ICBC pledges $1.19 billion of debt financing for the 1980 MW Cuddalore Thermal Power Project
Pledged amount
$ 1657345053.5975258
Adjusted pledged amount
$ 1657345053.5975258
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]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
India
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Description
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.
Additional details
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.
Number of official sources
2
Number of total sources
7
Details
Cofinanced
No
Implementing agencies [Type]
SRM Energy [Private Sector]
1Malaysia Development Bhd. [State-owned Company]
China Datang Corporation Ltd. (CDT) [State-owned Company]
Insurance provider [Type]
China Export & Credit Insurance Corporation (Sinosure) [State-owned Company]