Project ID: 39060

CDB loan for construction of Quijos Hydroelectric Plant (linked to #69319)

Summary

Funding agency [Type]

China Development Bank (CDB) [State-owned Policy Bank]

Recipient

Ecuador

Sector

Energy (Code: 230)

Flow type

Loan

Concessional

No

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

Pipeline: Commitment (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2011

Description

The Quijos hydroelectric plant project was funded through a 2011 China Development Bank loan of $2,052,360,403.03 (Project ID#35930), specifically through the $1.4 billion discretionary component (Tranche A; Project ID#69319). The loan terms of Tranche A have been applied to this project.In 2011, the Corporation Electrica del Ecuador (CELEC) awarded the 95.5 million USD contract to CNEEC to build the Quijos hydroelectric power plant. Celec awarded China National Electric Equipment Corp. (CNEEC) a US$94.7 million contract in December for construction and equipping of Quijos, to be complete by December 2015. However, by the end of 2015, state-owned Celec submitted its first request to the Public Procurement Service (Sercop) to include the Chinese company in the register for faults in a contract for construction, installation and commissioning of the 50 MW Quijos hydroelectric project. As of January 2017, the project is reported 46% completed.

Additional details

A CELEC project summary released in 2014 put the total project cost at 155,437,705.11 USD. It is unclear how much of the total project cost was financed by CDB, and the transaction amount is left blank for now. As it is also unclear if disbursements were ever made, status left as commitment for now.

Number of official sources

3

Number of unofficial sources

5

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Ecuador [Government Agency]

Implementing agencies [Type]

China National Electric Engineering Co., Ltd. (CNEEC) [State-owned Company]; Government of Ecuador [Government Agency]

Loan type

Non-Concessional

Maturity

8 years

Interest rate

7.159%

Grace period

2 years

Grant element

9.842899509%

Gurarantee provided

No

Insurance provided

No