China Eximbank provide $549.95 million buyer’s credit loan for Djibloho Power Transmission and Transformation Project (Linked to Project ID#995, #62127, #484)

In 2006, China Eximbank and the Government of Equatorial Guinea signed a $2 billion oil-backed buyer’s credit facility agreement for various infrastructure projects (captured in Project ID#484). All subsidiary loans approved under this facility agreement carry the following terms: a 5.5% interest rate, a 5 year maturity, and a 2 year grace period. Then, in 2009, China Eximbank and the Government of Equatorial Guinea signed a subsidiary buyer’s credit loan agreement for the Djibloho Power Transmission and Transformation Project. The proceeds of the loan were used by the borrower to finance a $647 million commercial (EPC) contract with China Machinery Engineering Corporation (CMEC). The estimated face value of loan is $549.95 million (since other subsidiary buyer’s credit loans that were approved through the $2 billion oil-backed buyer’s credit facility were use to finance 85% of commercial contract costs). The purpose of this project was to evacuate power from the China Eximbank-financed 120MW Djibloho Hydropower Station (captured in Project ID#995) to 25 cities in mainland Equatorial Guinea. It involved the construction of 1,366 km of power transmission lines; the construction of twenty-six, 5200 kV, 13110kV, and 820kV substations; and the construction of 1 national control (dispatch) center. CMEC and one of its subsidiaries (CMEC Comtrans International Co., Ltd.) were responsible for implementation. A groundbreaking ceremony for the project was held on June 21, 2009. Another major milestone was achieved on December 28, 2011 when the South Akure Sub-station and Mengomeyén Sub-station achieved synchronized power transmission. A project completion ceremony was held on October 10, 2012. This project is closely related to two other China Eximbank-financed projects: the 120MW Djibloho Hydropower Station Project (captured via Project ID#995) and the Djibloho Regulating Reservoir Project (captured via Project ID#62127).

Additional details

1. This project is also known as the Djiploho Power Transmission and Transformation Project or the Giblau Power Transmission and Transformation Project. 2. The Chinese project title is 赤道几内亚吉布劳水电站 or 赤道几内亚吉布劳输变电线路一期、二期项目 or 赤道几内亚吉布劳水电站输变电线路工程项目. 3. Neither Boston University's Global Development Policy Center nor SAIS-CARI record the China Eximbank loan for this project.

Number of official sources

17

Number of total sources

21