What did Cuba do with the €1.2 billion offered by Russia to build thermoelectric plants?

(Ciber Cuba, Miami, 18 October 2024) According to the agreement approved in 2015 by both governments, the resources would be invested in the construction of four generation units of 200 MW for two thermal power plants. In 2022, the regime quietly admitted that it had not met the conditions to access the loan. In September 2022, the Deputy Minister of Energy and Mines stated that Cuba had not been able to access the Russian credit of 1.2 billion euros for thermoelectric plants as it had not managed to secure the 10% upfront payment (120 million) needed to access this credit. [The US embargo affecting Cuban dollar earning exports undoubtedly had a major influence on this.]