Notes

OVERVIEW: [JH 1-Feb-2016] The Prospectus Directive published by the Angolan Ministry of Finance states that on 7-Jun-2015 that ICBC "entered into a U.S.$837.5 million facility agreement. The purpose of the facility is to finance up to 85% of the contract price owing to certain contractors in respect of the contract for the construction and installation of the Soyo I Combined Cycle Power Plant. The facility is for a term of up to 15 years, which includes an initial grace period of five years during which Angola is not required to repay the principal amount of the loan. The facility is not secured but is insured by China Export & Credit Insurance Corporation. The facility is currently undrawn. The availability period applicable to the loan ends on 9 June 2020." (Angola MoF 2015) This would put the total cost of the power plant at 985.29mn usd. MacauHub reports in January 2015 that "The China Machinery Engineering Corporation (CMEC) will begin construction of a power plant in Soyo, Angola after receiving the first instalment of US$147.7 million from the Strategic Financial Oil Reserve for Basic Infrastructure, according to a presidential order" (MacauHub 2015), suggesting Angolan financing for the rest of the 15% of the financing.

ICBC's official website also states in December 2015 that "ICBC has so far provided financing to the country’s major projects including KK new town, SOYO combined cycle power plant, LNG, power transmission, water service, agricultural development and tourism zones, among others [...]" (ICBC 2015).

Jornal de Angola reports in September 2015 that the power plant is contracted to International Logistics and Trading (ILT) and China Machinery Enginnering Corporation (CMEC) (Jornal de Angola 2015).

PLAYERS: ICBC as financer, borrower is the Angolan government, Sinosure insured , contracted to CMEC.

CURRENT STATUS: [YC 17-Jan-2017] Construction has begun with foundations being laid and gas turbines installed last year (ANGOP 2016). Changed status to implementation [JH 3-May-2018] Ayso van Eysinga provided a "preliminary prospectus" from Angola, published on 26-Apr-2018. The prospectus states that the ICBC facility for Soyo I is not resource secured, bt insured by Sinosure. "As of 31 December 2017, U.S.$326.2 million was outstanding under this facility. The availability period applicable to the facility ends in June 2020." [YJZ Apr-07-2019] Angop (2019) reported the project was 94.3% completed.