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China Gezhouba secures US$1.4 bln-contract in South Sudan

Feb. 1, 2012 (China Knowledge) - China Gezhouba Group Co Ltd<600068>, the main contractor of the Three Gorges Hydroelectric Project, today said that it has signed a contract worth nearly US$1.4 billion or RMB 8.87 billion to build a hydropower station in South Sudan.

The project, which is designed to have an installed capacity of 540 megawatts, is expected to be completed in 80 months or seven years with a powerhouse and several dams for electricity generation.

At the end of the first year, China Gezhouba is estimated to complete 12.15% of the total project, and then 17.95%, 21.46%, 18.93%, 13.02%, 10.58% and 5.91% of the entire project in the remaining six years, respectively, said analysts.

Investors of the projects intend to acquire loans from Bank of China<601988><3988>, which is still subject to the approval of both the Chinese and the South Sudanese governments.

Last month, Shanghai-listed China Gezhouba started construction on a 554-kilometer railway project worth US$160 million in East Nigeria. The project would be completed in eight months and is part of a 2,119-km railway project.

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