Active Mixed AidData Chinese Aid

ICBC provides $69.7 million buyer’s credit for 35MW Broadlands Hydropower Project

$69.7M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	Ceylon Electricity Board
Country	Sri Lanka
Start Date	Mar 12, 2013
End Date	Mar 23, 2028
Duration	5,490 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`33458`

Grant Description

ICBC provides $69.7 million buyer’s credit for 35MW Broadlands Hydropower Project On March 12, 2013, ICBC and the Ceylon Electricity Board signed a $69.7 million buyer’s credit (loan) agreement for the 35MW Broadlands Hydropower Project.

📋 Loan / Grant Terms

💰 Loan Amountcarries the following borrowing terms: a grace period of 3 years

The loan’s final maturity date is March 12, 2028. The Government of Sri Lanka issued a sovereign guarantee in support of the loan. Sinosure provided buyer’s credit insurance.

The proceeds of the $69.7 million ICBC loan were to be used by the borrower to finance 85% of the total cost of an $82 million commercial contract with China National Electricity Equipment Corporation, which was signed on October 20, 2010. Hatton National Bank of Sri Lanka financed the remaining 15% of the project cost.

The principal amount outstanding under the ICBC loan was $6.05 million as of December 31, 2015, $17.18 million as of December 31, 2016, $28 million as of December 31, 2017, $24.98 million as of December 31, 2018, $23.13 million as of December 31, 2019, and $30.95 million as of December 31, 2020.

The project involved the construction of 35 MW run-of-the-river hydroelectric complex over the Kelani River in Kitulgala. Its exact locational coordinates are 06°58′44″N 80°27′16″E.

More specifically, the project involved the construction of a 24 meter high & 144 meter long main dam, a 19 meter high & 48 meter long diversion dam, a 2.7 meter diameter & 850 meter long diversion tunnel, a 5.4 meter diameter & 3 km long main tunnel, a 35MW surface power station (2 units of 17.5MW), a switch yard, and a 4 km long transmission line.

The complex has an installed capacity of 35 MW and is expected to generate 126 GWh of electrical energy annually. The contractor responsible for implementation was China National Electric Equipment Corporation. Its work was supervised by Ceylon Electricity Board, the largest electricity company in Sri Lanka.

Construction was originally expected to commence on January 15, 2013; however, it ultimately began on July 17, 2013. River closure took place on November 20, 2016. On June 6, 2019, a breakthrough ceremony of the main headrace tunnel took place. As of August 2020, the project had achieved a 74.79% completion rate.

Then, in November 2021, an inaugural ceremony was held for the release of water to the main tunnel of the Broadlands Hydropower Project.

📋 Staff Comments

The Chinese project title is 斯里兰卡布罗德兰水电站主.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Some sources identify the loan commitment date as January 16, 2013. Ceylon Electricity Board's 2021 annual report states the loan grant date to be June 6, 2013. This discrepancy warrants further investigation.
Ceylon Electricity Board is a government-owned and controlled utility of Sri Lanka that takes care of the general energy facilities of the island.

📚 Sources & References

Hydro Project: Sri Lanka signs US$82mn hydro power deal with China
China building 82m-dollar hydropower plant in Sri Lanka
中国将帮助斯里兰卡建设水电站项目 [China to construct Hydropower Dam for Sri Lanka]
Contract signed for Broadlands hydro project
Sri Lanka
Broadlands hydro power project construction work inaugurated - See more at: http://www.dailynews.lk/?q=local/broadlands-hydro-power-project-construction-work-inaugurated#sthash.HxVhWtUA.dpuf
Broadlands Hydropower project work begins today
Contract signed for Broadlands Hydropower Project
Sri Lanka
Broadlands project to add 35 MW to grid
Power Project To Dam White Water Rafting
Sri Lankan Hydropower project contract awarded
Construction of Broadlands Hydropower Project in Sri Lanka to start on 14th July
Sri Lanka signs hydropower project deal with China
Financing of the budget 2012
Chinese funding pours into Sri Lanka hydropower projects
China bank funds Sri Lankan hydro project
Construction of Broad lands Hydro Power Plant
Broadlands hydro power project construction work inaugurated
Broadlands Dam
Progress as per the end of 3rd Quarter 2017 Department of Project Management and Monitoring
Performance of Priority Projects (As at 31st December - 2017)
Progress of development projects and programmes being implemented in 2017 (As at 30th September 2017)
Progress of the Projects Implemented through the Capital Budget in the year 2016
Development Performance Mid Year Review 2016
DEVELOPMENT PERFORMANCE YEAR END REVIEW 2015
Development_Performance_MidYear_2015
Broadlands HydroPower Project
Public Investment supported by Export Credit
Geohacks - Broadlands Dam
Project 9252 : Broadlands Hydropower Project
SUCCESSFUL Breakthrough of Main Headrace Tunnel of Brodlands Hydropower Project
Minister of Energy of Sri Lanka Visited CNEEC's Broadland Project
Successful River Closure for Sri Lanka Broadlands Hydropower Station
Performance 2015 and Programmes 2016, 2015 Annual Report, 2016 Annual Report
Broadlands HydroPower Project
Government of Sri Lanka 2017 Bond Prospectus
Resource Mobilization
Completion of 35MW Broadlands hydro plant held up due to non-availability of Chinese experts, 35 MW from Broadland power plant to the national grid from next month: Pavithra
Broadlands Hydro Power Project (35 MW)
CEB PROJECTS BROADLANDS HYDROPOWER PROJECT (BHPP), 35MW from Broadland power plant to be integrated to the national grid
Sri Lanka Ministry of Finance Annual Report 2019
MID - YEAR FISCAL POSITION REPORT - 2021
WATER RELEASED TO THE MAIN TUNNEL OF THE BROADLANDS HYDRO POWER PROJECT
UNDER THE PATRONAGE OF THE HON. PRIME MINISTER
Broadlands project water released to main tunnel
PM releases water to main tunnel of Broadlands Hydropower Project
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
Financial Statements 2015
Financial Statements 2014
Ceylon Electricity Board Annual Report 2020
Ceylon Electricity Board 2021 Annual Report
Quarterly Debt Bulletin December 31, 2023 External Resources Department
Unaudited 2022 financial statements of the Ceylon Electricity Board
Unaudited 2023 financial statement of Ceylon Electricity Board
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31 ST DECEMBER 2020
CEB Annual Report 2022
Broadlands Hydro Power Project (35 MW)
STUDY OF HYDROPOWER OPTIMIZATION IN SRI LANKA
Resisting Power
Powering Resistance: A Case Study of the Broadlands Hydropower Project in Kithulgala
PM inaugurates Broadlands Hydropower Project 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.