Exploitasi to spend Rp 648 billion on new power plants
Thursday, July 19 2012 - 02:21 AM WIB
PT Exploitasi Energi Indonesia Tbk will develop a coal-fired power plant and five micro hydropower plants with total investments of about Rp 648 billion (US$69 million) as part of its expansion in the electricity business.
The company?s President Director Hendry H Sitanggang said that the company would build a coal-fired power plant in Riau with a capacity of 2x15 MW with total investment of about $45 million or $1.5million per MW.
In addition, the company would also develop five micro hydropower plant projects with total investments of about $64 million. The five projects will be acquired from PT Pembangkit Listrik Kerambil, PT Pembangkit Listrik Induring, PT Pembangkit Listrik Muara Sako, PT Sangsaka Hidro Barat,. dan PT Sangsangka Hidro Selebes.
?The company will acquire 51 percent stake in each company,? he said. The company would spend about Rp 93 billion to acquire majority stakes in the five companies.
Recently, Exploitasi Energi acquired a 60 percent stake in PT Tenaga Listrik Bintan (TLB) from old shareholder PT Sakti Mas Mulia for about Rp 48 billion. TLB will build a coal-fired power plant with a capacity of 2x1,08 MW in Tanjung Pinang, Bintan. The company has signed a power purchase agreement with state electricity company PLN.
Meanwhile, in the coal mining business, Exploitasi said that it sold 1.2 million tons of coal in the first semester of this year, mostly to PLN?s power plants.
The coal is produced from the company?s coal mines in Martapura and Tanah Laut, South Kalimantan.
Ekploitasi expects total coal sales would reach 3.5 million tons this year, with total revenues of about Rp 1.5 trillion. Last year, the company sold 2.9 million tons of coal with total revenues of around Rp 90 billion.
Editing by Adianto P. Simamora