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ICBC pledges $1.19 billion loan for 1980 MW Coal-Fired Thermal Power Plant Construction Project at Cuddalore, Tamil Nadu
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | SRM Energy Limited |
| Country | India |
| Start Date | Dec 15, 2010 |
| End Date | Sep 14, 2033 |
| Duration | 8,309 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 43102 |
Grant Description
ICBC pledges $1.19 billion loan for 1980 MW Coal-Fired Thermal Power Plant Construction Project at Cuddalore, Tamil Nadu SRM Energy received a letter of facilitation from the Energy Department of the Government of Tamil Nadu in December 2007 and December 2008 for setting up a 2,000 MW coal-based power plant at Cuddalore, which was replaced with a 'Single Window Clearing"' system in October 2009.
SRM Energy then began the process of implementing 3x660 MW (1980 MW) super critical thermal power plant based mainly on imported coal in Tamil Nadu.
The project site is located in Chidambaram Taluka, Cuddalore District and is 7 km away from the sea and the upcoming all-weather multi-cargo port.
Then, on December 15, 2010, during a three-day visit of Chinese Premier Wen Jiabao to India, SRM Energy, the Industrial and Commercial Bank of China (ICBC), and China Datang Technologies & Engineering Co.
Ltd. (CDTE) signed a Tripartite Memorandum of Understanding (MoU) regarding an export buyer's credit (backed by Sinosure) that could be used to finance 85% of the cost of $1.4 billion commercial contract between SRM Energy and CDTE.
It does not appear that this financial pledge ever resulted in an official commitment (i.e. export buyer's credit agreement).
Sources & References
- China inks deals with India & Pakistan
- Factbox: China and India deals in focus during Wen's visit
- SRM Energy inks $1.4-billion deal with China Datang
- Development of 1980 MW Coal –based Thermal Power Plant at Cuddalore
- Tamil Nadu 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
SRM Energy Limited
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