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[China-Venezuela Joint Fund] CDB provides loan for El Chorrín Hydroelectric Power Plant Project (linked to Record ID#37833, #58677)
| Funder | China Development Bank (CDB) |
|---|---|
| Recipient Organization | Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund |
| Country | Venezuela |
| Start Date | Dec 01, 2010 |
| End Date | Jun 17, 2026 |
| Duration | 5,677 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 91293 |
Grant Description
[China-Venezuela Joint Fund] CDB provides loan for El Chorrín Hydroelectric Power Plant Project In 2010, Venezuela disbursed over USD 5 billion for the construction of new power plants (see Record ID#37833). One of those planned projects was the Hidroeléctrico El Chorrín, located on the Cuchivero River in Bolivar state.
BANDES provided USD 280 million for the project on December 1, 2010 from the Large Volume Long-Term Financing Fund (see Record ID#37804 and #37808).
On March 2, 2011, BANDES also agreed to provide Corpoelec with RMB 2.898 billion, for a total project amount of USD 711339862.47. This was approved by the China-Venezuela Joint Council. The project is included in a list of future projects from March of 2011. On January 25, 2013, Corpoelec secured permission from the E'ñepá indigenous communities to explore construction.
The most recent mention of the project is a year-end report from 2013, in which the project is described as "in the engineering stage". There have not been further developments, and the project seems to have stalled.
Staff Comments
- Some sources put the capacity at the very large 7,250 MW. Other sources put it at 300 or 1,000 MW.
- The total project amount was calculated as the 2010 disbursement of USD 280,000,000 + the RMB converted to dollars as given by BANDES in an official document in 2011, 431, 339, 862.47, for a total of 711, 339, 862.47.
- If the total amount was not spent, it was to be allocated by BANDES to other electricity projects, presumably the ones captures in project ID#37833. It is unclear what actually occurred with the money.
- No transaction amount is given because the funding is captures by project ID#58677, the China-Venezuela Joint Fund.
- Researchers should be aware that most sources exclusively use the Spanish name 'El Chorrín'.
- The interest comes from the RMB denominated tranche of the Long Term Fund (see project ID#37808).
Sources & References
- Serie: Los papeles secretos de la Electricidad de Caracas (Parte III)
- Comunidades E'ñepá aprueban exploración para construcción de hidroeléctrica Chorrín
- MEMORIA 2013
- Memoria y Cuenta 2012
- Incongruencia en las políticas, elevados costos y corrupción: La causa de la crisis eléctrica venezolana, “EQUIPO DOS RÍOS” PROPUESTAS
- Generando Energia
- Venezuela invests in hydropower projects to meet power demand
- COMISIÓN MIXTA PARA EL ESTUDIO DE LA CRISIS ELÉCTRICA EN EL PAÍS INFORME FINAL
- Se prevé $5.542 millones para la construcción de cinco plantas
- Primer tramo del financiamiento chino destinará 55% de recursos a generación eléctrica 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
Banco de Desarrollo Económico y Social de Venezuela (BANDES)|China-Venezuela Joint Fund
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