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Overview

CDB contributes to $625.2 million loan for 660MW Adipala Power Plant Construction Project (Linked to Record ID#105327)

Commitments (Constant USD, 2023)$433,714,937
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
Start (actual)
Nov 16, 2009
End (actual)
Jul 19, 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 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. More detailed locational information can be found at https://www.openstreetmap.org/way/629671218

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 desecription

ICBC and CDB contributions to $625.2 million loan for the 660MW Adipala 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 $625,256,803 loan agreement with Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — for the 660MW Adipala Power Plant Construction Project. Record ID#67236 captures CDB's estimated contribution, and Record ID#105327 captures ICBC's estimated contribution. This loan carried the following terms: a 13-year maturity, a 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 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. As part of the CIF ACT Investment Plan (IP), the Adipala plant was specified as one of seven PLN coal plants for transitioning to more sustainable operations in October 2022, accompanied by official consultations and environmental and social impact assessments.

Staff comments

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. 3. Given that the individual contributions of the banks are unknown, AidData assumes equal contributions ($312,628,402) across the two members of the loan syndicate. Record ID#67236 records CDB's contribution and Record ID#105327 captures the contribution from ICBC. 4. 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%).