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Overview

CDB contributes to $138.3 million loan for 224MW Sumbar Teluk Sirih Power Plant Construction Project (Linked to Record ID#105325)

Commitments (Constant USD, 2023)$95,958,582
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
Oct 14, 2009
End (actual)
Dec 30, 2016
First repayment (originally scheduled)
Oct 13, 2012
Last repayment (originally scheduled)
Oct 11, 2022

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of the project was to install two 112MW power generation units (Unit 1 and Unit 2) at the Sumbar Teluk Sirih Power Plant (PLTU) in Bungus Teluk Kabung District, Padang City, West Sumatra Province. More detailed locational information can be found at https://www.openstreetmap.org/way/229521812

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

  • China Development Bank (CDB)

Cofinancing agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • PT Perusahaan Listrik Negara (Persero) (PLN)

Implementing agencies

State-owned companies

  • China National Technical Import and Export Corporation (CNTIC)

Loan description

CDB and ICBC contributions to $138.3 million loan for 224MW Sumbar Teluk Sirih Power Plant Construction Project

Grace period•3 yearsGrant element•27.9955%Interest rate (t₀)•4.44313%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•13 years

Narrative

Full Description

Project narrative

On October 14, 2009, China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC) signed a $138,336,845 loan agreement with Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — for the 224MW Sumbar Teluk Sirih Power Plant Construction Project. Record ID#62054 captures CDB's estimated contribution and Record ID#105325 captures ICBC's estimated contribution. This loan carried the following terms: 13-year maturity, 3 year grace period, and an interest rate of 6-month LIBOR plus a 3.85% margin. The loan’s final maturity date is October 14, 2022. The proceeds of the loan were to be used by the borrower to finance an EPC contract between PLN and China National Technical Import and Export Corporation (CNTIC). The purpose of the project was to install two 112MW power generation units (Unit 1 and Unit 2) at the Sumbar Teluk Sirih Power Plant (PLTU) in Bungus Teluk Kabung District, Padang City, West Sumatra Province. CNTIC and PT Rekayasa Industri were the contractors responsible for implementation. The Sumbar Teluk Sirih Power Plant Construction Project started in 2013. Testing of Unit 1 was undertaken on July 5, 2014. Then, on July 7, 2015, Unit 1 was handed over to the project owner (PLN). PLN issued a final acceptance certificate (FAC) to CNTIC on December 30, 2016.

Staff comments

1. This project is also known as the 2x112 MW PLTU Sumbar Teluk Sirih Power Plant Construction Project, the PLTU Sumbar 2x112MW Power Plant Project, and the PLTU Sumbar Project. The Chinese project title is 西苏2x11.2万千瓦燃煤电站项目 or 西苏电站项目. 2. CNTIC refers to the project as the Sumatera Barat Power Plant Project. 3. The project was part of the fast-track program by Indonesian government to add power plants around the country, which totaled to about 10000 MW. 4. Norton Rose and Hadiputranto Hadinoto & partners served as legal advisers for the loan agreement. 5. Given that the individual contributions of the banks are unknown, AidData assumes equal contributions ($69,168,422.5) across the two members of the loan syndicate. Record ID#62054 captures CDB's estimated contribution and Record ID#105325 captures ICBC's estimated contribution. 6. AidData has estimated the loan's all-in interest rate -- at the time it was issued -- by adding 3.85% to average 6-month LIBOR in October 2009 (0.590%).