Project ID: 38604

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

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

2008-01-30

Actual complete

2013-05-09

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

Download the dataset

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%

Bilateral loan

Export buyer's credit

Investment project loan