JBIC provides project finance loan for Cirebon Electric Power
Monday, March 8 2010 - 04:56 PM WIB
The Japan Bank for International Cooperation (JBIC) on Monday signed a project financing loan agreement with P.T. Cirebon Electric Power (P.T. CEP), an Indonesian company in which Marubeni Corporation has equity stakes, to fund the Cirebon thermal power plant project in West Java.
The overall loan amount totaling up to US$595 million will be provided in co-financing with private sector banks, including the Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation, the Tokyo Branch of ING Bank N.V., and the Export-Import Bank of Korea (Korea Eximbank), with JBIC and Korea Eximbank providing a political risk guarantee for the co-financed portion, JBIC said in a statement.
P.T. CEP will newly construct a 660 MW thermal power plant in Cirebon, and sell electricity generated by this plant to P.T. PLN (Persero), for 30 years. (alex)