China Eximbank provides $155 million buyer’s credit loan for Phase I of the Puttalam/Norochcholai Coal Power Project (Linked to Project ID#33244 and #33452)
Constant 2017 USD
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Energy (Code: 230)
Export Buyer's Credit
On August 30, 2005, China Eximbank signed a $300 million preferential buyer’s credit (PBC) with with the Ministry of Finance of the Government of Sri Lanka for the Phase I of Puttalam/Norochcholai Coal Power Project. Then, on September 8, 2006, China Eximbank signed a $155 million buyer’s credit loan (BCL) with the Ministry of Finance of the Government of Sri Lanka for the Phase I of Puttalam/Norochcholai Coal Power Project (see Sri Lanka Department of External Resources 2009 Annual Performance Report). The PBC carries a 20 year maturity, 5 year grace period, and an interest rate of 2%. The BCL carries a 15 year maturity, a 5 year grace period, and a 6% interest rate. The PBC is captured in Project ID#33244. The Ministry of Finance of the Government of Sri Lanka then used the proceeds from the BCL and PBC to on-lend to Ceylon Electricity Board (CEB), which is a state-owned electricity company that controls all major functions of electricity generation, transmission, distribution and retailing in Sri Lanka. This project involved the installation of a 300MW coal power plant, a jetty for coal handling, and transmission lines from Norochcholai to Veyangoda and substation at Veyangoda. China Machinery Engineering Corporation (CMEC) was the contractor responsible for project implementation. A project inauguration ceremony took place on May 11, 2006. Phase I construction began on July 23, 2007. The first 300-megawatt phase was completed and ceremonially commissioned by President Mahinda Rajapaksa on March 22, 2011. For information on Phase II of the Puttalam/Norochcholai Coal Power Project, see Project ID #33452.
The Chinese project title is 普特拉姆燃煤电站. This Puttalam/Norochcholai power plant is sometimes referred to as the Lakvijaya power plant.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Ceylon Electricity Board [State-owned Company]; Sri Lanka Ministry of Finance [Government Agency]
Implementing agencies [Type]
Ceylon Electricity Board [State-owned Company]; China Machinery Engineering Corporation (CMEC) [State-owned Company]; Sri Lanka Ministry of Finance [Government Agency]