Narrative
Full Description
Project narrative
On June 28, 2021, the Industrial and Commercial Bank of China (ICBC) (captured via Record ID#92546) and the Jiangsu Branch of Bank of China (captured via Record ID#92547) signed an RMB-denominated syndicated buyer’s credit loan and a USD-denominated syndicated buyer’s credit loan with Sihanoukville Special Economic Zone Thermal Power Company Limited (西港特区热电有限公司) — a special purpose vehicle and wholly-owned subsidiary of Sihanoukville Special Economic Zone Company Limited that was created in 2018 — for the 100MW Sihanoukville Special Economic Zone (SEZ) Coal-Fired Power Plant Project. Neither the face values nor the borrowing terms of these loans are known. In June 2021, Sinosure's Jiangsu Branch also issued an export buyer's credit insurance policy, and the project achieved financial closure. The purpose of the project is to construct a 100 MW coal-fired power plant — with two 50 MW generators — in Sihanoukville Special Economic Zone (SEZ) within Prey Nob District and Preah Sihanouk Province (exact locational coordinates: 10.62902, 103.63363). Zhejiang Gas & Thermoelectricity Design Institute Company Limited (浙江城建煤气热电设计院有限公司) is the contractor responsible for the project design. Wuxi Guolian Huaguang Electric Power Engineering Company Limited (无锡国联华光电站工程有限公司) is the contractor responsible for project implementation. Project implementation officially commenced on May 31, 2019. The project’s first phase was initially expected to be ready for initial trial in October 2020 but it was delayed by the COVID-19 pandemic. The first-generation unit was connected to the grid and put into operation on July 1, 2021. The inauguration ceremony for the project was attended by Cambodian and Chinese officials, including the Vice-Head of the United Front Work Department of the Central Committee of the Chinese Communist Party and the SEZ developer and contractor.
Staff comments
1. The Chinese project title is 柬埔寨西哈努克港经济特区热电厂项目 or 西港特区热电项目. 2. The Sihanoukville Special Economic Zone (SEZ) is owned and operated by Sihanoukville Special Economic Zone Company Limited, which is a special purpose vehicle and joint venture between Jiangsu Taihu Cambodia International Economic Cooperation Zone Investment Company Limited (江苏太湖柬埔寨国际经济合作区投资有限公司) and Cambodia International Investment Development Group Company Limited (CIIDG). Jiangsu Taihu Cambodia International Economic Cooperation Zone Investment Company Limited is owned by a joint venture between four Chinese companies, with Hongdou Group holding the largest equity stake. Hongdou (or Hodo) is a major private company from Jiangsu Province. CIIDG is owned by family members of Cambodian Senator Lao Meng Khin. Khin is also on the board of directors of Sihanoukville Special Economic Zone Company Limited. 3. The ultimate parent of Wuxi Guolian Huaguang Electric Power Engineering Company Limited (无锡国联华光电站工程有限公司) is Wuxi Guolian Development (Group) Company Limited, which is a Wuxi Municipality state-owned enterprise. 4. The Sihanoukville Special Economic Zone (SEZ) is often referred to as a priority Belt and Road Initiative investment by the governments of Cambodia and China. 5. One official source (http://www.zjgte.com.cn/index.php/news/details/74.html) identifies the loan commitment date as May 31, 2019. This issue warrants further investigation. 6. AidData has only identified the monetary value of Bank of China's contribution to the RMB-denominated loan (RMB 83.38 million). As such, for the time being, it has captured Bank of China's contribution to the project through a single record (Record ID#92547). This issue warrants further investigation. See http://paper.people.com.cn/rmrb/html/2023-11/29/nw.D110000renmrb_20231129_1-16.htm