PLN obtains fresh loans from four banks

State-owned electricity company PT PLN signed on Thursday a Rp 6.5 trillion loan agreement with a syndication of four domestic banks including BNI (Rp 2.5 trillion), BRI (Rp 2 trillion), BCA (Rp 1 trillion), and BII (Rp 2 trillion).

PLN President Director Nur Pamudji said in a statement that the loans would be used to finance the company?s various projects. ?We did not discuss which specific projects to be financed by the syndicated loan. PLN has plenty of projects,? he said.

Meanwhile, BNI Director Krishna R. Suparto said that the bank considered the electricity sector as quite strategic. He added that despite challenges in power sector project, PLN is seen to have good credit rating and solid financial performance.

Editing by Reiner Simanjuntak