Narrative
Full Description
Project narrative
On August 16, 2004, China Eximbank and IDICO Srok Phu Mieng Hydropower Joint Stock Company (JSC) — a special purpose vehicle (SPV) that is 51% owned by a Vietnamese state-owned company called Vietnam Urban and Industrial Zone Development Investment Corporation (IDICO) Joint Stock Company (JSC) — signed a $11,513,250 buyer’s credit loan agreement [BLA04073] for the 51MW Srok Phu Mieng Hydroelectric Power Plant Construction Project. The loan carried the following borrowing terms: a 5.11% interest rate, a 5-year grace period, and a 12-year maturity. The proceeds of the loan were to be used by the borrower to partially finance an EPC contract with Dongfang Electric Corporation (DEC). The purpose of the project was to construct a 51MW hydroelectric power plant — with two, 25.5MW power generation units (Unit 1 and Unit 2) — in Long Binh commune, Phu Rieng district, and Binh Phuoc province. DEC was the EPC contractor responsible for project implementation. Construction began on November 24, 2003. Unit 1 was installed on October 13, 2006. Unit 2 was installed on January 25, 2007. The project totally completed on July 7, 2007.
Staff comments
1. This project is also known as the Srok Phu Mient HPP Project and the 2x25.5MW Srok Phu Miêng Hydroelectric Power Plant Construction Project. The Vietnamese project title is Thủy điện Srok Phu Miêng. 2. The China Eximbank loan that supported this project is not included in the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020.