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China Eximbank pledges financing for Manuel Belgrano II Thermoelectric Power Plant Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | A Joint Venture between China National Technical Import and Export Corporation and Electroingenieria S.A. |
| Country | Argentina |
| Start Date | Feb 04, 2015 |
| End Date | May 18, 2031 |
| Duration | 5,947 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 54566 |
Grant Description
China Eximbank pledges financing for Manuel Belgrano II Thermoelectric Power Plant Project On February 4th, 2015, the China EXIM bank signed an MoU with the Argentinian government for the financing of the Central Termoeléctrica Manuel Belgrano II Project. The thermoelectric power plant will consist of two gas turbines and one steam turbine.
The power plant was planned to be a joint venture between China National Technical Import and Export Corporation and Electroingenieria S.A., where China National Import and Export Technical Corporation (CNTIC) is expected to provide the equipment.
The loan will cover 85% of the commercial contract, and Inversiones Chinas En América Latina reported that the loan was worth 1 billion USD.
The 6 Month LIBOR as of February 2015, which is the MOU sign date, is 0.376% The interest rate = 0.376% + 3.80% = 4.176%. The loan is guaranteed through the income generated through electricity sales once the plant opens.
The loan carried additional terms of a 0.3% commitment fee, and 0.5% one-time upfront (management) fee, and a loan guarantee provided from the income generated through the electricity sales under the project.
In 2017, a resolution was drafted in Argentine's Chamber of Deputies for the National Executive Branch to start the project.
In January 2019, Electroingenieria S.A. said that China Eximbank had approved the loan and its terms, but the Argentine Government had not formally approved the loan. Project marked as pledge for now.
Staff Comments
1. The MOU can be accessed in its entirety via https://www.dropbox.com/s/l9hnqq9bzwxb61w/2015%20China%20Eximbank%20Loan%20for%20Central%20Termoelectica%20Manuel%20Belgrano%20Project%20in%20Argentina.pdf?dl=02. For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.
Sources & References
- ACUERDOS DE COOPERACIÓN, 2015 China Eximbank Loan MoU for Manuel Belgrano Thermoelectric Power Plant
- With an anti-corruption code
- Electroingeniería seeks to rebuild its corporate image
- We started Termoeléctrica Manuel Belgrano II (TMB2) Campana - Argentina
- Finanzas Corporativas
- PROYECTO DE RESOLUCION
- Un ícono empresarial del kirchnerismo, con dificultades para seguir funcionando, estado_contable
- 阿中签署首个政府间优惠贷款融资协议
- PROPOSED RESOLUTION 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
A Joint Venture between China National Technical Import and Export Corporation and Electroingenieria S.A.
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