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Bank of China contributes to $280 million syndicated loan for 420MW Mymensingh Dual Fuel (Gas/HSD) Combined Cycle Power Plant Construction Project
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Rural Power Company Ltd. (RPCL) |
| Country | Bangladesh |
| Start Date | Sep 21, 2021 |
| End Date | Nov 28, 2026 |
| Duration | 1,894 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 104950 |
Grant Description
Bank of China contribution to USD 280 million syndicated loan for 420MW Mymensingh Dual Fuel (Gas/HSD) Combined Cycle Power Plant Construction Project On September 21, 2021, Rural Power Company Limited (RPCL) — an autonomous government company responsible for rural electrification and power in Bangladesh — signed a $280 million syndicated loan agreement with Bank of China and the Singapore Branch of Sumitomo Mitsui Banking Corporation (SMBC) for the 420MW Mymensingh Dual Fuel (Gas/HSD) Combined Cycle Power Plant Construction Project.
The loan carries a 12-year maturity. However, its other borrowing terms are unknown.
The borrower was expected to use the proceeds of the loan to finance a commercial (EPC) contract between Harbin Electric International Company Ltd. (HEICL) and RPCL, which was signed on October 31, 2019.
The loan is backed by a sovereign guarantee (issued on January 15, 2020) and a credit insurance policy (that went into effect on October 27, 2021) from China Export & Credit Insurance Corporation (Sinosure) as well as a credit insurance policy from Euler Hermes.
The purpose of the project is to construct a 420MW dual fuel (gas/HSD) combined cycle power plant in Shambhuganj within Mymensingh district. The project consists of 1 steam turbine with 140MW nameplate capacity and 1 gas turbine with 280MW nameplate capacity. The primary fuel that will be used to power the plant is natural gas.
However, in the event that there is insufficient natural gas, the plant will run on high speed diesel (HSD). The fuel will be procured from Petrobangla. HEICL is the EPC contractor responsible for project implementation. Its EPC contract went into effect on January 12, 2022.
By November 2022, a detailed feasibility study had been completed; DoE had issued a site clearance certificate; land development had been completed; and the project had achieved a 5% physical progress (completion) rate. The project’s originally expected completion date was December 2026.
Staff Comments
- The Chinese project title is 孟加拉迈门兴360MW双燃料联合循环电站项目.
- One source suggests that financial close was achieved on June 30, 2022. This issue warrants further investigation.
- The exact monetary size of Bank of China’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions across the two known members of the syndicate ($140 million).
Sources & References
- List of Guarantee (Valid beyond 30 June, 2023)
- Annual Report 2018-2019
- Mymensingh Dual Fuel Power Plant
- Bangladesh
- Banking and finance in Bangladesh
- Annual Report 2021-2022
- Request for Expression of Interests
- List of Guarantee (Valid beyond 30 June, 2022)
- 哈电国际正式签订孟加拉满门兴(Mymensingh)420MW联合循环电站项目
- 中国信保助力企业走出国门 —哈电国际孟加拉迈门兴电站项目出口信贷保险责任生效
- 中国信保全年承保金额突破8000亿美元
- Mymensingh Combined Cycle Power - Sinosure/Euler Hermes Covered Loan
- RPCL to build 420MW power plant in M’singh
- Mymensingh to have 420MW new power plant
- Annual Report 2021-2022
- Mymensingh power station, 2100 MW power hub pegged for Mymensingh
- Notification Of Awards Detail
- 中国驻孟郑清典大使夫妇、林维强商务参赞走访巴拉普库利亚煤矿及电站
- 中国驻孟加拉国大使郑清典考察巴拉普库利亚煤矿、电站项目
- COMMITMENT
- DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
- COMMITMENT
- DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
- Statement VIA Loans & Advances and Other Operating Expenditure
- Agreements/MoUs between Bangladesh countries of Far East
- COMMITMENT
- DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
- COMMITMENT
- DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE) Upto 30 June 2014
- Table-7.3 COMMITMENT
- DISBURSEMENT AND REPAYMENT OF OTHERS EXTERNAL LOANS (ACTIVE) Upto 30 June 2024
- China National Energy Engineering & Construction Co.,Ltd.
- 三十年了！中机在孟加拉做了什么？
- COMMITMENT
- DISBURSEMENT AND REPAYMENT OF SUPPLIERS'/BYERS CREDIT (ACTIVE)
- CMC leaders met with the visiting agent of Bangladesh Barapukuria Coal Mine & Power Plant Projects
- Dhaka-Beijing.
- CMC continues to explore opportunities in Bangladesh
- China-Loan
- Natural Radioactivity of Feed Coal and Its by-products in Barapukuria 2×125 MW Coal Fired Thermal Power Plant
- Dinajpur
- Bangladesh
- 上海电站设备走出国门 首次出口孟加拉国
- Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance
- A Resurgent China: South Asian Perspectives 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
Rural Power Company Ltd. (RPCL)
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