China Eximbank provides $10 million loan for Andijan Hydropower Plant (Linked to Record ID#53684)

Project narrative

On June 26, 2006, the Export-Import Bank of China provided a $10,030,000 loan in export buyer's credits to the Government of Uzbekistan for the construction and delivery of equipment to the Andijan Hydropower Plant in Andijan. The loan carried the following terms: 15 year maturity, 5 year grace period, 3.5% interest rate, 0.3% commitment fee, and 0.3% management fee. This loan received a sovereign guarantee from the Government of Uzbekistan. The National Bank for Foreign Economic Affairs of the Republic of Uzbekistan then used the proceeds of this loan to on-lend to an entity called "Специализированнымобъединением «Узсувэнерго»". The plant was the result of a joint venture between the Uzbek Agriculture and Water Management Ministry and the China National Electric Equipment Corp (CNEEC), which signed an agreement in 2007 to build one hydropower station each in Andijan and Akhangaran (See Record ID#53684). Based on this agreement, CNEEC agreed to provide equipment and execute the assembly of the plants. The Andijan Hydropower Plant has a capacity of 50MW and it opened in 2010. Its designed capacity is 171.1 million kilowatts-hours of electricity. The total cost of the project was $28.5 million.