Completed Development AidData Chinese Aid

[China-Venezuela Joint Fund] China funds USD 337 Million Juan Bautista Arismendi Power Plant (linked to Record ID#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	Aug 11, 2008
End Date	Aug 29, 2027
Duration	6,957 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`91475`

Grant Description

[China-Venezuela Joint Fund] China funds USD 337 Million Juan Bautista Arismendi Power Plant The China-Venezuela Joint Fund was used to build the USD 337 million Juan Bautista Arismendi Power Plant.

The project contract was signed on August 11, 2008, so the plant was funded by either Tranche A (Record ID#35985) or Tranche B (Record ID#37528) of the China-Venezuela Joint Fund (see Record ID#58677). The primary contractors for the project were Derwick Associates and Inservern. The project was supposed to have a capacity of 170 MW and be completed on July 4, 2011.

The plant was completed on May 15, 2018 with a reported capacity of 140 MW, although sources vary on the true capacity. It burns natural gas and diesel. On May 12, 2021, a fire broke out at the plant which destroyed both turbines. Corpoelec blamed the plant's failures on vandalism in November of 2021.

Bewick and Associates has been indicted in multiple jurisdictions, including Florida, New York, United States, and Andorra on corruption-related allegations.

A 2014 Wall Street Journal investigation found that the company significantly overcharged for the turbines used in the Juan Bautista Arismendi project.

📋 Staff Comments

No transaction amount is included because the amount is captured by one of the subprojects to project ID#58677.
It is unclear exactly when construction began. Sources also vary as to the amount actually installed and the amount the plant was producing before it was destroyed.

📚 Sources & References

Presupuestos y Memoria y Cuenta 2010-2013
COMISIÓN MIXTA PARA EL ESTUDIO DE LA CRISIS ELÉCTRICA EN EL PAÍS INFORME FINAL
Venezuelan Energy Company Investigated in U.S.; Derwick Associates Is Probed by U.S.
New York Agencies for Possible Bribery
Banking Violations
Investigation on the continued Electrical Crisis of Venezuela and Derwick and Associates’ role in it (2008 to present)
Evento en planta Juan Bautista Arismendi genera fallas eléctricas en Nueva Esparta
Afectado servicio eléctrico en Margarita por acto vandálico contra planta ‘Juan Bautista Arismendi’
Fortalecen Sistema de Generación Termoeléctrica en Nueva Esparta
La crisis eléctrica avanza y pone en salsa la luz en Caracas mientras se busca una solución regional
Juan Bautista Arismendi power station
Planta Juan Bautista Arismendi aporta 140 megavatios al sistema eléctrico neoespartano
Incorporación de unidad 1 en Juan Bautista Arismendi impulsa desarrollo del sector eléctrico insular
Venezuela en Apagon
Data 1 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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