Sinohydro Group Ltd., which built
China
's
Three Gorges Dam, is close to winning a $1.2 billion project to build a
300-megawatt hydroelectric power plant in
Costa
Rica
, the country's ambassador
said Tuesday.
The Chinese dam builder, which has won a string of hydroelectric contracts in
Latin
America
, recently passed the government's technical requirements and is
currently in negotiations over the project's financing, Costa Rican Ambassador
Marco Ruiz said.
China
's
Sinohydro and
Brazil
's
state-owned Centrais Eletricas Brasileiras
S.A.
, or
Electrobras, were originally short-listed for the project, he added.
The hydropower plant, expected to be operational in 2016, will be a joint
venture with
Costa Rica
's
state-owned Instituto Costarricense de Electricidad, or ICE.
The Costa Rican newspaper La Nacion reported earlier this year that ICE
negotiated $800 million in financing from the Inter-American Development Bank
and the European Investment Bank. The remaining $400 million would likely come
from a partner, local or international bond issues or the company's own funds,
it said.
Last week, Sinohydro received approval by
China
's
security regulator to sell up to 3.5 billion A shares in an initial public
offering, which could be the largest in
Shanghai
so
far this year. The Chinese builder is currently building a 1,500 megawatt
hydroelectric plant in
Ecuador
, the
largest hydropower project in the country.
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ability to take advantage of rising demand in
North
Asia
for thermal coal used to generate power and coking coal, a key
ingredient in steelmaking.
Heavy investment is planned to open up new export routes and expand existing
ports, including a A$6.2 billion expansion of the
port
of
Abbot
Point
and the new Wiggins Island Coal Terminal in
Queensland
, but
these are several years away from completion.
According to closely held Mitchell Group Holdings, which acquired a controlling
interest in the Fitzroy Terminal project last year, the facility will be built
in two phases and it is targeted to start up in 2015.
Coal-handling capacity in the first phase stage would be limited to 10 million
tons, ramping up to around 22 million tons later.