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Overview

CDB loans $185 million for 115MW Delsitanisagua Hydroelectric Power Plant (Linked to Record ID#35950, #69319)

Commitment Year•2011Country of Activity•EcuadorDirect Recipient Country of Incorporation•EcuadorSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2011
Start (actual)
Nov 1, 2011
End (actual)
Dec 21, 2018
First repayment (originally scheduled)
Dec 31, 2012
Last repayment (originally scheduled)
Dec 30, 2018

Stakeholders

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

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • China Development Bank (CDB)

Receiving agencies

Government Agencies

  • Government of Ecuador

Implementing agencies

Government Agencies

  • Government of Ecuador

State-owned companies

  • Hydrochina Corporation Limited

Loan description

CDB loans USD $185 million for 115MW Delsitanisagua Hydroelectric Power Plant in Ecuador in 2011

Grace period•2 yearsGrant element•9.8429%Interest rate (t₀)•7.159%Interest type•Fixed Interest RateMaturity•8 years

Narrative

Full Description

Project narrative

In October 2011, the China Development Bank agreed to loan $185 million for the Delsitanisagua Hydroeletric Power Plant. The project was funded through a 2011 China Development Bank loan of $2,052,360,403.03 (Record ID#35930), specifically through the $1.4 billion discretionary component (Tranche A; Record ID#69319). The loan terms of Tranche A have been applied to this project. According to report from HydroChina Huadong Engineering Corporation in 2013, the financing model adopted is that of a resource-backed loan ("资源换贷款融资一揽子框架"). The financing provided is 60% of the total contract. The Government of Ecuador signed a $215 million contract with Hydrochina for the construction of the power plant. Also, Corporación Eléctrica del Ecuador (CELEC) signed a EPC contract with Hydrochina Corporation for the construction. The original estimated cost for the project was $216 million; the estimated final cost was $335 million. Construction began in November 2011, and the project was reported as 80% completed in January 2017. On 21 December 2018, the Delsitanisagua Hydroelectric Power Plant was inaugurated, according to a press release. The Chinese project name for Delsitanisagua Hydropower Plant is 德尔西水电站.

Staff comments

This project is funded through Tranche A of the 2011 $2 billion CDB loan (Record ID#69319). To ensure we are not double-counting Chinese OF, the transaction amount field is left empty. The amount is captured in Record ID#69319.