ICBC provides $837.47 million loan for 750MW Soyo I Combined Cycle Power Plant Construction Project (Linked to Project ID#43782)

On June 9, 2015, the Industrial and Commercial Bank of China (ICBC) and the Government of Angola signed a $837,471,250.75 buyer’s credit loan facility agreement for the 750MW Soyo I Combined Cycle Power Plant Construction Project. The facility has a term (maturity) of 15 years, which includes an initial grace period of five years during which the Government Angola is not required to make principal repayments. The Government of Angola did not issue a sovereign guarantee for the loan, but it is insured by China Export & Credit Insurance Corporation (Sinosure). The (principal) amount outstanding under the facility was $326.2 million as of December 31, 2017 and $332 million as of December 31, 2021. The availability period applicable to the facility ended in June 2020. The proceeds of the loan were to be used to finance up to 85% of the price of an $985,260,295 commercial contract with China Machinery Engineering Corporation (CMEC). The project involved the construction of a 750MW combined cycle power plant in the town of Soyo in Zaire Province. Construction began on December 31, 2015, and a project completion ceremony was held on August 18, 2017. The plant began delivering power to the grid ahead of schedule on May 19, 2019. This project is closely related to the China Eximbank-financed Soyo-Kapary power transmission line, which is captured via Project ID#43782.

Additional details

1. The Chinese project title is 索约电站 or 安哥拉SOYO I 联合循环电站建设与安装项目 or 索约电站项目. 2. The Portuguese project title is Construção da Central Térmica do Combinado do Soyo/Zaire.

Number of official sources

19

Number of total sources

24