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Overview

ICBC pledges $1.19 billion of debt financing for the 1980 MW Cuddalore Thermal Power Project

Commitments (Constant USD, 2023)$1,530,504,783
Commitment Year•2010Country of Activity•IndiaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Dec 15, 2010

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Implementing agencies

Private Sector

  • SRM Energy Limited

State-owned companies

  • 1Malaysia Development Bhd.
  • China Datang Corporation Ltd. (CDT)

Insurance providers

State-owned companies

  • China Export & Credit Insurance Corporation (Sinosure)

Loan desecription

ICBC pledges $1.19 billion of debt financing for the 1980 MW Cuddalore Thermal Power Project

Interest type•Unknown

Narrative

Full Description

Project narrative

In a Tripartite Memorandum of Understanding signed on December 15th, 2010, China Datang Technologies & Engineering Co. Ltd. (CDTE) was awarded a contract to supply the 3 Thermal Power units of 660 MW each for the Cuddalore Thermal Power Project by SRM Energy. The financing for this the export buyer's credit will be supplied by the Industrial & Commercial Bank of China's $1.19 million USD loan. To the extent of 85% of EPC cost, the loan is insured by China Export & Credit Insurance Corporation (SinoSure). The 3*660MW Thermal Power Units are super critical thermal power plant based mainly on imported coal in Tamil Nadu. The first unit will be commissioned by March 2014, and the project will be completed by March 2015.

Staff comments

5 MARCH 2019 Both SRM energy and IL&FS are listed as implementing because they both built the project at different times, although ownership may be in IL&FS's possession. Project status coded as pledge as it is unclear if there were any progress on the financing arrangement beyond the signing of the MOU.