GLP seeks financial close for power plant project in 2017

By Tri Subhki R

Petromindo|Lucky

PT Gorontalo Listrik Perdana (GLP), a power subsidiary company of IDX-listed coal firm PT Toba Bara Sejahtra Tbk, aims to secure financial close in June 2017, or 12 months after power purchase agreement with state-owned electricity firm PT PLN, for its 2x50 MW coal-fired power plant project in Gorontalo Utara, Gorontalo Province.

"We plan to complete financial close in June next year. We are in the process of selecting the Engineering, Procurement and Construction (EPC) contractor," Toba Bara's Director and GLP's Commisioner Arthur Simatupang said on Tuesday to Petromindo.com.

Arthur said that GLP has completed 80 percent of land acquisition for the power plant project and ongoing Environmental Impact Analysis.

"The construction of power plant is estimated to take three years long and expected to be operated in 2020," he said.

Toba Bara is expanding into power generation business as part of diversification strategy.

Editing by Reiner Simanjuntak