[China-Venezuela Joint Fund] CDB provides loan for El Chorrín Hydroelectric Power Plant Project (linked to Project ID #37833, #58677)

In 2010, Venezuela disbursed over USD 5 billion for the construction of new power plants (see project ID#37833). One of those planned projects was the Hidroeléctrico El Chorrín, located on the Cuchivero River in Bolivar state. BANDES provided USD 280 million for the project on December 1, 2010 from the Large Volume Long-Term Financing Fund (see project ID#37804 and #37808). On March 2, 2011, BANDES also agreed to provide Corpoelec with RMB 2.898 billion, for a total project amount of USD 711339862.47. This was approved by the China-Venezuela Joint Council. The project is included in a list of future projects from March of 2011. On January 25, 2013, Corpoelec secured permission from the E'ñepá indigenous communities to explore construction. The most recent mention of the project is a year-end report from 2013, in which the project is described as "in the engineering stage". There have not been further developments, and the project seems to have stalled.

Additional details

1. Some sources put the capacity at the very large 7,250 MW. Other sources put it at 300 or 1,000 MW. 2. The total project amount was calculated as the 2010 disbursement of USD 280,000,000 + the RMB converted to dollars as given by BANDES in an official document in 2011, 431, 339, 862.47, for a total of 711, 339, 862.47. 3. If the total amount was not spent, it was to be allocated by BANDES to other electricity projects, presumably the ones captures in project ID#37833. It is unclear what actually occurred with the money. 4. No transaction amount is given because the funding is captures by project ID#58677, the China-Venezuela Joint Fund. 5. Researchers should be aware that most sources exclusively use the Spanish name "El Chorrín". 6. The interest comes from the RMB denominated tranche of the Long Term Fund (see project ID#37808).

Number of official sources

7

Number of total sources

10