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CDB loan to construct Esmeraldas II Thermal Power Plant (Linked to Record ID#69319)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Government of Ecuador |
| Country | Ecuador |
| Start Date | Nov 29, 2011 |
| End Date | Nov 11, 2032 |
| Duration | 7,653 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 60794 |
Grant Description
CDB loan to construct Esmeraldas II Thermal Power Plant On 29 November 2011, the National Electric Power Company of Ecuador (CELEC) and Harbin Electric (formerly Harbin Power Station Engineering) signed a contract for the second phase of Esmeralda II, a 96MW Thermal Power Plant in Quito (also referred to as Termoesmeraldas).
The project was funded through a 2011 China Development Bank loan of $2,052,360,403.03 (Record ID#35930), specifically through the $1.4 billion discretionary component (Tranche A; Record ID#69319).
The total contract cost of the project is worth $101.4 million.
A source from the General Secretariat of Communication of the Presidency states that the loan from CDB covered 70% of the total cost, implying the CDB loan covered approximately $70.98 million USD. On 1 February 2012, construction began on the project.
The project is located 7.5 kilometers from the capital of the province of Esmeralda on the northwest coast of the country.
Esmeraldas II (also called the Esmeraldas II Fuel Oil-Fired Complex) began operating in August 2014, before work was completed.
On 5 August 2014, then-president of Ecuador Rafael Correa presided over the inauguration of the Esmeraldas II Thermal Power Plant.
Staff Comments
1. This project is funded through Tranche A of the 2011 $2 billion CDB loan (Project ID#69319). To prevent double-counting, the transaction amount field is left empty. Funding for this project is included in the amount captured in Project ID#69319.
Sources & References
- The contamination of the Esmeraldas II plant affected the population
- Thermo Esmeraldas II Power Plant - CELEC EP
- Harbin Power Station Engineering Company won the bid for the second phase of Ecuador Esmeralda Thermal Power Plant
- The second phase of the Esmeralda Thermal Power Plant in Ecuador is progressing smoothly
- Esmeraldas II Thermal Power Plant operates partially
- President Rafael Correa Inaugurated Esmeraldas II Thermal Power Plant
- The Central Termoesmeraldas II will open on Tuesday
- Ecuador's 96MW Esmeraldas II thermo project comes online
- Resource-Backed Loans: Pitfalls and Potential
- China's Global Energy Finance - Ecuador 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
Government of Ecuador
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