Active Mixed AidData Chinese Aid

ICBC pledges $1.19 billion of debt financing for the 1980 MW Cuddalore Thermal Power Project

$1.19M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	India
Country	India
Start Date	Dec 15, 2010
End Date	Jun 24, 2028
Duration	6,401 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`54357`

Grant Description

ICBC pledges $1.19 billion of debt financing for the 1980 MW Cuddalore Thermal Power Project In a Tripartite Memorandum of Understanding signed on December 15th, 2010, China Datang Technologies & Engineering Co.

Ltd. (CDTE) was awarded a contract to supply the 3 Thermal Power units of 660 MW each for the Cuddalore Thermal Power Project by SRM Energy.

The financing for this the export buyer's credit will be supplied by the Industrial & Commercial Bank of China's $1.19 million USD loan. To the extent of 85% of EPC cost, the loan is insured by China Export & Credit Insurance Corporation (SinoSure). The 3*660MW Thermal Power Units are super critical thermal power plant based mainly on imported coal in Tamil Nadu.

The first unit will be commissioned by March 2014, and the project will be completed by March 2015.

📋 Staff Comments

5 MARCH 2019 Both SRM energy and IL&FS are listed as implementing because they both built the project at different times, although ownership may be in IL&FS's possession. Project status coded as pledge as it is unclear if there were any progress on the financing arrangement beyond the signing of the MOU.

📚 Sources & References

Quantifying Chinese Public Financing for Foreign Coal Power Plants
Development of 1980 MW Coal –based Thermal Power Plant at Cuddalore
Tamil Nadu
SRM Energy awards 2000 MW Power Project Contract to China Datang Technologies
Cuddalore Thermal Power Project
SRM Energy signs LoI for $1.4 bn with Chinese firm
Cuddalore SRM power station
Supplementary Online Material: List of projects to which China has provided public financing (2007-2013) 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.