[China-Venezuela Joint Fund] China Funds USD 135 Million Termozulia IV Power Plant (linked to project ID#91431, 58677)

In 2009, the China-Venezuela Joint Fund (see project ID#58677) provided USD 135 million for the construction of the Termozulia II power plant. It was funded by either Tranche A (see project ID#35985) or Tranche B (see project ID#37528) of the Joint Fund. The primary contractors were Energy Parts Solutions, Proenergy Services, and Energy Solutions C.A. The EPC contract with Energy Solutions was signed on November 9, 2009. The natural gas-fueled plant was inaugurated on September 2, 2010, and it began operating with a capacity of 150 MW. The plant is part of the broader General Rafael Urdaneta Thermoelectric Complex, which houses Termozulia plants I-IV. See project ID#91431 for TermoZulia II. TermoZulia V, a similarly named plant, is located approximately 122 kilometers from the General Rafael Urdaneta Thermoelectric Complex and is captured in project ID#91486. A former Vice Minister of Electric Energy, Nervis Villalobos Cárdenas, has been accused of corruption relating to the construction of this plant. He was also accused of taking bribes during the tender process for the India Urquia (El Sitio) power plant (see project ID#91468). Additionally, a 2018 the National Assembly report found a difference of 68% between the actual cost and the contract price.

Additional details

1. This project is linked to project ID#58677, which captures the China-Venezuela Joint Fund. It is also linked to the other China-funded project in the General Rafael Urdaneta Thermoelectric Complex, Termozulia II (see project ID#91431). The funding for Termozulia I is unclear, and Termozulia III was funded by the Development Bank of Latin America (CAF). Termozulia V (see project ID#91486) is not part of the General Rafael Urdaneta Thermoelectric Complex. 2. No transaction amount is listed because the amount is captured by one of the subprojects to project ID#58677.

Number of official sources

4

Number of total sources

6