Completed Mixed AidData Chinese Aid

Bank of China provides $44.9 million buyer's credit loan tranche (Tranche B) for 80MW Kozjak Hydropower Plant Construction Project (Linked to Record ID#42247, #42251, and #85158)

$44.98M USD

Funder	Bank of China (BOC)
Recipient Organization	JSC Macedonian Power Plants (ELEM)
Country	North Macedonia
Start Date	Jul 09, 2002
End Date	Jul 04, 2033
Duration	11,318 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`85157`

Grant Description

Bank of China provides $44.9 million buyer's credit loan tranche (Tranche B) for 80MW Kozjak Hydropower Plant Construction Project On July 9, 2002, Bank of China and JSC Macedonian Power Plants (ELEM) — a state-owned electricity company in Macedonia that is also known as AD Elektrani na Makedonia — signed an $89,964,628.88 buyer’s credit loan agreement for the 80MW Kozjak Hydropower Plant Construction Project.

📋 Loan / Grant Terms

💰 Loan Amounthad two separate tranches: a $44

📅 Maturity15 years

⏳ Grace Period7.5 years

💹 Interest Rate7.49%

The Government of the Republic of Macedonia issued a sovereign guarantee in support of this loan. Tranche A and Tranche B are captured in Record ID#42251 and Record ID#85157, respectively.

📋 Loan / Grant Terms

💰 Loan Amountagreement (captured in Record ID#85158) that carried the following terms: a 15-year maturity

📅 Maturity15 years

⏳ Grace Period7.5 years

💹 Interest Rate7.8%

The Government of the Republic of Macedonia issued a sovereign guarantee in support of this supplier credit.

The purpose of this project was to construct an 80MW hydroelectric power plant on the Treska river, 25 kilometers from the capital of Skopje. Hainan S.I.T.

Enterprise (Хаинан С.И.Т. Ентерпраис Корп) was originally designated as the contractor responsible for implementation during the mid-1990s. However, it underperformed and ultimately went bankrupt. Then, in 2002, Hainan S.I.T.

Enterprise was replaced with China International Water & Electric Corporation (CWE), which began construction on November 2, 2002 and ended construction on July 1, 2004. The plant was put into operation after a trial period on September 12, 2004. The final completion certificate was issued on May 10, 2006.

CWE's contract closing ceremony was held on November 27, 2009, the same day that full operational capacity was finally achieved. By August 2010, the power generation capacity of the plant had reached 190 million kWh. Due to Hainan S.I.T.

Enterprise’s inactivity, ELEM suffered $2.8 million of financial losses, which were covered by Sinosure indemnity payments (see Record ID#42247).

📋 Staff Comments

The Chinese project title is 科佳水电站合 or 马其顿科佳水电站目. The Macedonian project title is проектот ХЕЦ Козјак.
JSC Macedonian Power Plants (ELEM) was renamed as Elektrani na Severna Makedonija (ESM) in 2019.
The loan agreements that ELEM signed in July 2002 effectively amended loan agreements that it had previously signed with Bank of China and Hainan in 1998.

📚 Sources & References

Zakon za garancija Kozjak Kina izmena
ELEM-AR09-MKD-FINAL-ZA-WEB-1-1
Godisen-Izvestaj-2008_MK-1, СОБРАНИЕ НА РЕПУБЛИКА МАКЕДОНИЈА, 1-Закон за слободен пристап до информации од јавен карактер, 13-2006
Ambassador Dong Chunfeng attended the closing ceremony of Kozjak power plant contract
REPUBLIC OF MACEDONIA MINISTRY OF FINANCE
Annual-Report_-2007-1
Annual-Report_2008_ANG-1, ЗАКОН ЗА ГАРАНЦИЈА НА РЕПУБЛИКА МАКЕДОНИЈА ПО ДОГОВОРИТЕ ЗА ЗАЕМИ ПО ПРОЕКТОТ ХЕЦ „КОЗЈАК“ СО КИНЕСКАТА БАНКА И ФИРМАТА CWE (CHINA INTERNATIONAL WATER&ELECTRIC CORP)
Microsoft Word - 2E237E6795A6A549B7A07BE260BBF362.doc
HES TRESKA, СЛУЖБЕН ВЕСНИК НА РЕПУБЛИКА МАКЕДОНИЈА, ЗАКОН ЗА ГАРАНЦИЈА НА РЕПУБЛИКА МАКЕДОНИЈА ПО ДОГОВОРИТЕ ЗА ЗАЕМИ ПО ПРОЕКТОТ ХЕЦ КОЗЈАК СО КИНЕСКАТА БАНКА И ФИРМАТА ХАИНАН С.И.Т. ЕНТЕРПРАИС КОРП., 5 СЕДНИЦА НА СОБРАНИЕТО НА РЕПУБЛИКА МАКЕДОНИЈА, 946D62A06AD24F96AC0DF85A7185A659, ЕЛЕМ: СДСМ манипулира со фактите за ХЕ Козјак
马其顿科佳水电站工程
Power Generation Capacity of Kozjak Hydropower Station Reaches New Height
Macedonia's 80 MW Kozjak Power Plant Goes on Stream at Full Operational Capacity- Media, 2E237E6795A6A549B7A07BE260BBF362 (1)
Ambassador Wen Zhenshun inspects Kozjak hydropower station
中国银行出口买方卖方信贷业务的特点和优势 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

JSC Macedonian Power Plants (ELEM)

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