GLP obtains loan for PLTU Sulbagut-1 project
Friday, July 14 2017 - 01:48 AM WIB
IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk said that its subsidiary PT Gorontalo Listrik Perdana (GLP) has obtained investment credit facility from Bank Mandiri to finance the PLTU Sulbagut-1 coal-fired power plant project in Gorontalo Province.
Toba said in a statement on Thursday that GLP and Bank Mandiri signed the lending agreement worth US$171.78 million on July 11.
As has been previously reported by this portal, GLP signed a power purchase agreement (PPA) with state-owned electricity firm PT PLN in July of last year for the planned 2x50 MW PLTU Sulbagut-1 project. GLP will sell the electricity from the project to PLN under a 25-year contract.
GLP is 60 percent owned by Toba Bara Sejahtra, 20 percent by Shanghai Electric Power Construction Co Ltd, and 20 percent by PT Toba Sejahtra.
The company said at the time that the project, with estimated investment requirement of $170 million-$220 million, was expected to be completed in 2019.
The PLTU Sulbagut-1 project forms part of Toba Bara?s diversification strategy into power plant business as it aims to become an integrated energy firm by 2020. Toba Bara also plans to develop PLTU Sulut-3 project in Minahasa Utara Regency, North Sulawesi Province.
Editing by Reiner Simanjuntak