Bakrie seeks Malaysian, Japanese partners to revive Tanjung Jati A project
Friday, June 19 2015 - 02:53 AM WIB
PT Bakrie Indo Infrastruktur (BII), a subsidiary of IDX-listed engineering firm PT Bakrie & Brothers Tbk, said that it would team up with new partners including Malaysian and Japanese companies in the development of long-delayed 2x660 MW Tanjung Jati A coal-fired power plant in Cirebon, West Java.
?We?ll team up with a strategic partner from Malaysian,? said BBI Chief Financial Officer, Amri Aswono Putro on Thursday, but stopped short of disclosing the identity of the would-be partner. He added that the firm was also looking into potential partners from Japan.
Amri said that considering the huge financing requirement for the project, his company plans to only have a 20 percent stake in the estimated US$2 billion power plant project.
The Tanjung Jati A project has suffered lengthy delays due to a number of problems including land acquisition obstacle. The project was initially planned to be developed in Central Java. But Bakrie said in January that it had found a new location for the project in Cirebon. It said that the first unit of the power plant was projected to be complete in 2019, and the second unit in 2020.
Power purchase agreement with state-owned power firm PT PLN for the project is also currently undergoing a revision process.
Editing by Reiner Simanjuntak