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Bank of China contributes to $140 million syndicated loan facility for 100MW Sihanoukville Coal-Fired Power Plant Project
| Funder | Bank of China (BOC) |
|---|---|
| Recipient Organization | Cambodian Energy Limited |
| Country | Cambodia |
| Start Date | Feb 10, 2010 |
| End Date | Dec 20, 2028 |
| Duration | 6,888 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 62454 |
Grant Description
Bank of China contributes to $140 million syndicated loan facility for 100MW Sihanoukville Coal-Fired Power Plant Project On February 10, 2010, OCBC Bank (Malaysia) Berhad, Maybank, AmBank, and Bank of China signed a $140 million syndicated term loan agreement with Cambodian Energy Limited (CEL) — a special purpose vehicle and joint venture between Leader (Cambodia) Limited (80% ownership stake) and Cambodia International Investment Development Group Co.
Ltd (20% ownership stake) — for the 100MW Sihanoukville Coal-Fired Power Plant Project.
Leader (Cambodia) Limited is a wholly-owned subsidiary of Leader Infrastructure (Labuan) Limited, which is itself a wholly-owned subsidiary of Leader Universal Holdings Berhad.
The syndicated term loan carried a 7-year maturity (from the date of the 1st drawdown and with an option to extend for another 2-years at the lenders' sole discretion). OCBC Bank (Malaysia) Berhad was the sole book-runner and one of the mandated joint lead arrangers of the loan. The other mandated joint lead arranger was Maybank, while AmBank (M) Bhd and Bank of China were joint lead managers.
The proceeds of the loan were to be used by the borrower to finance a turnkey (commercial) contract that China Huadian Engineering Co and CEL signed in December 2009.
The total cost of the 100MW Sihanoukville Coal-Fired Power Plant Project was $170 million and the remaining $30 million was provided via equity contributions from Leader Universal Holdings Berhad, and Cambodia International Investment Development Group Co. Ltd.
Leader Universal Holdings Berhad also provided a corporate guarantee as part of the security arrangements and requirements under the syndicated term loan facility.
The purpose of the project was to install two 50MW coal-fired generating units and other ancillary facilities at the Sihanoukville CEL power station (Cambodia's first coal-fired power plant) in Steung Hav District and Preah Sihanouk (Sihanoukville) Province. Construction started on November 29, 2010.
The two 50MW coal-fired generating units came online in November 2014 and March 2015, respectively.
This project built to comply with World Bank-IFC environmental standards, and it was implemented on a 30-year, build-own-operate (BOO) basis.
Staff Comments
- 1, The individual contribution that Bank of China made to the syndicated loan is unknown. For the time being, AidData has estimated the contribution of Bank of China by assuming that the four lenders contributed equal amounts ($35 million) to the $140 million loan syndicate.
- This project is also known as the Sihanoukville CEL I Power Station Project. The Chinese project title is 柬埔寨西哈努克省燃煤发电厂.
- This project should not be confused with the 240 MW Coal Fired Power Plant in Sihanoukville (run by Cambodia International Investment Development Group Co. Ltd.) or the 135 MW Coal Fired Power Plant in Sihanoukville (also run by Cambodia International Investment Development Group Co. Ltd).
- Note that Cambodian Energy Limited II (CEL II) constructed another power plant under an EPC turnkey contract with Toshiba Power Systems Co. on a project site that is immediately adjacent to the site o the 100MW Sihanoukville Coal-Fired Power Plant Project run by CEL. The CEL II power plant was successfully completed and achieved commercial operation in April 2020.
Sources & References
- Financing Infrastructure & Energy Projects in Cambodia
- 宋晓国参赞赴西港调研
- 柬埔寨国家电力电网建设现状分析
- 中资公司在柬投资的首家燃煤电厂1号机组建成发电
- 柬埔寨西哈努克省燃煤发电厂及金边-磅湛输电网正式启用
- 数一数中柬多领域合作的“那些事”
- Leader unit gets loan to fund Cambodia power plant Read more at https://www.thestar.com.my/business/business-news/2010/02/12/leader-unit-gets-loan-to-fund-cambodia-power-plant#8dA0IWibSBQvHLUF.99
- CEL II Sihanoukville Power Plant
- Cambodia Rural Electrification Strategy and Implementation Plan Final Report
- FINANCING FOR THE 100MW COAL-FIRED POWER PLANT IN SIHANOUKVILLE
- CAMBODIA
- China firm to build plant
- Law_009_0717_KH
- OVER 20 YEARS OF IPP EXPERIENCE AND CHARTING A COURSE TOWARD A GREENER FUTURE
- Directors' Report and Audited Financial Statements 31 December 2008
- 国网潘晓军出席柬埔寨基里隆Ⅲ号水电站发电竣工仪式
- 新源公司承建的基里隆Ⅲ号水电站成功截流
- Counting on coal: Cambodia’s fossil fuel push flounders with delays 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.
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Cambodian Energy Limited
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