PLN, HSBC sign deal on project development management

State electricity company PLN has signed deal with HSBC on transaction advisory to help the PLN speed up the development of planned two mine-mouth power plant projects in South Sumatra worth $3 billion.

The two mine mouth power plants are Sumsel 9 dan Sumsel 10 projects ? both in South Sumatra.

The deal was signed by PLN President Director Nur Pamudji and HSBC Indonesia?s Head of Global Banking Rajeev Babel on Tuesday. Under the deal, HSBC will assist PLN in preparing the legal, technical, economic and financial aspects of the development project.

HSBC has appointed Aurecon, a Singapore-based engineering firm, as a technical adviser and Jakarta-based SMG Consultants as a coal mining adviser. ?HSBC will also assist PLN in ensuring a fair and transparent bidding process,? Nur said in a press statement.

Editing by Adianto P. Simamora