PLN secures $293 million of loan from Cexim
Saturday, July 18 2009 - 02:07 AM WIB
The Export Import Bank of China (Cexim) has agreed to provide state-owned power firm PT Perusahaan Listrik Negara (PLN) another loan amounting to US$293.23 million for the 2 x 315 MW Pacitan coal-fired power plant project in East Java.
The power plant is part of the projects built under the PLN's 10,000 megawatt (MW) fastrack program, the company's President Director Fahmi Mochtar told reporters Friday.
Fahmi signed the loan agreement with Zhu Xingiang, vice president of the Cexim.
The loan has a tenor of 12 years and a grace period of two years.
The Pacitan power project is under construction with 72 percent works having been completed. It is expected to be completed in 2010, Fahmi said.
The 10,000 megawatt project, launched in 2006, includes 10 coal-fired power plants in Java, and 20 outside Java.
"With the latest loan from the Cexim, eight of 10 projects in Java have secured financial commitment," Fahmi said. (*)