China Eximbank provides $60 million USD loan for Cuban 50 MW PV Module Production and Industrial Park (linked to #69403)
Commitment amount
$ 69140289.42125842
Adjusted commitment amount
$ 69140289.42
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Cuba
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On 25 October, 2017, China Eximbank signed a framework agreement to provide a $60 million USD preferential loan for a 50 MW photovoltaic solar power generation plant in Cuba. The equity component of this project is captured in #69403. The PV module project is intended to improve Cuba's solar PV panel assembly plant, which will be built in the Mariel Development Zone by a joint venture of Hive Energy and SE Energy Investment Co., a UK subsidiary of Shanghai Electric Group, called Mariel Solar S.A.. This is the first renewable power plant to be 100% foreign-owned and operated Construction of the PV module project is expected to have three installations of approximately 15MW each, and construction is expected to begin in November 2018 and be completed in December 2019. Mariel Solar S.A. signed an agreement in 2016 for Cuba’s electric company, Union Electrica, to buy the power generated from the solar park for 25 years.
Additional details
The Chinese name for the project is "50兆瓦光伏组件自动生产线项目和家电工业园改造项目". This project has been coded as having Implementation status, as the Mariel Development Zone website cites Mariel Solar's SA's investment as "in progress" (See: http://www.zedmariel.com/en/mariel-solar-sa).
Number of official sources
6
Number of total sources
15
Details
Cofinanced
No
Direct receiving agencies [Type]
Mariel Solar S.A. [Joint Venture/Special Purpose Vehicle]
Implementing agencies [Type]
Unión Eléctrica de Cuba [Joint Venture/Special Purpose Vehicle]
Shanghai Electric Group Co., Ltd. [State-owned Company]
Hive Energy [Private Sector]