China Eximbank provides $60 million preferential buyer’s credit for 20MW Jesus Rabi Biomass Power Plant Project

Project narrative

In May 2015, China Eximbank and the Government of Cuba signed a preferential buyer’s credit (PBC) agreement worth $60 million for the 20MW Jesus Rabi Biomass Power Plant Project. The borrowing terms of the loan are unknown. The purpose of the project was to construct the 20 MW Jesus Rabi biomass power plant in the Matanzas province, north of the Jesus Rabi sugar plant. The plant was expected to supply power to the daily production at the sugar plant, supply heat to the del Bardo brewery, and will sell the remaining power to national power alliances. The project was initially discussed in June 2013, and construction was expected to begin by the end of that year; however, there appeared to be some difficulty in acquiring the promised $60 million from China Eximbank until 2015. Shandong Electric Power Engineering Consulting Institute Corp., Ltd. (SDEPCI) was the contractor responsible for project implementation. It signed an EPC contract with AZCUBA (Cuba's state-run sugar monopoly). The project entered implementation in March 2018. As of July 7, 2020, the construction of the 20MW Jesus Rabi Biomass Power Plant Project was still ongoing. The plant is expected to be commissioned in 2025.