China Eximbank provides $330.8 million buyer's credit for 660MW Jatim Paiton Power Plant Expansion Project (Linked to Project ID#37864)
Commitment amount
$ 504371922.79054457
Adjusted commitment amount
$ 504371922.79
Constant 2021 USD
Summary
Funding agency [Type]
Export-Import Bank of China (China Eximbank) [State-owned Policy Bank]
Recipient
Indonesia
Sector
Energy (Code: 230)
Flow type
Loan
Level of public liability
Central government-guaranteed debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
On January 30, 2008, China Eximbank and Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — signed a $330,825,515 buyer's credit agreement for the 660MW Jatim Paiton Power Plant Expansion Project. The loan carried the following terms: a 15-year maturity, a 3 year grace period, and an interest rate of 6-month LIBOR (3.779% in January 2008) + a 0.84% margin. The loan’s final maturity date is January 23, 2023. The proceeds of the loan were to be used by the borrower to finance 85% of the $522.8 million cost of an EPC contract between PLN and a consortium consisting of PT Mitra Selaras Hutama Energi (a local Indonesian company) and Harbin Power Engineering Company Limited, which was signed on March 12, 2007. Indonesia Ministry of Finance provided a guarantee. The purpose of the project was to expand an existing coal-fired power complex — consisting of 8 power generation units — with a ninth, 660MW power generation unit in the village of Binor, the district of Paiton, the regency of Probolinggo, and the province of East Java (exact coordinates: -7.7110289, 113.5706815). Harbin Power Engineering Company Limited and PT Mitra Selaras Hutama Energi were the EPC contractors responsible for implementation. The project achieved its commercial operations (COD) date on May 9, 2013.
Additional details
1. This project is also known as the 1x660MW PLTU 2 Jatim Paiton Power Plant Construction Project, the East Java 2 – New Paiton Unit Power Plant Project, and Unit 9 of the Paiton Power Station Project. The Chinese project title is 印尼百通1×660MW燃煤电站项目. 2. This project is part of a larger $610 million commitment (the remainder of the funding recorded in Project ID#37864). It is also linked to other projects under the Government of Indonesia’s ‘fast-track program’ (captured in Project IDs #38546, #38600, #38601, #38602, #38606, #38609, #38610, #38611, #38614, and #37864).
Number of official sources
10
Number of total sources
31
Details
Cofinanced
No
Direct receiving agencies [Type]
Perusahaan Listrik Negara (PLN) [State-owned Company]
Implementing agencies [Type]
PT Mitra Selaras Hutama Energi [Private Sector]
Harbin Electric Company Limited [State-owned Company]
Guarantee provider [Type]
Indonesia Ministry of Finance [Government Agency]
Loan Details
Maturity
15 years
Interest rate
4.619%
Grace period
3 years
Grant element (OECD Grant-Equiv)
14.4581%