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Overview

Bank of China contributes to $240 million syndicated loan to Jaderock Investment Singapore for the acquisition of shares in Lestari Listrik (Linked to Record ID#95236)

Commitments (Constant USD, 2023)$130,886,589
Commitment Year•2016Country of Activity•SingaporeDirect Recipient Country of Incorporation•SingaporeSector•EnergyFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 5, 2016
End (actual)
May 31, 2016

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% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Cofinancing agencies

State-owned Commercial Banks

  • Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

  • Jaderock Investment Singapore Pte. Ltd.

Loan description

BoC and ICBC contributions to $240 million syndicated loan for Jaderock Investment Singapore's acquisition of shares in Lestari Listrik

Interest type•Unknown

Narrative

Full Description

Project narrative

On January 5, 2016, Bank of China and ICBC signed a $240 million syndicated loan agreement with Jaderock Investment Singapore Pte Ltd. (a wholly owned subsidiary of SDIC Power Holdings, a Chinese state-owned investment holding company) to fund its acquisition of shares in Lestari Listrik Pte. Ltd. (LLPL) -- a private holding company that owns a 95% equity stake in Indonesia-based PT Lestari Banten Energi (LBE) -- from Genting Berhad. Bank of China's estimated contribution is captured via Record ID#95235 and ICBC's estimated contribution is captured via Record ID#95236. LBE is the project company (special purpose vehicle) responsible for the 1x660 MW Banten Coal-Fired Power Plant (IPP) Construction Project in West Java, Indonesia. LBE holds a 25-year power purchase agreement (PPA) with PT Perusahaan Listrik Negara (Persero), which expires in 2042. Harbin Electric International Co. Ltd. is the EPC contractor responsible for the implementation of the 1x660 MW Banten Coal-Fired Power Plant (IPP) Construction Project. The acquisition of a 40% effective interest in PT Lestari Banten Energi was completed on May 31, 2016.

Staff comments

1. The individual contributions made by ICBC and BOC to the syndicated loan are unknown. For the time being, AidData assumes equal contributions ($120,000,000) across the two known members of the syndicated loan. 2. According to IFLR 1000, the acquisition of shares in Lestari Listrik will assist in easing pressure on mainland China's management of foreign exchange reserves, which are highly susceptible to any volatility of the US dollar.