China Eximbank pledges to finance 75MW El Tambolar Dam Project (Linked to Record ID#55293)

Project narrative

According to a Argentina Government Source, Argentina's Minister of Finance, Luis Caputo on May 16 2015 met with authorities of China Eximbank to discuss financing for the El Tambolar multipurpose hydroelectric power project (also known as El Tambolar dam) for 823 million USD. A MOFCOM source in 2017 reported that the project will use a preferential loan from China Eximbank, with the interest rate up to 3.2%. In September 2017, Eximbank officials and consultants hired by Eximbank visited the San Juan province to gather information about the technical and operational aspects of the work that needs to be done. As of then, it was reported that Eximbank is still awaiting a report from the Chinese consultants on the dam project. Preliminary work was completed by July 2018—i.e., building tunnels, the vault of the gate chamber, and the camp, and diverting the river. There were reports that there were many challenges to securing Chinese financing, and in 2019, Energía Provincial Sociedad del Estado (EPSE), acting on behalf of the Province of San Juan, together with Banco de Inversión y Comercio Exterior SA (BICE) and the Administrative Company of Mercado Mayorista Eléctrico SA (CAMMESA), signed the addendum to the Punta Negra Hydroelectric Central Trust Agreement, which will allow the El Tambolar to be funded by nationals funds used for the construction of the Punta Negra Hydroelectric Power Plant. Sinohydro was confirmed to be the project contractor in July 2019, and phase 2 of construction began soon afterwards. Projected completion is 2024.