China Eximbank provides $481 million buyer’s credit loan for 3x350MW Pelabuhan Ratu Power Station Project

On May 4, 2009, China Eximbank and Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — signed a $481,937,182 buyer’s credit loan agreement for the Pelabuhan Ratu Power Station Project. The loan carried the following borrowing terms: a 15-year maturity, a 3-year grace period, and an interest rate of 6-month LIBOR plus a 2.8% margin. The proceeds of the loan were to be used by the borrower to finance 85% of the cost of an EPC contract between PLN and Shanghai Electric Group, which was signed on August 7, 2007. As of 2016, the borrower had repaid 45,215 million IDR of the China Eximbank loan. The purpose of the project was to construct a power plant — with three 350MW power generation units — in Citarik village within Pelabuhan Ratu District, Sukabumi Regency, and West Java Province (exact locational coordinate: -7.0242, 106.5464). Shanghai Electric Group was the EPC contractor responsible for implementation. A formal groundbreaking ceremony took place on September 10, 2007. The first power generation unit was put into operation on June 20, 2013. Then, on May 9, 2013, the second power generation unit was connected to the grid. All three power generation units also completed a 30-day reliability test operation by the end of 2013.

Additional details

1. This project is also known as the 3x350MW PLTU 2 Jabar Pelabuhan Ratu Power Station Construction Project and the Pelapuhan Ratu Power Plant Project. The Chinese project title is 印尼公主港项目 or 印尼公主港（3×350兆瓦）燃煤电站项目. 2. This project was part of the fast-track program by the Indonesian government to add power plants across the country with 10000MW of power generation capacity. The program covered the construction of 33 (some sources state 32, while others state 35) power plants, 10 of them in Java and Bali, with 23 located off the two main islands, according to Rudiantara, PLN's vice president director.

Number of official sources

19

Number of total sources

46