Bank ICBC, Bank Panin to finance East Lombok power project
Saturday, July 26 2014 - 05:16 AM WIB
PT Bank ICBC Indonesia and PT Bank Panin Tbk signed on Thursday a loan agreement with PT Lombok Energi Dynamics (LED) to help finance the construction of a 2x25 MW coal-fired power plant in East Lombok Regency, West Nusa Tenggara Province.
ICBC said in a statement that the bank while provide US dollar-denominated loan worth US$51.40 million, while Panin will provide the rupiah portion loan worth Rp 298.75 billion.
LED has recently signed a power purchase agreement with state-owned electricity firm PLN, under which the electricity produced from the East Lombok power plant would be supplied to PLN for 25 years under a take or pay scheme.
Editing by Reiner Simanjuntak