Project ID: 34922

China Eximbank provides $154.8 million preferential buyer’s credit for 230MW Labuan Angin Power Plant Construction Project (Linked to Project ID#67275, #61681)

Commitment amount

$ 327469920.2

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Indonesia

Sector

Energy (Code: 230)

Flow type

Export Buyer's Credit

Concessional

Yes

Category

Intent

Mixed (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

OOF-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2003

Completion

2010

2010-01-28

Actual

Geography

Description

On October 6, 2003, China Eximbank and the Government of Indonesia signed a $154,872,884 preferential buyer's credit (PBC) agreement [#BLA03042] for the 230MW Labuan Angin Power Plant Construction Project. This agreement follows a $400 million pledge from China in 2002 for infrastructure projects (#67275), which includes this power plant. The pledge stated that loans are to be repaid in 15 years with a 7 year grace period and a 3% interest rate. It is known that the borrower was to use the PBC proceeds to partially finance the cost (approximately $232 million) of a commercial (EPC) contract between Perusahaan Listrik Negara (PLN) — an Indonesian state-owned electricity company — and China Machinery Engineering Corporation (CMEC). Then, on November 10, 2009, China Eximbank increased the face value of the PBC by $31,783,000 (as captured in Project ID#61681) through a supplementary agreement (#BLA03042 SLA 1181) with the borrower. $183,544,240.26 was ultimately disbursed through the PBC. The purpose of the project was to construct a coal-fired power plant with two 115MW power generation units in the village of Labuan Angin (Labuhan Angin) within Tapian Nauli District, Central Tapanuli (Tapanuli Tengah) Regency, and North Sumatra Province (exact locational coordinates: 1.7519953, 98.7305152). Sichuan Chengda Engineering Company and China National Machinery & Equipment Import and Export Corporation were the contractors responsible for implementation. Construction began in 2003. The first and second power generation units were handed over to the project owner (PLN) in April 2009 and November 2009, respectively. Then, on January 28, 2010, a project completion ceremony took place.

Additional details

This project is also known as the C Labuan Angin Cfspp Project, the Labuhan Angin Power Station Project, or the 2x115MW Labuan Angin Power Plant Construction Project. The Chinese project title is 拉布湾电站和风港电站项目 or 的北蘇門答臘省風港發電站

Number of official sources

10

Number of unofficial sources

10

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Details

Cofinanced

No

Receiving agencies [Type]

Government of Indonesia [Government Agency]

Implementing agencies [Type]

China National Machinery and Equipment Import & Export Corporation [State-owned Company]; Perusahaan Listrik Negara (PLN) [State-owned Company]

Loan type

Concessional

Maturity

15 years

Interest rate

3.0%

Grace period

7 years

Grant element

44.32287208%

Gurarantee provided

No

Insurance provided

No