China Development Bank pledges loan for 240MW Loznica Thermal Power Station Project
Pledged amount
$ 300366450.58384174
Adjusted pledged amount
$ 300366450.58384174
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]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Serbia
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Description
In 2016, China Development Bank (CDB) agreed in principle to issue a Sinosured-backed loan for the 240MW Loznica Thermal Power Station Project. The proceeds of this loan, if approved, would be used to finance an EPC contract worth EUR 231 million between Scarborough Group International — a UK real estate firm owned by Kevin McCabe — and China National Electric Engineering (CNEEC) in order to develop a new combined cycle natural gas-fueled heat and power plant project (with a planned capacity of 240 megawatts) in an industrial area within the city of Loznica. The EPC contract was signed on June 8, 2016. The project would be implemented in two phases. The first phase of the project (120 MW of the total capacity) was originally expected to reach completion by the end of 2018. The second phase of the project (the remaining 120 MW) was slated to begin in 2019. The ultimate aim of the project was to convert an obsolete set of coal-fired plants into natural gas facility, thereby reducing Serbia's dependency on imported electricity. The project site is situated at the crossroads of key high voltage electrical transmission lines and is adjacent to international gas pipelines, giving it the ability to both supply the domestic market and export power to other countries in South and Central Eastern Europe.
Additional details
As of December 2020, the Overseas Development Finance Dataset and the China Global Energy Database published by Boston University’s Global Development Policy Center both identified a $230 million China Development Bank loan commitment for the 240MW Loznica Thermal Power Station Project. However, AidData has not identified any evidence a final loan agreement with China Development Bank was ever approved. Nor has AidData identified any evidence that this project ever entered implementation. Therefore, this project is status-coded as Pipeline: Pledge rather than Pipeline: Commitment.
Number of official sources
2
Number of total sources
11
Details
Cofinanced
No
Direct receiving agencies [Type]
Ministry of Energy of Serbia [Government Agency]
Implementing agencies [Type]
China National Electric Engineering Co., Ltd. (CNEEC) [State-owned Company]
Ministry of Energy of Serbia [Government Agency]
Scarborough Group International [Private Sector]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]