Shanghai Electric Group provides supplier's credit for 62 MW Bio-Electric Power Plant Project at the Ciro Redondo Sugar Mill (Linked to Project ID#54944)

On May 12, 2016, Shanghai Electric Group signed a supplier's credit agreement for the provision of $185 million to Biopower S.A. for the 62 MW bioelectric power plant at the Ciro Redondo Sugar Mill, which is located in the province of Ciego de Ávila. This plant will generate of energy through the use of bagasse, which is the residue from sugar cane milling. Shanghai Electric Group is the contractor as well as the lender. A groundbreaking ceremony occurred on April 27, 2017. The plant was originally expected to open in December 2019. The supplier's credit is supported by a power purchase agreement with Unión Eléctrica de Cuba (UNE), which a state-owned enterprise responsible for generation, transmission, distribution and commercialization of electric power in Cuba. On July 6, 2020, a opening ceremony was held to commemorate the completion of the project.

Additional details

1. In 2011, the SPV, Biopower S.A., was created as a joint venture between Zerus S.A. (a subsidiary of AZCUBA, the Cuban state-owned sugar monopoly) with a 51% ownership stake and Havana Energy Ltd. (a British renewable energy firm) with a 49% ownership stake. 2. One source identifies el Instituto del Diseño Mecánico y Eléctrico (Simee) of Shanghai Electric as the contractor.

Number of official sources

4

Number of total sources

10