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Fujian Pacific Electric Company Limited in the People's Republic of China (Equity Investment 7144 and Loan 1610-PRC)
Evaluation; Energy; Environment
|Series:||Project Performance Evaluation Reports|
ADB's support to the Fujian Pacific Electric Company Limited was in the form of an equity investment of $10 million and a loan of $40 million equivalent for the development, construction, and operation of a coal-fired power plant at Meizhou Wan, Fujian Province in the People's Republic of China. The Project intended to facilitate efficient economic growth in Fujian Province by increasing the supply of reliable electricity in a region which was not able to meet demand.
A significant amount of energy is exported by the Fujian Province Electric Power Bureau each year to other areas of the grid. Hence, the plant did not only contribute to alleviating shortages locally and regionally, but also had an important effect on the regional economy. The Project has significantly reduced Fujian Province's reliance on hydropower to 2005. It has further contributed to the PRC's eastern grid's regional economy as the region became a net exporter.
In the future, the Project will have a lesser impact due to increased supply conditions again from 2006 onwards. The operations at the Project indicate world best practice in operation and maintenance, and promote economic efficiencies, environmental compliance, and safe operations which counter some of the technological disadvantages. These suggest that the Project will remain sustainable in the foreseeable future.
A successful program of resettlement of the persons affected by the project has been implemented. A significant and commendable ongoing financial contribution is made by the Project to the local community.
The evaluation gave a satisfactory rating for the compliance with environmental safeguards.
Overall, the Project achieved only a part of its objectives. The evaluation rated the relevance and objectives below what could have been achieved. ADB's role as a catalyst for further build-operate-transfer projects was not achieved.
Overall, the Project was rated as "successful", bordering on partly successful.
Overall Assessment Findings, Lessons Identified, and Follow-up Actions