Wuxi Huada Gas Turbine Electric Power Company
Coastal Wuxi Power, Ltd. (Cayman Islands), a wholly owned subsidiary of the Coastal Corporation of the United States, has invested in the construction and operation of a 40-megawatt gas turbine power plant in Jiangsu Province. MIGA issued two guarantee contracts totaling $13.5 million to cover Coastal Wuxi's equity and debt investments against the risks of expropriation, transfer restriction, and war and civil disturbance.
The project enterprise, Wuxi Huada Gas Turbine Electric Power Company, is a joint venture with two state-owned power companies. The facility is designed to alleviate a shortage of peak-hour electricity for Wuxi City's commercial users. Coastal Wuxi will train local staff in plant operation and maintenance and provide technical and managerial expertise to the project.