PLN seeking Rp 4t extra funds for 10,000 MW projects

State-owned power company PT Perusahaan Listrik Negara (PLN) will need additional funds of up to Rp 4 trillion (US$= Rp 9560) to finance two new power plants included in its Phase One 10,000-megawatt (MW) crash program.

The two plants, each with a capacity of 2x200 MW, are located in Riau and East Kalimantan, PLN's President Director Fahmi Mochtar told reporters Thursday.

?We?ve included the two power plants in the 10,000-MW project so that their financing can be guaranteed by the government," he said, adding a new presidential regulation would be issued to include the two plants in the project.

He said each plant would require Rp 2 trillion (US$210 million), adding potential lenders had been found.

?The development banks in the two provinces have expressed their commitment to financing the power plants,? Fahmi said.

Aside from the Rp 4 trillion for the two power plants, PLN needs another $500 million and Rp 2 trillion for the development of five other power plants under the 10,000 MW program.

The five are in Tanjung AwarAwar ($372 million and Rp 1.1 trillion); Balai Karimun ($7 million and Rp 71 billion); Bangkalis ($8 million and Rp 132 billion); Riau ($9 million and Rp 111 billion) and Pant Baru ($62 million and Rp 300 billion). (*)