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

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.

Additional details

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.

Number of official sources

5

Number of total sources

8