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Sinohydro Likely To Win $1.2B Hydropower Project In Costa Rica

Sinohydro Likely To Win $1.2B Hydropower Project In Costa Rica
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Τρι, 9 Αυγούστου 2011 - 15:38
Sinohydro Group Ltd., which built China's Three Gorges Dam, is close to winning a $1.2 billion project to build a 300-megawatt hydroelectric power plant in Costa Rica, the country's ambassador said Tuesday.
Sinohydro Group Ltd., which built China 's Three Gorges Dam, is close to winning a $1.2 billion project to build a 300-megawatt hydroelectric power plant in Costa Rica , the country's ambassador said Tuesday.

The Chinese dam builder, which has won a string of hydroelectric contracts in Latin America , recently passed the government's technical requirements and is currently in negotiations over the project's financing, Costa Rican Ambassador Marco Ruiz said.

China 's Sinohydro and Brazil 's state-owned Centrais Eletricas Brasileiras S.A. , or Electrobras, were originally short-listed for the project, he added.

The hydropower plant, expected to be operational in 2016, will be a joint venture with Costa Rica 's state-owned Instituto Costarricense de Electricidad, or ICE.

The Costa Rican newspaper La Nacion reported earlier this year that ICE negotiated $800 million in financing from the Inter-American Development Bank and the European Investment Bank. The remaining $400 million would likely come from a partner, local or international bond issues or the company's own funds, it said.

Last week, Sinohydro received approval by China 's security regulator to sell up to 3.5 billion A shares in an initial public offering, which could be the largest in Shanghai so far this year. The Chinese builder is currently building a 1,500 megawatt hydroelectric plant in Ecuador , the largest hydropower project in the country. idi-lan1�eAX����� ability to take advantage of rising demand in North Asia for thermal coal used to generate power and coking coal, a key ingredient in steelmaking.

Heavy investment is planned to open up new export routes and expand existing ports, including a A$6.2 billion expansion of the port of Abbot Point and the new Wiggins Island Coal Terminal in Queensland , but these are several years away from completion.

According to closely held Mitchell Group Holdings, which acquired a controlling interest in the Fitzroy Terminal project last year, the facility will be built in two phases and it is targeted to start up in 2015.

Coal-handling capacity in the first phase stage would be limited to 10 million tons, ramping up to around 22 million tons later.

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