PLN secures further loan from Chinese banks
Monday, May 4 2009 - 09:33 AM WIB
State electricity firm PLN said on Monday it had signed US$1.061 billion loan agreement with two Chinese banks in Nusa Dua, Bali to finance its 10,000-MW coal-fired power plant projects.
Vice CEO Rudiantara said Bank of China pledged $455 million to finance foreign exchange portion of Teluk Naga 3x315-MW power plant project in Banten. Meanwhile, ChinaExport Import Bank (Cexim Bank) will lend US$481 million to partly finance construction of Pelabuhan Ratu 3x350 MW in West Java and another $124 million to finance Aceh 2x110MW power plant.
Rudiantara said the loan will have tenure of 13-15 years with grace period of 3 years. He did not disclose the interest that PLN would pay for the loan.
He said PLN thus far had secured US$3.25 billion loan for the project and will need to find another $2.6 billion. (Bernard)