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Overview

ICBC Indonesia provides $51.3 million loan for 50MW East Lombok Independent Power Plant Project

Commitments (Constant USD, 2023)$52,712,562
Commitment Year•2014Country of Activity•IndonesiaDirect Recipient Country of Incorporation•IndonesiaOverseas Jurisdiction•IndonesiaSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jul 24, 2014
End (actual)
Oct 20, 2017
Last repayment (originally scheduled)
Dec 30, 2023

Geospatial footprint

Map overview

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The purpose of the project was to construct a 2x25 MW coal-fired power plant in Labuan Pandan Village, East Lombok (Lombuk Timur) Regency, West Nusa Tenggara (Nusa Tenggara Barat) Province (exact locational coordinates: -8.4347704, 116.705111). More detailed locational information can be found at https://www.openstreetmap.org/way/524519157

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 Commercial Banks

  • PT Bank ICBC Indonesia

Cofinancing agencies

Private Sector

  • PT Bank Pan Indonesia, Tbk (PaninBank) (Bank Panin)

Receiving agencies

Joint Venture/Special Purpose Vehicles

  • PT Lombok Energy Dynamics (LED)

Loan description

ICBC Indonesia provides $51.3 million loan for 50MW East Lombok Independent Power Plant Project

Interest type•UnknownMaturity•10 years

Narrative

Full Description

Project narrative

On July 24, 2014, ICBC Indonesia and PT Bank Panin Tbk signed a Club Deal Credit Agreement with PT Lombok Energy Dynamics (LED) — a special purpose vehicle (SP) — for the 50MW East Lombok Independent Power Plant Project, in which ICBC Indonesia provided USD-denominated debt (worth 51,399,150 USD) and PT Bank Panin Tbk. provided rupiah-denominated debt (worth IDR 298.8 billion). This loan carried a 10-year maturity but its interest rate is unknown. The purpose of the project was to construct a 2x25 MW coal-fired power plant in Labuan Pandan Village, East Lombok (Lombuk Timur) Regency, West Nusa Tenggara (Nusa Tenggara Barat) Province (exact locational coordinates: -8.4347704, 116.705111). The power plant was financed as an Independent Power Project (IPP) and implemented on a build, own, operate, & transfer (BOOT) basis. As of April 2014, Indonesia’s Energy and Mineral Resources Ministry reported that the power plant was between 50 percent and 85 percent complete. The power plant was officially inaugurated on October 20, 2017. ICBC Indonesia ultimately disbursed $54.9 million in support of the project.

Staff comments

1. This project is also known as the Lombuk Timur Power Station Project or the PLTU 2x25MW Lombok project. The project is referred to as 印尼龙目岛 2x25MW项目 in Chinese. 2, This project is likely part of the Government of Indonesia's "Fast Track Program". 3. The project is coded as having mixed intent since it supported the export of PowerChina equipment, though it is unclear what the exact role of PowerChina is in the project.