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2006ID: SL-EXT-2006-003 (SL-P80 / SL-P86 / SL-P92)

Upper Kotmale Hydroelectric Power Project (150MW)

ඉහළ කොත්මලේ ජල විදුලි බලාගාර ව්‍යාපෘතිය (මෙගාවොට් 150)

RESTRUCTURED

Official Agreement: Japan International Cooperation Agency (JICA) Official Development Assistance Loan

Original Principal$325 MJPY 37,817,000,000

Current Outstanding$215 MRs. 64,930 M

Principal Repaid$110 MInterest Paid: $24.5M

Interest Rate0.75%FIXED (0.75% Fixed JICA Concessional ODA Yen Loan Terms (Tied to environment & engineering))

Why Was This Loan Taken? Officially Stated Purpose

Construction of 150MW run-of-the-river hydroelectric power plant, 12.8km underground headrace tunnel, and transmission link.

මෙගාවොට් 150 ක ධාරිතාවයෙන් යුත් ජල විදුලි බලාගාරයක් සහ කිලෝමීටර් 12.8 ක භූගත උමං මාර්ගයක් ඉදිකිරීම.

Responsible MinistryMinistry of Power & Energy

Implementing AgencyCeylon Electricity Board (CEB)

Project Site / ScopeTalawakele, Nuwara Eliya District

Full Contractual Terms & Financing Conditions

CreditorJapan International Cooperation Agency (JICA) / JBICJapan

Borrower EntityGovernment of Sri Lanka / Ceylon Electricity Board (CEB)CENTRAL_GOVERNMENT

Signing Date2006-03-31Effective: 2006-06-20

Final Maturity2042-03-31Original: 2036-03-31

Interest Rate0.75% (FIXED)Fixed Coupon

Grace Period10 YearsPrincipal moratorium

Repayment FrequencySEMI_ANNUALEQUAL PRINCIPAL

Commitment Fee0.1%On undisbursed balance

CONTRACTUAL TIMELINE

Loan Duration & Repayment Schedule Architecture

Total Tenure: 40 Years

Agreement Signing2006-03-31Year: 2006

Grace Period Moratorium10 YearsInterest only (No principal due)

Principal Repayment Starts2016-06-30Frequency: SEMI_ANNUAL

Final Maturity2042-03-315690 Days Remaining

Amortization Method: EQUAL PRINCIPAL

Repayment Window: 30 Years

2024 Sovereign Debt Restructuring Treatment

OFFICIAL_CREDITOR_MOU

Original Contract Terms (Pre-Restructuring)

Concessional 40-year Yen loan at 0.75% maturing 2036.

Original Maturity: 2036-03-31

Post-Restructuring Terms (2024 Agreement)

Included in Paris Club / OCC restructuring framework with extended grace and final maturity extended to 2042 at concessional rates.

New Maturity: 2042-03-31

Treatment: MATURITY_EXTENSION (0% Haircut)

Government in Office & Political Context When Signed

President / Head of StateMahinda Rajapaksaමහින්ද රාජපක්ෂ

Prime MinisterRatnasiri Wickremanayake

Finance MinisterMahinda Rajapaksaමහින්ද රාජපක්ෂ

Constitutional Record: This loan was executed under the official mandate of the Mahinda Rajapaksa Administration. The sovereign obligor is the Democratic Socialist Republic of Sri Lanka.

Auditor General Official Record

Auditor General Special Report on Resettlement and Environmental Compensation for Upper Kotmale (2012)

Additional compensation disputes and landslide mitigation engineering revisions increased civil works cost by Rs. 3.2 Billion.

Financial Impact Noted: Rs. 3,200 Million

Status: RESOLVED

Cabinet & Parliament Approvals

Cabinet Paper: CP/06/0340/12 (2006-02-15)

Approved JICA Yen loan agreement for Upper Kotmale Hydroelectric Project.

Parliamentary Hansard / Act: Special Loan Agreement Approval with Japan International Cooperation Agency

Approved under Appropriation Act limits

Payment-level contract amortization schedule not publicly disclosed by creditor.

Aggregate annual repayments and outstanding balances are reported under CBSL Public Debt Bulletin.

Verified Document Library & Primary Sources

Tier: PRIMARY_OFFICIAL

Central Bank of Sri Lanka Annual Report 2025 (Public Debt Operations)Central Bank of Sri Lanka (CBSL) | Published: 2026-04-30

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Department of External Resources (ERD) Foreign Financing Performance Report 2025Department of External Resources, Ministry of Finance | Published: 2026-03-31

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Official Creditor Committee (OCC) Memorandum of Understanding on Debt RestructuringOfficial Creditor Committee (Co-chaired by Japan, India & France) | Published: 2024-06-26

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