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ICBC provides $837.47 million loan for 750MW Soyo I Combined Cycle Power Plant Construction Project (Linked to Record ID#43782)
| Funder | Industrial and Commercial Bank of China (ICBC) |
|---|---|
| Recipient Organization | Government of Angola |
| Country | Angola |
| Start Date | Jun 09, 2015 |
| End Date | Oct 24, 2031 |
| Duration | 5,981 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 43795 |
Grant Description
ICBC provides $837.47 million loan for 750MW Soyo I Combined Cycle Power Plant Construction Project On June 9, 2015, the Industrial and Commercial Bank of China (ICBC) and the Government of Angola signed a $837,471,250.75 buyer’s credit loan facility agreement for the 750MW Soyo I Combined Cycle Power Plant Construction Project.
The facility has a term (maturity) of 15-years, which includes an initial grace period of five years during which the Government Angola is not required to make principal repayments. The loan's estimated interest rate is 4.0654%.
The Government of Angola did not issue a sovereign guarantee for the loan, but it is insured by China Export & Credit Insurance Corporation (Sinosure).
The (principal) amount outstanding under the facility was $326.2 million as of December 31, 2017 and $332 million as of December 31, 2021. The availability period applicable to the facility ended in June 2020.
The proceeds of the loan were to be used to finance up to 85% of the price of an $985,260,295 commercial contract with China Machinery Engineering Corporation (CMEC). The project involved the construction of a 750MW combined cycle power plant in the town of Soyo in Zaire Province. Construction began on December 31, 2015, and a project completion ceremony was held on August 18, 2017.
The plant began delivering power to the grid ahead of schedule on May 19, 2019.
This project is closely related to the China Eximbank-financed Soyo-Kapary power transmission line, which is captured via Record ID#43782.
Staff Comments
- The Chinese project title is 索约电站 or 安哥拉SOYO I 联合循环电站建设与安装项目 or 索约电站项目. The Portuguese project title is Construção da Central Térmica do Combinado do Soyo/Zaire.
- According to the World Bank's Debtor Reporting System (DRS), the weighted average interest rate of all ‘private’ sector lending from all Chinese creditors to government and government-guaranteed borrowing institutions in Angola as 4.0654% in 2015. AidData estimates the interest rate of the ICBC loan that supported the 750MW Soyo I Combined Cycle Power Plant Construction Project by using this figure. See https://www.dropbox.com/scl/fi/qi2hvg1s05nsak3n1n83u/Private-Chinese-Loans-to-Angola-November-2023-Data-Extraction.xlsx?rlkey=0aq7jdxm29ynbw4yh1bn07c7m&dl=0
Sources & References
- ICBC Signs Soyo Power Plant Financing Agreement with the Ministry of Finance of Angola
- China’s ICBC offers US$840 mln loan for Angolan power project
- Angola: Soyo and Nzeto Befit From Cambambe Electricity
- Angola - Energy
- Chinese bank grants loan to Angola for construction of Soyo power plant
- GE power boost for Angola
- Challenges of and opportunities from the commodity price slump
- ICBC Signs Soyo Power Plant Financing Agreement with the Ministry of Finance of Angola
- Parecer sobre a Conta Geral do Estado 2016
- 工行与安哥拉财政部签署索约电站融资协议
- 驻安哥拉大使崔爱民应邀出席索约联合循环电站一期启用仪式和索约—卡帕瑞输变电项目竣工仪式
- 安哥拉SOYO I 联合循环电站举行揭牌剪彩仪式
- 在非洲大地奔跑 用热血浇筑丰碑 --安哥拉索约电站建设点滴
- 安哥拉总统若昂•洛伦索视察并高度评价SOYO I联合循环电站项目
- President of Angola inspects SOYO power station
- US EXIM Bank Information Sheet
- Chinese Loans to Africa Database
- 中国工商银行
- THE REPUBLIC OF ANGOLA U.S.$500,000,000 9.375 per cent. Notes due 2048, 2015 Government of Angola Bond Prospectus
- CREATING MARKETS IN ANGOLA
- Parecer sobre a Conta Geral do Estado 2016
- 个 人 商 城 >企 业 商 城
- Global Medium Term Note Programme
- Private Chinese Loans to Angola November 2023 Data Extraction 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.
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Government of Angola
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