EWC secures financing for S. Sulawesi power plant expansion
Friday, February 9 2007 - 07:33 AM WIB
The company said it had arranged debt facility with Standard Chartered Bank, Singapore, which included $52 million of re-financing facilities.
The company said expansion project would take 18 months to complete.
The company currently operates the 135-MW Sengkang power plant, with electricity produced sold to state oil and gas company PLN under IPP agreement. Gas is supplied from nearby EWC-operated Sengkang PSC through 29-km pipeline.
The company said equipment and machinery had been identified and agreed with PLN with the purchase of turbine is being finalized.
Sengkang power plant, which is 95 percent-owned by EWC has a 20-year take-or-pay power sales agreement with PLN in the up to the year 2022. (alex)