Paiton financial closure expected ?shortly?
Wednesday, November 11 2009 - 11:53 PM WIB
UK power firm International Power plc reported on Wednesday that financial close for the proposed Paiton 3 coal-fired power plant project is expected to be achieved ?shortly?.
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 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. Paiton Energy is owned by International Power (40.5%), Mitsui (40.5%), TEPCO (14%) and PT BHP (5%). (alex)