Suzhou Coastal Cogeneration Power Plant

MIGA issued a $17.7 million guarantee to cover Coastal Suzhou Power, Ltd. (Cayman Islands), a wholly owned subsidiary of Coastal Corporation of the United States, for its $19.6 million equity investment in the construction and operation of a 76-megawatt simple-cycle gas turbine power plant in Suzhou City. MIGA's guarantee provides coverage against the risks of transfer restriction, expropriation, and war and civil disturbance.

The project enterprise, a cooperative joint venture, is designed to alleviate the power shortage in the urban district of Suzhou City and to improve the reliability of its power supply. The facility will replace temporary boilers burning oil or coal, thus lowering coal consumption, contributing to energy conservation, and reducing adverse environmental impacts. The project will contribute to the area's physical infrastructure with the construction of new roads, a wharf, and a transmission line connecting the plant to the local power grid.