Overview

CDB contributes to a $75 million syndicated loan for 250MW Morowali Coal-Fired Power Plant Construction Project (Linked to Record ID#98823)

Commitments (Constant USD, 2023)$38,690,018

Commitment Year•2020Country of Activity•IndonesiaDirect Recipient Country of Incorporation•China (People's Republic of)Sector•EnergyFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Oct 1, 2020

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This loan supported the 250MW Morowali Coal-Fired Power Plant Construction Project. For more detailed location information: https://www.openstreetmap.org/way/299975400

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 Policy Banks

China Development Bank (CDB)

Cofinancing agencies

State-owned Commercial Banks

PT Bank ICBC Indonesia

Receiving agencies

Private Sector

Tsingshan Holding Group

Loan desecription

October 2020 CDB and ICBC contribution to $75 million syndicated loan for 250MW Morowali Coal-Fired Power Plant Construction Project in Indonesia

Interest type•Unknown

Narrative

Full Description

Project narrative

In October 2020, the Xiamen Branch of China Development Bank (CDB) and Industrial and Commercial Bank of China (Indonesia) Co., Ltd. signed a $75 million loan agreement with Tsingshan Holdings Group (青山控股集团有限公司) for the 250MW Morowali Coal-Fired Power Plant Construction Project. The borrowing terms of the loan are unknown. However, it is known that the proceeds of the loan are to be used by the borrower to construct a 250MW (1x250MW) coal-fired power plant in the Indonesia Morowali Industrial Park (IMIP) within Sulawesi Province. Record ID#95717 captures CDB's contribution and Record ID#98823 captures ICBC's contribution.

Staff comments

1. The borrowing institution may be PT. Indonesia Tsingshan Stainless Steel (ITSS), a special purpose vehicle and subsidiary of Tsingshan Holding Group (青山控股集团有限公司). This issue warrants further investigation. 2. The individual contribution of two lenders to this $75 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of CDB and ICBC by assuming that each lender contributed an equal amount ($37,500,000 USD) to the syndicated loan.