[China-Venezuela Joint Fund] CDB provides loan for TermoCarabobo I (El Palito) Power Plant (Linked to Project ID#58677, #91283, #37833, and #37808)

The TermoCarabobo I power plant was one of the projects funded by the 2010 disbursement of $5.5 billion from the China-Venezuela Joint Fund long-term facility (see Project ID#37808). According to the National Assembly the project cost $1.116 billion in 2012 dollars. The plant was opened in September of 2012. The project was developed by PDVSA, Corpoelec, Sinohydro, and CAMCE. PDVSA was involved because the plant is located at the El Palito refinery. The plant has a capacity of 772 MW. A 2018 National Assembly report recorded an overcharge of 156%, or $872 million. Sinohydro did not appear before the commission on the electricity crisis. A lawsuit in Andorra alleged that at least 12 Venezuelan officials had taken bribes worth $1 million in exchange for giving the TermoCarabobo plant contract to Sinohydro and CAMCE. A second, similarly named power plant called TermoCarabobo II is captured via Project ID#91283.

Additional details

1. It is important for researchers to note that this is not the same as TermoCarabobo II (see project ID#91283 for TermoCarabobo II). They were both funded by the China-Venezuela Joint Fund and were built around the same time, but they are not the same project. The easiest way to differentiate them is that TermoCarabobo is 772 MW, and TermoCarabobo II has an output between 510 and 680 MW. Some sources incorrectly describe TermoCarabobo II as the 772 MW facility, but that is wrong. Source "Data 1" makes this error, but it was used as a source because it accurately reflects that there are two power plants named TermoCarabobo in Venezuela. 2. This project is linked to project ID#37833, which captures power plants pledged in 2010 from the China-Venezuela joint fund. #58677 is the China-Venezuela joint fund. 3. This plant is located at El Palito refinery, and is sometimes referred to as "El Palito" but it is not the same thing as the refinery. 4. No transaction amount is included for this project because it is captured in the China-Venezuela Joint Fund.

Number of official sources

7

Number of total sources

11