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China Development Bank provides EUR 350 million buyer’s credit loan for 300 MW Stanari Thermal Power Plant Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | EFT Rudnik i Termoelektrana Stanari d.o.o. |
| Country | Bosnia and Herzegovina |
| Start Date | Jun 20, 2012 |
| End Date | Apr 01, 2033 |
| Duration | 7,590 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 42189 |
Grant Description
China Development Bank provides EUR 350 million buyer’s credit loan for 300 MW Stanari Thermal Power Plant Project On February 19, 2008, the Government of the Republic of Srpska granted a 30-year concession to Energy Financing Team (EFT) Group — a private British company — to construct and operate the 300-megawatt Stanari power plant power plant and mine near the town of Doboj within Republika Srpska.
Then, on June 20, 2012, China Development Bank (CDB) and EFT Rudnik i Termoelektrana Stanari d.o.o. — a special purpose vehicle owned by EFT Group and incorporated under the laws of Republika Srpska (registration number 4400106370004) — signed an EUR 350 million term loan (facility) agreement for the 300 MW Stanari Thermal Power Plant Project.
Its interest rate is unknown. The Government of Bosnia and Herzegovina did not issue a sovereign guarantee in support of the loan. However, EFT (Holdings) ApS and EFT International Investment Holdings Limited both issued repayment guarantees. The borrower also purchased a buyer’s credit insurance policy from Sinosure.
As an additional credit enhancement, all of the assets and future profits of EFT Rudnik i Termoelektrana Stanari d.o.o. were pledged as sources of collateral to CDB in the event that the borrower could not repay the loan (and the Concessions Commission of the Government of the Republic of Srpska had to make an adjustment to its own rules to ensure that CDB could dispose of the 2008 concession agreement in the event that EFT Rudnik i Termoelektrana Stanari d.o.o. was not able to meet its repayment obligations under the loan agreement).
The borrower pledged its cash deposits in a set of onshore and offshore bank accounts, a mortgage on land and buildings, monetary claims and receivables under certain power purchase agreements, among other things.
The proceeds of the CDB loan were used by the borrower/concessionaire (EFT Group) to partially finance an EPC contract that it signed with Dongfang Electric Corporation (DEC) on May 5, 2010.
The 300 MW Stanari Thermal Power Plant Project was implemented on a Build-Operate-Transfer (BOT) basis and it was reportedly financed according to a 80:20 debt-to-equity ratio.
The purpose of the project was to construct a 300-megawatt (MW) coal-fired power plant near the town of Stanari, 70 km east of the city of Banja Luka. The power plant was to be fueled by lignite from the nearby Stanari lignite mine.
Upon completion, the power plant was expected to generate 900 permanent jobs and 2,000 gigawatt-hours (GWhs) of electricit each year. DEC was the EPC contractor responsible for implementation. The first CDB loan disbursement took place on December 24, 2012. Then, in April 2013, excavation work for the foundation of the power plant commenced.
A groundbreaking ceremony took place on May 18, 2013. The EPC contractor handed over the power plant to EFT Group on August 8, 2016. The power plant reached its commercial operation date on September 20, 2016.
Staff Comments
- This project is also known as the 300 MW Stanari Coal-Fired Power Plant Project. The Bosnian project title is Термоелектрана Станари. The Chinese project title is 斯坦纳瑞坑口燃煤电站项目 or 斯坦纳里燃煤电站.
- The ‘EFT UK Account Agreement’ can be accessed in its entirety via https://www.dropbox.com/s/abljctekrrmmveg/CDB%20Loan%20for%20Stanari%20Power%20Plant%20Assignment%20of%20EFT%20UK%20Account%20Agreement.pdf?dl=0.
- The ‘Charge Over Deposit and Account Agreement’ can be accessed in its entirety via https://www.dropbox.com/s/jqm8ndd9vjdi0yj/17%20December%202017%20Charge%20Over%20Deposit%20and%20Account%20for%20CDB%20Loan%20for%20Stanari%20Power%20Plant.pdf?dl=0.
- The ‘Deed of Security’ can be accessed in its entirety via https://www.dropbox.com/s/7lqpczq57ldlk1r/10%20October%202013%20Deed%20of%20Security%20for%20CDB%20Loan%20for%20Stanari%20Power%20Project.pdf?dl=0.
- The ‘Share Pledge Agreement’ can be accessed in its entirety via https://www.dropbox.com/s/7mrlfu72rhv0lfb/20%20June%202012%20Share%20Pledge%20Agreement%20for%20CDB%20Loan%20for%20Stanari%20Power%20Plant%20Project.pdf?dl=0.
- The ‘Assignment of Guarantor's Compensation Proceeds Agreement’ can be accessed in its entirety via https://www.dropbox.com/s/9gi37nrxl3lbzv8/Assignment%20of%20Guarantor%27s%20Compensation%20Proceeds%20Agreement%20for%20CDB%20Loan%20for%20Stanari%20Power%20Project.pdf?dl=0.
- The ‘Assignment of Shareholder Loan Agreement’ can be accessed in its entirety via https://www.dropbox.com/s/zh3mm9cfe4z8ql8/Assignment%20of%20Shareholder%20Loan%20to%20CDB%20for%20Stanari%20Power%20Project.pdf?dl=0.
Sources & References
- 2012年度杰出交易, 50 million euros investment plans from EFT in a hydro or thermo power plant
- Account Charge Agreement
- Ambassador Chen Bo Attends the Completion Ceremony of the Tanari Thermal Power Plant in Bosnia and Herzegovina
- Assignment of Guarantor's Compensation Proceeds Agreement
- Assignment of Shareholder Loan Agreement
- Bosnia & Hercegovina
- China Initiate Thermal Power Station
- Bosnia and Herzegovina Preparatory Survey on Tuzla Coal-Fired Power Plant Project (PPP Infrastructure Project) Interim Report
- BU_PITCH_ENGLISH_2018
- CDB Loan for Stanari Power Plant Assignment of EFT UK Account Agreement
- China approves 350 million euro loan for Bosnia
- China Development Bank Approves Loan for New Power Plant in Bosnia
- China Development Bank delivers Finance for Bosnian coal-fired TPP
- China's CNEEC eyes Bosnia's $584 mln coal-fired plant
- China’s Dongfang hires three Bosnian subcontractors for Stanari TPP project – media
- Chinese envoy discusses investments in Bosnia, bilateral trade
- Chinese firms invest in emerging markets energy for EU toehold
- Chinese loan for EFT coal-fired project
- Chinese wish to build power plant in Bosnia
- Construction progress
- Cornerstone-laying ceremony held for power plant in north Bosnia
- DEC Has Achieved Great Success in Europe—Stanari Tpp Obtained Final Acceptance Certificate
- Deed of Security
- Dong Chunfeng
- Ambassador to Bosnia and Herzegovina visited the site of the Steinari Thermal Power Plant project again
- EFT and China Development Bank in EUR 350 million financing deal for Stanari TPP
- EFT EXPERTS TOOK OVER THE INDEPENDENT POWER PRODUCTION PROCESS AND TPP MAINTENANCE
- EFT Group Annual Review 2011/2012
- Equipment from China for Bosnian power plant to be transhipped via Rijeka
- Fan of Sichuan hotpot, tech chief of BiH power plant has soft spot for China
- LOAN AGREEMENT FOR THE PROJECT OF TPP “STANARI” WORTH 350 MILLION EUROS WAS SIGNED
- Loan Agreement for the Stanari Mine Signed Today
- Norton Rose LLP advises EFT Group on landmark power project in Bosnia and Herzegovina
- Okružni sud u Banjoj Luci presudio u korist CIN-a
- Public Property for Chinese Loan
- Report prepared by Dr Jens Bastian for the European Bank for Reconstruction and Development (with funding from the Central European Initiative)
- Share Pledge Agreement
- Sichuan Branch
- Stanari lignite power plant
- Bosnia and Herzegovina
- TPP Stanari thermal power plant
- Bosnia Herzegovina
- Trusted Advisors to Chinese Companies
- Vladina hirurgija za poslovni uspjeh EFT-a
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- 驻波黑大使陈波考察斯塔纳里火电站项目工地 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.
All Grantees
EFT Rudnik i Termoelektrana Stanari d.o.o.
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