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[Suspended] China Development Bank provides loan for Guyana's Amaila Falls Hydro Project
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Amaila Falls Hydropower Inc (AFHI) |
| Country | Guyana |
| Start Date | Jan 01, 2011 |
| End Date | Jul 25, 2027 |
| Duration | 6,049 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 56136 |
Grant Description
[Suspended] China Development Bank provides loan for Guyana's Amaila Falls Hydro Project In 2011, the China Development Bank and the Inter-American Development Bank provided $858 million of debt financing to Amaila Falls Hydropower Inc (AFHI) — a special purpose vehicle — for the Amaila Falls Hydroelectric Power Plant Project.
On September 10, 2012, the signing ceremony of Guyana Amara Falls Hydropower Project was held.
Sinosure provided insurance for the CDB loan.
Sithe Global (SG) and the Government of Guyana (GOG) created Amaila Falls Hydro, Inc.— a special purpose vehicle — for the purpose of developing, financing, constructing and owning the project.
Sithe Global has a 60% equity stake and the GOG — represented by Guyana Power and Light (GPL) — has a 40% equity stake in AFHI.
The Amaila Falls Hydroelectric Power Plant Project was to be owned and operated by the sponsors for 20-years, after which point it would be transferred to the Government of Guyana through a Build-Own-Operate-Transfer (BOOT) arrangement.
CDB and Inter-American Development Bank were to provide loans to the project company and the proceeds under the Power Purchase Agreement (PPA) between the project company and Guyana Power Light, as power purchaser, were to be used for repayment of the CDB and IADB loans. China Railway First Group was selected as the EPC contractor responsible for project implementation.
The project involved the construction of a 165 megawatts hydropower plant in west-central Guyana at the confluence of the Amaila and Kuribrong rivers, 270km transmission lines, and 2 new access roads (~85km in length). Construction officially started on July 8, 2013.
However, on June 12, 2015, a new political party came to power in Guyana and announced the suspension of all work on the Amaila hydropower station.
AFHI still exists as a company although in a "lame duck" state after the withdrawal of Sithe Global as project sponsor and developer.
The Interim Generation License has been withdrawn, while the Implementation Agreement and the PPA never came into effect.
Staff Comments
The Chinese project title is 圭亚那Amaila水电站 or 圭亚那Amaila水电站EPC项目 or 165兆瓦Amalia Falls水力发电项目的.
Sources & References
- AMAILA FALLS HYDRO PROJECT
- Review of the Amaila Falls Hydropower Project in Guyana
- 中铁一局获签圭卡美拉水电站项目合同
- China Railway First Group Wins Guyana Contract
- Are Big Chinese Energy Investments in Latin America a Concern?
- Latin America infrastructure needs more investment
- The same way
- Asia Infrastructure Group newsletter Edition 4 (December 2011)
- High interest as Amaila hydro project back on table – Harmon
- Understanding Climate Change
- Signing ceremony of Guyana Amara Falls Hydropower Project was held in Xi'an
- Overseas engineering
- Amaila Falls hydro road more than 93 percent complete 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
Amaila Falls Hydropower Inc (AFHI)
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