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Overview

China Eximbank pledges to contribute $460 million to syndicated loan for 200MW Wind Farm in Caspian Sea Islands

Commitments (Constant USD, 2023)$489,498,135
Commitment Year•2017Country of Activity•AzerbaijanDirect Recipient Country of Incorporation•AzerbaijanSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Aug 1, 2017

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

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

  • Azerbaijan State Agency for Alternative and Renewable Energy Sources (AREA)

Implementing agencies

Government Agencies

  • Azerbaijan State Agency for Alternative and Renewable Energy Sources (AREA)

State-owned companies

  • China Power Engineering Consulting Company Ltd. (CPECC)

Loan desecription

China Eximbank pledges to contribute $460 million to syndicated loan for 200MW Wind Farm in Caspian Sea Islands

Interest type•Unknown

Narrative

Full Description

Project narrative

In August 2017, China Eximbank stated that it would support a $460 million loan for a 200MW Wind Farm Project on the Absheron Peninsula. The planned project would involve the construction of 40 to 60 wind turbines — with 200 MW of power generation capacity — in the Caspian Sea on the Islands of Pirallahi and Cilov. A Chinese state-owned enterprise, China Power Engineering Consulting Group Co. (CPECGC), was identified as the contractor responsible for implementation. The project is reportedly also being assisted by the Azerbaijan State Agency for Alternative and Renewable Energy Sources.

Staff comments

According to a US EXIM Bank database and the OECD, this project is being financed by the China Eximbank and other state lenders. However, AidData has not yet confirmed the signing of a loan agreement with any official Chinese sources. Also, one 2019 media source indicates that the 'financing mechanism has not yet been determined.' As such, AidData has status-coded this project as a pledge for the time being.