ICBC provides $69.7 million loan for 35 MW Broadlands Hydropower Project

On January 16, 2013, ICBC and the Government of Sri Lanka signed a $69.7 loan agreement for the 35 MW Broadlands Hydropower Project. This loan carries a grace period of 3 years, a maturity of 15 years, and an interest rate of 6-month LIBOR plus a 6.3% margin. The interest rate comes out to be 6.709%, since the LIBOR 6-month rate was 0.409% and the margin was 6.3%. Sinosure provided insurance for the loan. The total cost of the 35 MW Broadlands Hydropower Project was $82 million. ICBC covered 85% of the cost, and Hatton National Bank of Sri Lanka covered the remaining 15%. The project involved the construction of 35 MW run-of-the-river hydroelectric complex over the Kelani River in Kitulgala. More specifically, it involved the construction of a 24m high & 144m long main dam, a 19m high & 48m long diversion dam, a 2.7m diameter & 850m long diversion tunnel, a 5.4m diameter & 3 km long main tunnel, a 35MW surface power station (2 units of 17.5MW), a switch yard, and a 4 km long transmission line. The complex has an installed capacity of 35 MW and is expected to generate 126 GWh of electrical energy annually. The contractor responsible for implementation was China National Electric Equipment Corporation. Its work was supervised by Ceylon Electricity Board, the largest electricity company in Sri Lanka. Construction began on July 17, 2013. River closure took place on November 20, 2016. On June 6, 2019, a breakthrough ceremony of the main headrace tunnel took place. Project implementation was still underway in late 2019. The Broadlands dam is a 35 MW run-of-the-river hydroelectric complex over the Kelani River in the town on Kitulgala. Its exact locational coordinates are 06°58′44″N 80°27′16″E. See https://tools.wmflabs.org/geohack/geohack.php?pagename=Broadlands_Dam¶ms=06_58_44_N_80_27_16_E_type:landmark.

Additional details

The Chinese project title is 斯里兰卡布罗德兰水电站主.

Number of official sources

23

Number of unofficial sources

15