ICBC pledges $1.19 billion loan for 1980 MW Coal-Fired Thermal Power Plant Construction Project at Cuddalore, Tamil Nadu
Pledged amount
$ 1657345053.5975258
Adjusted pledged amount
$ 1657345053.5975258
Constant 2021 USD
Not recommended for aggregates
This project is not recommended for use in creating aggregated sums. See the documentation for more information about this criteria.
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
India
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Description
SRM Energy received a letter of facilitation from the Energy Department of the Government of Tamil Nadu in December 2007 and December 2008 for setting up a 2,000 MW coal-based power plant at Cuddalore, which was replaced with a 'Single Window Clearing"' system in October 2009. SRM Energy then began the process of implementing 3x660 MW (1980 MW) super critical thermal power plant based mainly on imported coal in Tamil Nadu. The project site is located in Chidambaram Taluka, Cuddalore District and is 7 km away from the sea and the upcoming all-weather multi-cargo port. Then, on December 15, 2010, during a three-day visit of Chinese Premier Wen Jiabao to India, SRM Energy, the Industrial and Commercial Bank of China (ICBC), and China Datang Technologies & Engineering Co. Ltd. (CDTE) signed a Tripartite Memorandum of Understanding (MoU) regarding an export buyer's credit (backed by Sinosure) that could be used to finance 85% of the cost of $1.4 billion commercial contract between SRM Energy and CDTE. It does not appear that this financial pledge ever resulted in an official commitment (i.e. export buyer's credit agreement).
Number of official sources
1
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
SRM Energy [Private Sector]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]