The Ceylon Electricity Board (CEB) yesterday signed a US$82mn deal with China to build a 35MW hydro power plant titled Broadlands project.
The plant will be built by China National Electric Equipment Corporation (CNEEC) and is expected to be connected to the national grid by 2014.
The project will be financed 90% by the Industrial and Construction Bank of China on a 15-year floating rate at 220 bps + LIBOR and will include a three year grace period. The balance 10% will be funded by the state-run People’s Bank (PB) in Sri Lanka. The plant is expected to generate 126 gigawatthours of energy a year.