Credit for coal-fired generators: going well after TSA decision
BNDES of Brazil and SACE of Italy, interested in financing project
Edwin Ruiz
SD. The efforts to obtain financing to cover the cost of the construction of the two coal-fired generating plants of 300 MW each are going well. The government plans to build these generators at Punta Catalina.
Last 24 July, economist Magin Diaz, the Director General of Credit, told this reporter that on that date the Board of Directors of the National Bank of Social and Economic Development (BNDES) had "preapproved" a loan for an amount between US $600 million and US $700 million for the financing of the project.
The interest of BNDES to concede this loan is because of its role as the Brazilian development bank which supports Brazilian companies in the placement of their goods and services overseas. To that end, they offer long-term loans at financial costs that are lower than commercial banks.
As a result of the international public tender LPI-012 - 2003 carried out by the Dominican Corporation of State - owned Electricity Enterprises (CDEEE) this contract was awarded on 22 November 2013 to the consortium which is headed by the Brazilian company Odebrecht. This consortium is also composed of the Italian company Tecnimont, which according to Magin Diaz, has opened the door so that SACE, the export credit agency from Italy is willing to finance a similar amount to that which was preapproved by BNDES. "We went there and we talked (....) and SACE is willing to make the loan," he said.
On Monday, Magin Diaz was contacted in order to ask him about whether the efforts that are being carried out with these foreign entities have been prejudiced by the decision of the Superior Administrative Tribunal (TSA) last Wednesday. This decision ordered the suspension of the tender for the contract relating to the two coal-fired generators.
The official answered that this process continues normally, although he also suggested asking the CDEEE.
Last Thursday, reacting to the decision by the TSA, Ruben Bichara, the executive Vice President of the CDEEE called a press conference where he stated: "the decision does not stop the project; it only refers to the process of the tender."
The day before, the TSA handed down a decision in favor of a protection order imposed by the legal representatives of the Chinese company Gezhouba Group Company Ltd, and ordered the suspension of the tender process which awarded the contract for the construction of the coal-fired generators.
Nevertheless, during last Friday's press conference, Bichara circulated an alleged letter from the Chinese company, dated 6 January 2014 which reads: "in relation to the tender for the energy project of 2 x 300 MW, no one has been authorized to present an accusation". Later on, the letter was taken back inexplicably by CDEEE personnel, without giving a copy to the reporters.
Last 24 July, economist Magin Diaz, the Director General of Credit, told this reporter that on that date the Board of Directors of the National Bank of Social and Economic Development (BNDES) had "preapproved" a loan for an amount between US $600 million and US $700 million for the financing of the project.
The interest of BNDES to concede this loan is because of its role as the Brazilian development bank which supports Brazilian companies in the placement of their goods and services overseas. To that end, they offer long-term loans at financial costs that are lower than commercial banks.
As a result of the international public tender LPI-012 - 2003 carried out by the Dominican Corporation of State - owned Electricity Enterprises (CDEEE) this contract was awarded on 22 November 2013 to the consortium which is headed by the Brazilian company Odebrecht. This consortium is also composed of the Italian company Tecnimont, which according to Magin Diaz, has opened the door so that SACE, the export credit agency from Italy is willing to finance a similar amount to that which was preapproved by BNDES. "We went there and we talked (....) and SACE is willing to make the loan," he said.
On Monday, Magin Diaz was contacted in order to ask him about whether the efforts that are being carried out with these foreign entities have been prejudiced by the decision of the Superior Administrative Tribunal (TSA) last Wednesday. This decision ordered the suspension of the tender for the contract relating to the two coal-fired generators.
The official answered that this process continues normally, although he also suggested asking the CDEEE.
Last Thursday, reacting to the decision by the TSA, Ruben Bichara, the executive Vice President of the CDEEE called a press conference where he stated: "the decision does not stop the project; it only refers to the process of the tender."
The day before, the TSA handed down a decision in favor of a protection order imposed by the legal representatives of the Chinese company Gezhouba Group Company Ltd, and ordered the suspension of the tender process which awarded the contract for the construction of the coal-fired generators.
Nevertheless, during last Friday's press conference, Bichara circulated an alleged letter from the Chinese company, dated 6 January 2014 which reads: "in relation to the tender for the energy project of 2 x 300 MW, no one has been authorized to present an accusation". Later on, the letter was taken back inexplicably by CDEEE personnel, without giving a copy to the reporters.
Edwin Ruiz
Continuar con Google