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Overview

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

Commitments (Constant USD, 2023)$668,600,016
Commitment Year•2009Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
May 4, 2009
Start (actual)
Sep 10, 2007
End (actual)
Mar 1, 2015
First repayment (originally scheduled)
May 3, 2012
Last repayment (originally scheduled)
Apr 30, 2024

Geospatial footprint

Map overview

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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). More detailed locational information can be found at https://www.openstreetmap.org/way/802877906

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

  • Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned companies

  • PT Perusahaan Listrik Negara (Persero) (PLN)

Implementing agencies

State-owned companies

  • Shanghai Electric Group Co., Ltd.

Loan description

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

Grace period•3 yearsGrant element•30.5176%Interest rate (t₀)•4.34938%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•15 years

Narrative

Full Description

Project narrative

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. The amount of pollutants the power station emits has led to it being marked for early retirement as part of the Just Energy Transition Partnership (JETP) plan.

Staff comments

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.