117 million. 85% of the project was financed through the China Eximbank loan (amounting to $99,450,000). The Ethiopian government covered the remaining balance (approximately $17,550,000). Consultancy services were provided by the Addis Ababa University Faculty of Technology, while a Chinese firm called Goldwind provided the wind turbines for the project. Project construction began in June 2011 and was completed in June 2012. An installation and hoisting ceremony for the project's wind turbines was held on April 21, 2012, and the project entered commercial operation in August 2012. The wind farm has a potential capacity of 51MW with a total of 34 towers each generating 1.5 MW, according to Miskir Negash, Head of Public Relations with EEPCo and IJ Global. According to the CGCOC, the farm began full operations in September 2012. An inauguration ceremony for the first phase of the Adama Wind Project was held on December 1, 2012. The Adama wind farm is located 95 km east of Addis Ababa, near the city of Adama in Oromia.

Number of official sources

20

Number of unofficial sources

9

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Details

Cofinanced

No

Receiving agencies [Type]

Ethiopia Electric Power Corporation [State-owned Company]; Government of Ethiopia [Government Agency]

Implementing agencies [Type]

China State Construction Overseas Development Co., Ltd. [State-owned Company]; Hydrochina Corporation [State-owned Company]; SinoHydro [State-owned Company]

Loan type

Concessional

Maturity

20 years

Interest rate

2.0%

Grace period

7 years

Grant element

56.00770973%

Gurarantee provided

No

Insurance provided

No