China Development Bank Corp. will lend 350 million euros ($442 million) to Energy Financing Team Group to build a 300 megawatt coal-fired power plant in Bosnia-Herzegovina, London-based EFT said in a statement today.
The 14-year credit, including a four-year grace period, will finance the construction of the Stanari plant near Doboj in northern Bosnia, which will rely on lignite from a nearby mine run by EFT, the Anglo-Swiss group said in the e-mailed statement.
EFT contracted China’s Dongfang Electric Corp. in 2010 to build the power plant, whose completion is anticipated for early 2016. The agreement for the 350-million euro structured credit facility will be signed tomorrow in Banja Luka, capital of the Serb region of Bosnia-Herzegovina, the company said. The entire project is valued at 550 million euros, EFT said.