Yangcheng International Power Company

active

This mine-mouth, coal-fired plant will have a generating capacity of 2,100-MW. Construction was scheduled to start in late 1997 under a fixed-price, fixed-schedule turnkey contract and to extend over 5 years. The first of the six 350-MW units will go into service in mid-2000. The project includes a 440-mile transmission line (to be paid for by the Chinese partners in the project) that will be used to supply power to Jiangsu Power. The plant will use low-sulfur anthracite coal from Shanxi Provincial Coal Sales & Transportation Co. under a long term contract. The owner is a joint venture between AES China Generating (25%), state owned utility North China Power Group (25%), Jiangsu Province Investment Corp. (20%), Shanxi Energy Enterprises (16%), Shanxi Provincial Power Corp. (10%), and Jiangsu Provincial Power Co. (4%), formed in October 1996. It has a contract for 20 years. Financing of AES's 25% ($98 million) equity, while $1.21 billion is to be borrowed from a bank group including China Construction Bank, China State Development Bank, US ExIm Bank, and Kreditanstalt fuer Wiederaufbau. AES closed financing on the project in June 1997. None None