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

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

1. 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 total sources

20