China Exim Bank Inks Debt-Finance Deal for Summit Power IGCC Project

摘要

Washington-based Summit Power announced September 12 that the Export-Import Bank of China (Chexim) signed a deal to become the sole debt financier of Summit Power's US$2.5-billion, 400-megawatt "Texas Clean Energy Project" (TCEP). "Chexim is expected to be the sole financial lender to TCEP, subject to completion of the EPC [engineering, procurement and construction] contract and Chexim's customary due diligence," according to Summit. "The Chexim loan amount, which will be based on a percentage of the dollar amount of SEG's [Sinopec Engineering Group ] EPC contract, will be sufficient to satisfy all of TCEP's needs for project debt," according to Summit.