China Eximbank provides $300 million buyer’s credit loan for Phase 1 of Bata City Power Grid Expansion Project (Linked to Project ID#484, #61221)
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Energy (Code: 230)
Export Buyer's Credit
In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured in Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, 5 year maturity, and 2 year grace period.Then, on March 26, 2010, China Eximbank and the Government of Equatorial Guinea signed a $300 million subsidiary buyer’s credit loan agreement for Phase 1 of Bata City Power Grid Expansion Project (see ''海外项目如何做好融资基础工作？这个历经2年融资成功的非洲电网项目很典型!'' and ''中国进出口银行行长李若谷访问赤道几内亚''). The President of China Eximbank and the Finance Minister for Equatorial Guinea signed the agreement. The proceeds of the loan were used to partially finance a $323 million commercial contract with China Resources Group Bata and Sinohydro Corporation, which was signed on June 20, 2009 (see ''中国水电赤几巴塔电网项目获中国进出口银行优买贷款''). This project involved the construction of three new substations and a dispatch center, the construction and renovation of 203 box-type substations, the installation of 764 km of high, medium and low voltage cables, and the installation 110 km of road lighting in Bata City. A groundbreaking ceremony for this project took place on October 12, 2009. Construction was reportedly completed in 2013 (see ''经济及市场环境'') Then, in November 2014, the substations and dispatching center were put into operation, delivering power from the China Eximbank-financed Djibloho Hydropower Station (see Project ID#995) to the national grid. The project was officially handed over to the local authorities on February 19, 2015.China Eximbank also financed Phase 2 of Bata City Power Grid Expansion Project (see linked Project ID#61221).
The Chinese project title is 的巴塔电网改造和扩建工程 or 建的巴塔电网改扩建项目. AidData is not able to identify the face values of all subsidiary loans approved through this $2 billion oil-backed credit facility agreement (captured in Project ID#484). Therefore, to effectively approximate the total amount of debt issued through the $2 billion oil-backed credit facility agreement and eliminate the risk of double-counting, AidData records the full value of the $2 billion oil-backed credit facility agreement but it does not record transaction amounts for the individual subsidiary loans approved through this facility agreement.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Equatorial Guinea [Government Agency]
Implementing agencies [Type]
China Resources (CRC) [State-owned Company]; Government of Equatorial Guinea [Government Agency]; SinoHydro [State-owned Company]
The buyer's credit loans under the $2 billion USD facility were secured via deposit accounts opened by Government of Equatorial Guinea in China Eximbank. The Government of Equatorial Guinea deposited the proceeds from hydrocarbon exports into these accounts. A repayment guarantee equivalent to 30 percent (minimum) of the outstanding stock of debt was required to be in the accounts at all times.