- The Botswana utility sector has secured a financial backing for the expansion project of its Morupule power plant with an US$ 825 million loan facility.
The loan facility which has been created through a partnership of the Standard Bank group and Industrial and Commercial Bank of China (ICBC) will be serviced over a period of 20 years, with the banks also providing a bridge financing of $140 million, the Standard Bank said in a statement today.
The Standard Bank Chief Executive, Jacko Maree, was quoted in a statement saying, "There is little doubt that had it not been for our strategic partnership with ICBC, we would not have been able to undertake the funding of a project of this scale."
Standard Bank, is owned 20 percent by ICBC, and according to Mr Maree, this is the first major transaction between Standard Bank and ICBC, since the partnership resumed and it was backed by a guarantee from Botswana government.
"Our partnership with ICBC has opened a unique financial services gateway between Africa and China and this project will hopefully the first of many that are in the pipeline," Mr Maree said in a statement.
The Morupule power station expansion project will be carried out by China National Electric Equipment Corporation has been awarded part of the contract to supply and build part of the power station, and thus the deal with the Chinese partnership.
The power station, when completed, will have four 150 MW units, increasing Botswana's self-reliance in electricity.
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