Project ID: 35982

China EXIM Bank loans $312.4m for Minas San Francisco y la Union Hydroelectric Dam in Ecuador

Commitment amount

$ 303625840.8

Constant 2017 USD

Summary

Funding agency [Type]

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

Recipient

Ecuador

Sector

Energy (Code: 230)

Flow type

Loan

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

2013

Completion

2019

2019-01-15

Actual

Geography

Description

In April 2013, China EXIM Bank agreed to loan $312.4m to Ecuador for the construction of the Minas-San Francisco hydroelectric project. The loan has a variable interest rate of 6 month LIBOR + 4.2%, a grace period of 4 years, and a maturity of 15 years. The total interest was calculated using the average 6 month Libor for the month of the agreement (0.154 %), therefore 4.354%. China's Harbin Electric International Co. began building Ecuador's 275 MW Minas San Francisco hydroelectric dam in 2011. The Chinese firm is cooperating with Corporación Eléctrica del Ecuador (CELEC) and Ministerio de Electricidad y Energía Renovable (MEER), and has financial backing from China Exim Bank. The project has a total cost of US$477m. The project suffered multiple setbacks from administrative and technical discrepancies with contractors and inspectors, but held its inauguration January 15, 2019.

Number of official sources

6

Number of unofficial sources

14

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Ecuador [Government Agency]

Implementing agencies [Type]

Corporacion Electrica del Ecuador (CELEC) [State-owned Company]; Government of the Republic of Ecuador [Government Agency]; Harbin Electric International Co., Ltd. (HEI) [State-owned Company]; Ministerio de Electricidad y Energía Renovable (MEER) (Ecuador) [Government Agency]

Loan type

Concessional

Maturity

15 years

Interest rate

4.354%

Grace period

4 years

Grant element

31.86082569%

Gurarantee provided

No

Insurance provided

No