JBIC, ADB to help fund $1.5b Sarulla power plant project
Friday, July 12 2013 - 02:16 AM WIB
IDX-listed energy outfit PT Medco Energi Internasional Tbk together with members of the consortium developing the Sarulla geothermal power plant is looking for funds at the amount of approximately US$1.5 billion to finance the construction of a 3x100 MW plant located in North Tapanuli, North Sumatra.
Members of the consortium include Medco Power, Kyushu Electric, Itochu Corporation Inc, and Ormat International.
Funding is expected to come from Japan Bank for International Cooperation (JBIC) and Asian Development Bank (ADB). ?The estimate cost of the project is about $1.5 billion. Funding will primarily come from JBIC and ADB. We?re currently trying to raise the funds first, hopefully it could be finalized by end of the year. Afterwards, the EPC work can start,? Medco Internasioal Corporate Secretary, Imron Gazali told Petromindo.com Friday.
The first unit of the Sarulla power plant is expected to start operation at the end of 2016.
Editing by Reiner Simanjuntak