Indika hopes financial closure of Cirebon power plant project mid-2016

By Thomas Sembiring

IDX-listed integrated energy company PT Indika Energy Tbk said that financial closure for the planned 1,000 MW coal-fired power plant project in Cirebon, West Java, is expected in the middle of this year.

?The financial closure is expected in the middle of this year,? said M. Arsjad Rasjid, President Director of Indika. Once financial closure is reached, construction of the project will start.

He added that the company is also pushing efforts to complete requirements for getting approval for the environmental impact assessment (or Amdal) of the power plant project. ?It?s still in process, we?re on track,? he said. Obtaining the Amdal approval forms part of the requirements for the company reach financial closure.

Indika is part of a consortium called PT Cirebon Energi Prasarana (CEPR) which is planning to develop the project. Other members of the consortium are Marubeni Corporation, Samtan Co. Ltd, Korea Midland Power Co. Ltd, and Chubu Electric Power Co. Inc.

Editing by Reiner Simanjuntak