TGK-2, China Huadian raise $400 mln Chinese loan for Yaroslavl power plant
YAROSLAVL. Jan 22 (Interfax) - The TGK-2 generating company and the energy corporation China Huadian have raised a loan of $399.8 million from Industrial & Commercial Bank of China (ICBC) to build a combined-cycle power plant in Yaroslavl, TGK-2 said.
The company told Interfax that a first $60-million loan tranche should be received in February.
TGK-2 and China Huadian's joint venture LLC Huadian-Teninskaya Combined Cycle Power Plant are building a 450 megawatt plant under an agreement signed in December. Project costs are 20 billion rubles and with payback in ten years. The bank loan should cover 70% of the costs and the partners the rest.
When completed, the station will resolve the local power-shortfall problem. It will be generating electricity and heat using modern gas-steam cycle equipment starting in 2014.
TGK-2 brings together generating companies in the Arkhangelsk, Vologda, Kostroma, Novgorod, Tver, and Yaroslavl Regions with combined installed capacity of 2,530.5 MW for power and 12,285.82 gCal/hour for heat.
Huadian is one of five Chinese state-owned power companies set up at the end of 2002 during the reformation of that country's state energy system. The corporation's installed generating capacity is 77,500 MW.
