China Eximbank provides $138.3 million preferential buyer’s credit for 140MW Gouina Hydroelectric Power Plant Project (Linked to Record ID#53179, ID#56791)

Project narrative

On January 4, 2013, China Eximbank and the Government of Mali signed a $138,300,000 preferential buyer’s credit (PBC) agreement for the 140MW Gouina Hydroelectric Power Plant Project (captured via Record ID#53100). The loan (PBC) carried the following borrowing terms: a 20-year maturity, a 9-year grace period, and a 2% interest rate. The purpose of the project was to establish a 140MW hydroelectric power plant in Gouina on the Senegal River. The project involved the construction of a concrete dam with a threshold spilling over its entire width; the construction of a hydroelectric plant with three power generation units capable of producing 620 GWh per year; the construction of a 287 meter long intake canal and a 423 meter long escape canal; the rehabilitation of the existing track and the bridge at the Cimenterie de Diamou; and the construction of a 225-kilovolt high-voltage line connecting the Gouina station to the Medina station not far from Kayes. The Government of Senegal, the Government of Mali, and the Government of Mauritania all contributed to the implementation of this project. The total cost of the project was approximately $437 million and the Government of Senegal, the Government of Mali, and the Government of Mauritania all contracted equally sized loans (approximately $138,300,000) with China Eximbank to facilitate the implementation of the project. The China Eximbank loan (PBC) contracted by the Government of Senegal is captured via Record ID#53179. The China Eximbank loan (PBC) contracted by the Government of Mauritania is captured via Record ID#56791. These proceeds from these 3 China Eximbank loans covered 95% of the total cost of the project. The remaining 5% was covered by Organisation pour la mise en valeur du fleuve Sénégal (OMVS), which is also known as the Senegal River Basin Authority. Sinohydro Corporation Engineering Bureau 15 Co, Ltd was the contractor responsible for implementation. A foundation stone laying ceremony took place on December 17, 2013. However, construction did not begin until October 1, 2016. The project was originally expected to reach completion by the end of 2018, but it was ultimately completed when all 3 power generation units were connected to the grid on April 3, 2022. An official dam inauguration ceremony took place on December 3, 2022.