Project ID: 38383

China Eximbank provides $178.5 million preferential buyer's credit for 330MW Uông Bí Coal-Fired Power Plant Phase II Expansion Project

Commitment amount

$ 268108793.6170504

Adjusted commitment amount

$ 268108793.62

Constant 2021 USD

Summary

Funding agency [Type]

Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]

Recipient

Vietnam

Sector

Energy (Code: 230)

Flow type

Loan

Level of public liability

Central government debt

Infrastructure

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

2009-11-12

Actual start

2008-05-23

Planned complete

2011-05-23

Actual complete

2013-05-22

NOTE: Red circles denote delays between planned and actual dates

Geography

Description

On October 22, 2008, the Chinese Government and the Government of Vietnam signed a preferential buyer’s credit (PBC) framework agreement. Then, on November 12, 2009, China Eximbank and the Vietnam Ministry of Finance signed a $178.5 million preferential buyer's credit (PBC) agreement for the 330MW Uông Bí Coal-Fired Power Plant Phase II Expansion Project. The borrowing terms of the loan are unknown. The proceeds of the loan were to be used by the borrower to partially finance a $220 million EPC contract signed on April 11, 2008 between Vietnam Electricity (EVN) — a state-owned enterprise — and China Chengda Engineering Corporation. The purpose of the project was to add 330MW of power generation capacity to the Uông Bí Coal-Fired Power Plant in Uông Bí township and Quảng Ninh province. China Chengda Engineering Corporation was the EPC contractor responsible for implementation. The EPC contract went into effect on May 4, 2008. A formal groundbreaking ceremony took place on May 23, 2008 and the project was expected to reach complete within 36 months. By the end of December 2008, the project had achieved a 19.8% completion rate. The project was ultimately handed over to the local authorities on May 22, 2013. The project supplemented Vietnam's national power grid with 1,980 billion kWh / year.

Additional details

1. This project is also known as the Phase 2 of Uông Bí Coal-Fired Power Plant Expansion Project. The Vietnamese project title is dự án Nhiệt điện Uông Bí mở rộng 2 or Nhà máy điện Uông Bí. The Chinese project title is 越南汪秘电站二期扩建项目.

Number of official sources

11

Number of total sources

21

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Viet Nam [Government Agency]

Implementing agencies [Type]

Chengda Engineering Co., Ltd. [Private Sector]

Vietnam Electricity (EVN) [State-owned Company]

Loan Details

Bilateral loan

Export buyer's credit

Investment project loan

Preferential Buyer's Credit