15
(a)
Share Equity and Shareholdings
(b)
(c)
The total share equity is estimated at US$407m, equivalent to 10% of the total capital expenditure. GPC will take up 60% share, i.e. US$244m, and HKNIC will contribute the remaining 40%, i.e. US$163m.
Long Term Loans
It is believed that GNPC will be able to acquire long term loans covering 90% of the total capital expenditure including interest during construction. There are three types of loans:-
(i)
(ii)
(iii)
-
Equipment loan Equipment loan will be provided by the equipment suppliers and their governments for their equipment and equipment-related services. About 85% of the total equipment cost would be financed by this loan, at an interest rate of 7.5% p.a., repayable in 15 years after commissioning of the joint nuclear power station.
Nuclear fuel loan About 85% of the initial nuclear fuel charge would be financed by loan at an interest rate of 7.5% p.a., repayable in 3 years.
Commercial loan The equipment loan and nuclear fuel loan together would constitute approximately 55% of the total capital expenditure. A further 35% of the capital expenditure would be financed by commercial loan at interest rate of about 10% p.a., repayable in 7 years after commissioning.
Source of Finance
The sources of finance are summarised and tabulated as follows:-
an
-
% of Total Capital
Source
Expenditure
US$m
GPC shareholding in GNPC
6
244
HKNIC shareholding in GNPC
4
163
Total GNPC share equity
10
407
Equipment and initial
55
2223
fuel loans
Commercial loan
35
1438
Total loan
90
3661
Total finance
100
4068
present value (DCF
2369
at 12% p.a.)
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