2005ID: SL-EXT-2005-001 (CH-EXIM-2005-18)
Norochcholai Lakvijaya Coal Power Plant (Phase I - 300MW)
නොරොච්චෝලේ ලක්විජය ගල් අඟුරු බලාගාරය (පළමු අදියර - මෙගාවොට් 300)
RESTRUCTURED
Official Agreement: Preferential Buyer Credit Agreement for Puttalam Coal Power Plant Project
Original Principal$455 MUSD 455,000,000
Current Outstanding$195 MRs. 58,890 M
Principal Repaid$260 MInterest Paid: $98.4M
Interest Rate2%FIXED (2.00% Fixed (Concessional Buyer's Credit with Chinese State Subsidy))
Why Was This Loan Taken? Officially Stated Purpose
Construction of 1x300MW base-load coal-fired power generating facility and transmission network to address severe national power deficit.
ජාතික විදුලිබල හිඟය පියවීම සඳහා මෙගාවොට් 300 ක ගල් අඟුරු බලාගාරයක් සහ සම්ප්රේෂණ පද්ධතියක් ඉදිකිරීම.
Responsible MinistryMinistry of Power & Energy
Implementing AgencyCeylon Electricity Board (CEB)
Project Site / ScopeNorochcholai, Puttalam District
Full Contractual Terms & Financing Conditions
CreditorExport-Import Bank of China (Exim Bank)China
Borrower EntityGovernment of Sri Lanka (GOSL) / CEB On-LentCENTRAL_GOVERNMENT
Signing Date2005-09-02Effective: 2006-03-15
Final Maturity2032-12-31Original: 2025-09-02
Interest Rate2% (FIXED)Fixed Coupon
Grace Period5 YearsPrincipal moratorium
Repayment FrequencySEMI_ANNUALEQUAL PRINCIPAL
Commitment Fee0.25%On undisbursed balance
CONTRACTUAL TIMELINE
Loan Duration & Repayment Schedule Architecture
Total Tenure: 20 Years
1
Agreement Signing2005-09-02Year: 20052
Grace Period Moratorium5 YearsInterest only (No principal due)3
Principal Repayment Starts2010-06-30Frequency: SEMI_ANNUAL4
Final Maturity2032-12-312315 Days RemainingAmortization Method: EQUAL PRINCIPAL
Repayment Window: 15 Years2024 Sovereign Debt Restructuring Treatment
Original Contract Terms (Pre-Restructuring)
Original 20-year term maturing 2025 at 2% fixed interest.
Original Maturity: 2025-09-02
Post-Restructuring Terms (2024 Agreement)
Tenure extended by 7 years to 2032 with grace period relief and reprofiled amortization under bilateral framework.
New Maturity: 2032-12-31
Treatment: MATURITY_EXTENSION (0% Haircut)
Government in Office & Political Context When Signed
President / Head of StateChandrika Bandaranaike Kumaratungaචන්ද්රිකා බණ්ඩාරනායක කුමාරතුංග
Prime MinisterMahinda Rajapaksaමහින්ද රාජපක්ෂ
Finance MinisterSarath Amunugamaසරත් අමුණුගම
Constitutional Record: This loan was executed under the official mandate of the Chandrika Bandaranaike Kumaratunga Administration (Signed final weeks). The sovereign obligor is the Democratic Socialist Republic of Sri Lanka.
Auditor General Official Record
Auditor General Special Report on Lakvijaya Coal Power Operations (2015)
Frequent technical breakdowns of turbine generators resulting in emergency diesel thermal purchasing costs exceeding Rs. 18.4 Billion.
Financial Impact Noted: Rs. 18,400 Million
Status: PARLIAMENT_COPA_DIRECTED
Cabinet & Parliament Approvals
Cabinet Paper: CP/05/1124/18 (2005-08-24)
Approved signing of Buyer Credit Agreement with Export-Import Bank of China for USD 455 Million with CMEC as EPC contractor.
Parliamentary Hansard / Act: Parliamentary Resolution on Puttalam Coal Power Financing
Parliament Hansard 2005, Col. 1420-1485
CONTRACT AMORTIZATION SCHEDULE
Repayment Tranches & Debt Service Schedule
| Payment Date | Year | Opening Balance | Principal Repayment | Interest | Fees | Total Debt Service | Closing Balance |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | 2026 | $195.00M | $15.00M | $3.90M | $0.10M | $19.00M | $180.00M |
| 2027-03-31 | 2027 | $180.00M | $25.00M | $3.60M | $0.10M | $28.70M | $155.00M |
| 2028-03-31 | 2028 | $155.00M | $30.00M | $3.10M | $0.10M | $33.20M | $125.00M |
| 2029-03-31 | 2029 | $125.00M | $30.00M | $2.50M | $0.10M | $32.60M | $95.00M |
| 2030-03-31 | 2030 | $95.00M | $30.00M | $1.90M | $0.10M | $32.00M | $65.00M |
| 2031-03-31 | 2031 | $65.00M | $32.50M | $1.30M | $0.10M | $33.90M | $32.50M |
| 2032-12-31 | 2032 | $32.50M | $32.50M | $0.65M | $0.05M | $33.20M | $0.00M |
Verified Document Library & Primary Sources
Central Bank of Sri Lanka Annual Report 2025 (Public Debt Operations)Central Bank of Sri Lanka (CBSL) | Published: 2026-04-30
Verify SourceMinistry of Finance & Planning - Public Debt Management Bulletin (Q4 2025)Department of Public Debt, Ministry of Finance | Published: 2026-02-15
Verify SourceAuditor General Special Report on Norochcholai Lakvijaya Coal Power Plant ConstructionNational Audit Office of Sri Lanka | Published: 2015-08-10
Verify Source