Project ID: 173

China Eximbank pledges $297.8 million loan for Phase 2 of Papalanto Power Gas Turbine Power Plant Project (Linked to Project ID#60641)

Pledged amount

$ 560825652.9

Constant 2017 USD

Not recommended for aggregates

This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.

Summary

Funding agency [Type]

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

Recipient

Nigeria

Sector

Energy (Code: 230)

Flow type

Loan

Concessional

Vague

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

Pipeline: Pledge (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2005

Completion

2010

2010-05-31

Actual

Description

In 2005, China Eximbank agreed in principle to provide a $297.75 million loan for Phase 2 of the Papalanto Power Gas Turbine Power Plant Project. The loan was reportedly to be collateralized with the proceeds of oil sales (through a contract between China National Petroleum Company and Nigeria's national oil company in which the latter agreed to sell 30,000 barrels of oil per day to the former). The purpose of the second phase of this project was to generate 750 additional megawatts at the Papalanto Power Gas Turbine Power Plant. It involved the installation of four General Electric gas turbines and two steam turbines. A special purpose vehicle — Olorunsogo Generation Company Limited — was established to manage the design, financing, and implementation of this independent power project (IPP). Shandong No. 3 Electric Power Construction Corporation (SEPCO III), which was the EPC contractor that funded and implemented Phase 1 of the project (see Project ID#60641), was the contractor selected for project implementation. The second phase was ultimately completed in March 2015 and commissioned by former President Goodluck Jonathan. However, it is unclear if China Eximbank’s loan pledge ever resulted in an official commitment.

Additional details

This project is also known as the 750MW Olorunsogo II NIPP Project or Phase 2 of the Olorunsogo Power Plant Project.

Number of official sources

6

Number of unofficial sources

14

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Details

Cofinanced

No

Receiving agencies [Type]

Olorunsogo Generation Company Limited [Joint Venture/Special Purpose Vehicle]

Implementing agencies [Type]

Nigeria Power and Steel Department [Government Agency]; Olorunsogo Generation Company Limited [Joint Venture/Special Purpose Vehicle]; Shandong Electric Power Construction Corporation III [State-owned Company]

Loan type

No Information

Gurarantee provided

No

Insurance provided

No

Collateralized/securitized

Yes

Collateral

The loan was reportedly to be collateralized with the proceeds of oil sales (through a contract between China National Petroleum Company and Nigeria's national oil company in which the latter agreed to sell 30,000 barrels of oil per day to the former).