China Eximbank, BoC, and ICBC contribute to $1.08 billion syndicated buyer’s credit loan to 1244MW Duyen Hai 1 Coal-Fired Power Plant Construction Project (Linked to Project ID#65791, #72770, #65794)

On September 26, 2011, a group of banks and Vietnam Electricity (EVN) — a state-owned company — signed a $1,083,695,493 syndicated buyer’s credit loan (BCL) agreement for the 1244MW Duyen Hai 1 Coal-Fired Power Plant Construction Project. The syndicate members included China Eximbank, Industrial and Commercial Bank of China (ICBC), Bank of China (BoC), BNP Paribas, and Société Générale. The loan carried a maturity of 14 years and two months but the grace period and interest rate are unknown. Sinosure provided export buyer’s credit insurance. On November 24, 2011, the Vietnam Ministry of Finance issued a sovereign guarantee in support of the loan. The syndicated loan proceeds were to be used to finance 85% of the cost of an $1,210,580,000 EPC contract signed on March 30, 2010 with Dongfang Electric Corporation (DEC). EVN covered the remaining 15% with counterpart funding. The purpose of the project was to construct a 1244MW coal-fired power plant — with two, 622MW power generation units (Unit 1 and Unit 2) — in Dan Thanh commune, Duyên Hải district, and Trà Vinh province. Construction began on September 19, 2010. Unit 1 came on stream in January 2015, and Unit 2 came on stream in April 2015. The project was completed and handed over to the local authorities on January 22, 2016. China Eximbank, ICBC, Bank of China, and CDB also contributed to the Duyen Hai 2 Coal-Fired Power Plant Construction Project and the Duyen Hai 3 Coal-Fired Power Plant Construction Project (as captured via Project ID#65791, #72770, and #65794).

Additional details

1. This project is also known as the 2*622MW Duyen Hai 1 Project, the 1,245-MW Duyên Hải-1 Project, or the Duyen Hai 1 Coal-Fired Power Plant Project. The Chinese project title is 越南沿海火电项目. The Vietnamese project title is Duyên Hải-1. 2. The individual contributions of China Eximbank, Industrial and Commercial Bank of China, Bank of China, BNP Paribas, and Société Générale to the syndicated loan are unknown. For the time being, AidData has estimated the collective contribution ($650,217,295) of the three Chinese state-owned banks (China Eximbank, Industrial and Commercial Bank of China, and Bank of China) by assuming that the five lenders contributed equal amounts ($216,739,098) to the loan syndicate. 3. According to the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020, China Eximbank supported this project with a $1 billion loan.

Number of official sources

12

Number of total sources

21