ICBC contributes to a $75 million syndicated loan for 250MW Morowali Coal-Fired Power Plant Construction Project (Linked to Project ID#95717)
Commitment amount
$ 41881387.589527465
Adjusted commitment amount
$ 41881387.59
Constant 2021 USD
Summary
Funding agency [Type]
Industrial and Commercial Bank of China (ICBC) [State-owned Commercial Bank]
Recipient
Indonesia
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Unallocable
Infrastructure
Yes
Category
Project lifecycle
Description
In October 2020, the Xiamen Branch of China Development Bank (CDB)and Industrial and Commercial Bank of China (Indonesia) Co., Ltd. signed a $75 million loan agreement with Tsingshan Holdings Group (青山控股集团有限公司) for the 250MW Morowali Coal-Fired Power Plant Construction Project. The borrowing terms of the loan are unknown. However, it is known that the proceeds of the loan are to be used by the borrower to construct a construct a 250MW (1x250MW) coal-fired power plant in the Indonesia Morowali Industrial Park (IMIP) within Sulawesi Province. Project ID#95717 captures CDB's contribution and Project ID#98823 captures ICBC's contribution.
Additional details
1. The borrowing institution may be PT. Indonesia Tsingshan Stainless Steel (ITSS), a special purpose vehicle and subsidiary of Tsingshan Holding Group (青山控股集团有限公司). This issue warrants further investigation. 2. The individual contribution of two lenders to this $75 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of CDB and ICBC by assuming that each lender contributed an equal amount ($37,500,000 USD) to the syndicated loan.
Number of official sources
2
Number of total sources
2
Details
Cofinanced
Yes
Cofinancing agencies [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Direct receiving agencies [Type]
Tsingshan Holding Group [Private Sector]