China Development Bank provides $220 million loan for 370MW Tashkent Combined Cycle Power Plant Modernization Project
Commitment amount
$ 258307182.74368593
Adjusted commitment amount
$ 258307182.74
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Uzbekistan
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Central government-guaranteed debt
Infrastructure
No
Category
Project lifecycle
Geography
Description
On August 8, 2012, Uzbekenergo State Joint Stock Company (SJSC) secured a loan agreement (agreement #6510201201100000066) from China Development Bank worth $220 million to finance for the 370MW Tashkent Combined Cycle Power Plant Modernization Project. The loan carried the following terms: 15 year maturity, 3 year grace period, and an interest rate equal to six month LIBOR rate plus a 3.6% margin (with an average six month LIBOR rate of .687 % for the year of 2012). The Government of Uzbekistan provided a sovereign guarantee for the loan. This project involved a 370 MW steam-gas installation. The total project cost was $511.8 million. This project was not only financed by the CDB loan, but also by Uzbekistan's Reconstruction and Development Fund ($76.2 million), Synecta a.s. ($68.9 million), Uzbekenergo ($117.7 million), Uzpromstroybank ($26.9 million), and Japan International Cooperation Agency ($2.037 million). Construction began in 2012. This project was completed on or around January 19, 2016.
Additional details
1. The Russian name of this project is "Строительство парогазовой установки мощностью 370 МВт на Ташкентской ТЭС". This project is sometimes also referred to as the 370 MW CCGT Construction on Tashkent Thermal Power Plant (TPP).
Number of official sources
6
Number of total sources
15
Details
Cofinanced
Yes
Cofinancing agencies [Type]
Japan International Cooperation Agency (JICA) [Government Agency]
SYNECTA a.s. [Private Sector]
Fund for Reconstruction and Development of Uzbekistan [State-owned Bank]
Joint-Stock Commercial Bank "Uzbek Industrial and Construction Bank" (JSCB Uzpromstroybank) (UzPSB) [State-owned Bank]
Direct receiving agencies [Type]
Uzbekenergo State Joint Stock Company (SJSC) [State-owned Company]
Implementing agencies [Type]
Uzbekyengilsanoat JSC [State-owned Company]
Guarantee provider [Type]
Government of Uzbekistan [Government Agency]
Loan Details
Maturity
15 years
Interest rate
4.287%
Grace period
3 years
Grant element (OECD Grant-Equiv)
16.5796%