ICBC provides a $166.67 million loan for the Tiroda Thermal Power Project (Linked to Record ID#53783)

In 2013, CDB and ICBC contribute to USD 480 million syndicated loan agreement for the Tiroda Thermal Power Project, India On April 22, 2013, Adani Power Maharashtra Ltd (APML) — a special purpose vehicle and subsidiary of Adani Power — signed a $480 million syndicated loan agreement with China Development Bank, the Industrial and Commercial Bank of China (ICBC), and the Standard Chartered Bank for the 3300 MW Tiroda Thermal Power Project.

Each bank reportedly contributed $166,670,000 USD to the loan syndicate. Record ID#53783 captures China Development Bank’s contribution, while Record ID#54345 captures ICBC’s contribution. The loan carried a 10-year maturity. Its grace period and interest rate is unknown. The 3300 MW Tiroda Thermal Power Project involved the construction of five 660 MW units.

APML was responsible for the financing, design, and implementation of the project. It has a long-term power purchase agreement (PPA) with Maharashtra state utility. Powergen Infrastructure was the turnkey contractor for the project. Sichuan Machinery & Equipment Import & Export Company (SCMEC) supplied equipment for the project.

SCMEC, however, could not perform the contract works due to Visa policy issues with India. SCMEC, instead, guided the sub-contractors in the erection, commissioning, and operation of the equipment. This project was completed on October 11, 2014.