CDB and ICBC provide $625.2 million loan for 660MW Adipala Power Plant Construction Project

On October 14, 2009, China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC) signed a $625,256,803 loan agreement with Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — for the 660MW Adipala Power Plant Construction Project. This loan carried the following terms: 13-year maturity, 3 year grace period, and an interest rate of 6-month LIBOR (0.590% in October 2009) 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 a 660-megawatt (MW) coal-fired Adipala Power Plant in Bunton Village, Adipala District, Cilacap Regency, Central Java Province (exact locational coordinates: -7.68377, 109.13756). The plant is located about 3 km east of the Cilacap Sumber power station. CNTIC was the general contractor responsible for implementation. However, the steam generator set for the project was supplied by Shanghai Electric. A project kickoff meeting took place with CNTIC on November 16, 2009. Pile foundation work was initiated in April 2011 and completed on December 12, 2012. Construction of the power plant itself began on April 27, 2014. The construction of the breakwater was completed on November 21, 2014. A 720-hour trial run operation of the plant was undertaken in June and July 2016. The project owner (PLN) issued a test completion certificate on July 19, 2016.

Additional details

1. This project is also known as the 660MW PLTU 2 Jateng Adipala Power Station Project, the Bunton Power Station Project, and the PLTU 2 Jateng Project. The Chinese project title is 阿迪帕拉66万千瓦超临界燃煤电站项目. 2. The project was part of the fast-track program by Indonesian government to add power plants around the country, which totalled to about 10000 MW.

Number of official sources

12

Number of total sources

17