In November 2014, the government of the Russian Federation announced a change in the required local inputs to serve domestic customers and a change in its trade finance instruments.



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Экспортный кредит для Эквадора на 195 миллионов долларов

Правительство Российской Федерации предоставило Росэксимбанку госгарантию на 320 миллионов долларов США

«Интер РАО – Экспорт» поставило энергооборудование для эквадорской ТЭС

Inception date: 29 Oct 2013 | Removal date: open ended

Trade finance

Official press reports of the state Eximbank of Russia dated 26 and 27 November 2014 report that the Government of the Russian Federation issued a state guarantee (320 million USD) and an export loan (195.2 million USD) that made possible the realisation of an export deal of the Russian energy holding company Inter RAO Export related to the modernisation of a combined cycle power plant "Termogas Machala" in Ecuador.

The Russian Government has provided the state guarantee on 24 November 2014 to Eximbank of Russia in relation to an export loan (195.2 million USD, accorded on state level in autumn 2013), issued by a syndicate of Russian banks to the Ecuadorian state energy company CELEC EP for financing of up to 85% of the contract for modernisation of a combined cycle power plant "Termogas Machala" with capacity 308 MWt in Ecuador. The syndicate of Russian banks consists of Vnesheconombank, Gazprombank and Eximbank of Russia. The main lending bank in the power plant project is Vnesheconombank. It participates with 140 million in the financing; Eximbank of Russia is the leading bank, the collateral bank, as well as the payment agent. Due to the lack of information concerning the date of which each bank joined the financing syndicate, while Eximbank of Russia signed the credit agreement with CELEC EP on 29 October 2013 as part of the official visit of the Ecuadorian President in Russia, the GTA indicates this date as an inception date.

Inception date: 29 Oct 2013 | Removal date: open ended

Local sourcing

According to the source, to finance the combined cycle power plant "Termogas Machala" in Ecuador an 'obligatory condition for the realisation and the financing of the project is the delivery of Russian equipment and services in volumes not less than 60% of the project value'.