Paiton financial closure expected in September
Tuesday, August 11 2009 - 09:21 AM WIB
UK power firm International Power plc reported on Tuesday that financial close for the proposed Paiton 3 coal-fired power plant project is expected in September 2009.
The total project cost is estimated to be approximately US$1,450 million, which will be funded by a mix of project finance debt and equity.
The company said the proposed 815MW plant, which will be located within the existing Paiton complex; East Java is expected to be fully operational by the end of 2012.
The plant has a 30-year PPA with state electricity firm and construction is covered by a fixed price contract with the EPC contractor, Mitsubishi Heavy Industry.
The power plant is owned by PT Paiton Energy. Painton Energy is owned by International Power (40.5%), Mitsui (40.5%), TEPCO (14%) and PT BHP (5%). (alex)