CDB Loans USD $50M for Construction of Manzanillo Bay Natural Gas Power Plant (Linked to Project ID#71193)

On July 5, 2018 China Huayang Economic and Trade Group Co., Ltd. and the Dominican State Power Company (CDEEE) signed a memorandum of cooperation on the construction of the Manzanillo Natural Gas Power Plant in the Dominican Republic. The title of the project was the Manzanillo Natural Gas Power Plant or '署蒙桑尼尔天然气火力发电厂'. The project will adopt a BOT mode of operation, standing for build operate and transfer, with a 30 year concession. This means that for the next 30 years China Huayang will have control of the plant in a public private concession before transferring full control of the plant to CDEEE once their concessional agreement is over. In exchange for control of the plant, China Huayang will fund the construction of the plant. China Huayang Economic and Trade Group signed the project and the China Development Bank agreed to provide the loans for the project with the Dominican Republic providing a sovereign guarantee for the project. The total value of the loan issued by the China Development Bank was 50 Million USD. This project records the loan portion of the agreement, the 30 year equity stake is recorded in #71193. The power plant includes the construction of a receiving station and shipping terminal, generator set, and a transmission power station, with a production capacity of 1200MW. As of July 14, 2020, the Manzanillo Natural Gas Power Plant project is still under consideration.

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