China Eximbank provides $70 million government concessional loan for 160MW Grand Poubara Hydroelectric Dam Construction Project (Linked to Project ID#73173)

In 2008, China Eximbank and the Government of Gabon signed an RMB-denominated government concessional loan (GCL) agreement worth $70 million for the 160MW Grand Poubara Hydroelectric Dam Construction Project. The agreement was signed by Gabonese Finance Minister Paul Toungui and China's ambassador Hxue Jinwei. The GCL carried the following terms: 20 year maturity, 7 year grace period, and 3% interest rate. In 2008, China Eximbank and the Government of Gabon also signed a USD-denominated preferential buyer’s credit (PBC) agreement worth $300 million for the 160MW Grand Poubara Hydroelectric Dam Construction Project. The borrowing terms of the PBC are unknown. The proceeds from the GCL and the PBC were used to finance approximately $370 million of a $398 million Engineering, Procurement, and Construction (EPC) contract with Sinohydro. The Government of Gabon covered the remaining $28 million cost of the EPC contract. The Government of Gabon also issued sovereign guarantees for the two loans from China Eximbank. Project ID#85 captures the GCL, while Project ID#73173 captures the PBC. This project involved the construction of a dam on the Ogooué river with 4 Francis turbines capable of generating 160 MW. The dam was built in part to generate power for an iron ore mine in Belinga (see Project ID#630). The project also involved the construction of two power transmission lines: a 15 km line from the dam site to Franceville, the country's third largest city, and another line from the dam site to Moanda (the largest manganese mining region in Gabon and in the world). Sinohydro was the contractor responsible for implementation. The dam is located 15 km outside of Franceville in the province of Haut-Ogooué, more than 700 km southwest of Libreville, an area where the Compagnie minière de l’Ogooué’s (COMILOG) main manganese mine is located. Construction officially began on November 15, 2008, and it was originally anticipated that the construction process will be completed in 54 months. The dam was impounded on April 30, 2013. Then, the four power generating units went into operation on August 5, 2013. The dam, water diversion system and other civil works passed final inspection by the project owner on July 22, 2014. The power generator set and auxiliary equipment also passed final inspection by the project owner on August 9, 2014, effectively marking the completion of the project.

Additional details

The Chinese project title is 大布巴水哈电站 or 承建的加蓬大布巴哈水电工程项目. The French project title is Projet Barage Grand Poubara. In the database of Chinese loan commitments that SAIS-CARI released in July 2020, it identifies a single concessional loan for this project worth $318 million. However, the Government of Gabon and Sinohydro both report that China Eximbank supported this project with a $70 million government concessional loan (GCL) and a $300 million preferential buyer’s credit (PBC). Therefore, AidData records both of these loans. .

Number of official sources

7

Number of unofficial sources

10