China Eximbank provides $299.88 million preferential buyer’s credit for 318MW Jerada Coal-Fired Power Plant Construction Project

📋 Staff Comments

1. This project is also known as the 318MW Jerada Coal-Fired Power Plant Construction Project and the 1X350MW Jerada Coal-Fired Power Plant Construction Project. The French project title is Centrale à charbon de Jerada or Projet d'extension de la centrale thermique de Jerada or Centrale thermique de Jerada. The Chinese project title is 摩洛哥杰拉达项目 or 摩洛哥杰拉达1×350MW超临界燃煤电站. The Arabic project title is محطة جرادة لتوليد الكهرباء تعمل بالفحم or محطة توليد الكهرباء بمدينة جرادة، التي تعمل بالفحم، والتي تبلغ قدرتها 350 ميغاو.
2. Some of the official sources that underpin this project differ on the precise date when the China Eximbank PBC (loan) agreement was finalized. Some identify the loan signature date as September 26, 2014 and others identified the loan signature date as August 11, 2014.
3. Official sources differ on the value of the underlying commercial contract supported by the China Eximbank loan. Some sources put its value at $348 million and other sources put its value at $358 million.
4. In the database of Chinese loan commitments that SAIS-CARI published in July 2020 and the Overseas Development Finance Dataset that Boston University’s Global Development Policy Center published in December 2020, the face value of this China Eximbank loan is identified as $305 million. AidData relies on the face value of the loan ($299.88 million) that is reported by the borrower (ONEE).
5. Some sources (including SEPCO3 and PowerChina) suggest China Eximbank may have financed this project with a PBC and a government concessional loan (GCL). This issue merits further investigation.
6. The estimated borrowing terms of the loan are drawn from the World Bank's Debtor Reporting System (19.9-year maturity, no grace period, 0% interest rate). However, these terms are substantially different from the typical borrowing terms that apply to preferential buyer's credits from China Eximbank. This issue warrants further investigation. See https://www.dropbox.com/s/2sw4f7gluxa52fk/DRS%20Official%20Commitments%20from%20China%20Through%202021.xlsx?dl=0 and https://www.dropbox.com/s/ab8qt4n6jijcbhd/IDS_Average%20interest%20on%20new%20external%20debt%20commitments.xlsx?dl=0 and https://www.dropbox.com/s/949n5rctiue6d7c/IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments.xlsx?dl=0

📚 Sources & References

• Chinese firm to build coal power plant in eastern Morocco
• China,Morocco : Sepco III ratifies deal to construct coal fired plant in eastern MOROCCO
• 摩洛哥燃煤电站项目现场踏勘完成
• MOROCCO'S ONEE GETS $300M LOAN FROM CHINA'S EXIM BANK
• Morocco's ONEE gets $300 mln loan from China's Exim Bank
• Jerada power station
• Jerada Coal-Fired Power Plant (318MW)
• Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance
• POWERCHINA and Morocco team up for first time with coal-fired plant
• Projet d'extension de la centrale thermique de Jerada
• Focus sur la Centrale thermique de Jerada (Vidéo/Interview)
• Maroc _ China Exim Bank finance la construction d'une nouvelle centrale à charbon
• Le Matin - China Exim Bank prête 2,5 milliards de DH à l’ONEE
• Site web officiel de l'ONEE - Branche Electricité
• Contrat de prêt _ L’ONEE décroche 2,5 Mds de DH auprès de China Exim Bank
• 山东电力建设第三工程有限公司
• Contract Formally Signed - SEPCOIII
• Global EPC Contractor ( EPCO _ EPC _ BOT _BOO_ PMC) - SEPCOIII
• 摩洛哥杰拉达1×350MW燃煤电站_华丰伟业公司, [中国电建]【一带一路旗舰篇】“中国方案” 赢得市场 ——山东电建三公司摩洛哥杰拉达项目纪实-股票频道-金融界
• 中国电建摩洛哥杰拉达项目破土动工－国务院国有资产监督管理委员会
• Les grands chantiers du secteur électrique - Royaume du Maroc Ministère de l’Energie, des Mines, de l’Eau et de l’Environnement
• Chinese Loans to Africa Database
• Morocco's ONEE gets $300 mln loan from China's Exim Bank _ Reuters, شركة صينية تبني محطة كهرباء بالمغرب, مشاريع لإنتاج الكهرباء
• EIE centrale charbon jerada
• 中国进出口银行贷后检查组到摩洛哥杰拉达项目部检查指导工作_华丰伟业公司
• 中国水利水电第十二工程局有限公司
• 中国水利水电第一工程局有限公司 集团新闻 【一带一路旗舰篇】“中国方案” 赢得市场
• 山东电力建设第一工程有限公司 集团要闻 【一带一路旗舰篇】“中国方案” 赢得市场, “一带一路”引领，中国和摩洛哥经贸合作正当时
• 电建地产手机版 集团新闻 【一带一路旗舰篇】“中国方案” 赢得市场
• Chronologie des accords de coopération signés entre le Maroc et la Chine
• China's Overseas Development Finance
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• IDS_Average interest on new external debt commitments
• IDS_Average_grace_period_and_maturity_on_new_external_debt_commitments, دراسة: تلوث الهواء الناتج عن توليد الطاقة بالوقود الأحفوري يكلف المغرب 18% من ناتجه المحلي Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.