Overview

China Eximbank provides $24.8 million loan for the Dargom Canal Hydroelectric Power Plant Construction Project

Commitments (Constant USD, 2023)$25,753,404

Commitment Year•2019Country of Activity•UzbekistanDirect Recipient Country of Incorporation•UzbekistanSector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2019

First repayment (originally scheduled): Dec 31, 2023

Last repayment (originally scheduled): Dec 27, 2038

Geospatial footprint

Map overview

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The purpose of the project is to construct the 7.2MW Shaudarskaya small hydroelectric power station and a small, 7.4 MW hydroelectric power station at picket 135 + 50. Both power stations will be located on the Dargom canal (канале Даргом) in Samarkand region. More detailed locational information can be found at https://www.openstreetmap.org/way/830419497#map=16/39.6269/66.8877, https://www.openstreetmap.org/way/830419493

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Government Agencies

Government of Uzbekistan

Loan description

China Eximbank provides $24.8 million loan for the Dargom Canal Hydroelectric Power Plant Construction Project

Grace period•5 yearsGrant element•53.1012%Interest rate (t₀)•2%Interest type•Fixed Interest RateMaturity•20 years

Narrative

Full Description

Project narrative

In 2019, China Eximbank and the Government of Uzbekistan signed a $24,810,900 loan agreement for the Dargom Canal Hydroelectric Power Plant Construction Project. The loan carries the following borrowing terms: a 20 year maturity, a 5 year grace period, a 2% interest rate, a 0.75% commitment fee, and a 0.75% management fee. The borrower is expected to use the loan proceeds to partially finance the total project (commercial contract) cost of $30 million. Uzbekhydroenergo is expected to provide $5.8 million of counterpart financing. The purpose of the project is to construct the 7.2MW Shaudarskaya small hydroelectric power station and a small, 7.4 MW hydroelectric power station at picket 135 + 50. Both power stations will be located on the Dargom canal in Samarkand region. The two stations, upon completion, are expected to annually generate 37.8 million kWh and 34.3 million kWh, respectively.

Staff comments

1. This project is also known as the “Construction of a hydroelectric power station on the Dargom Canal” Project. The Uzbek project title is Строительство Шаударской малой ГЭС на канале Даргом, строительство малой ГЭС на пикете 135+50 канала Даргом в Самаркандской области. 2. The proceeds of the loan may have been on-lent to Uzbekhydroenergo. This issue warrants further investigation.