PLN signs Rp 12 trillion syndicated loan
Friday, December 18 2015 - 12:13 AM WIB
State owned electricity firm PT Perusahaan Listrik Negara (Persero) (PLN) signed on Thursday a syndicated loan agreement worth Rp 12 trillion with local banks and financial institutions to support its capital expenditure.
The lenders are PT Bank Rakyat Indonesia (Persero) Tbk. (BRI), PT Bank Negara Indonesia (Persero) Tbk., PT Bank Central Asia Tbk., PT Bank Mandiri (Persero) Tbk., Lembaga Pembiayaan Ekspor Indonesia, and PT Sarana Multi Infrastruktur (Persero) with BRI as arranger.
"Part of the Rp 12 trillion loan will be used to finance power plant projects which already reach 30 percent in progress and the rest for capital expenditure of next year. Since the projects are long-term in nature, the loan has a tenor of 10 years with a grace period of three years," PLN?s President Director Sofyan Basir said after signing the Syndicated Credit Facility, in Jakarta.
The loan carries an interest of 2.3 percent.
The company has also received a syndicated loan of Rp 2.4 trillion to finance the construction of a coal-fired power plant (PLTU) in East Kalimantan with a capacity of 2x110 MW. The lenders include PT Bank Negara Indonesia (Persero) (BNI), PT Bank Rakyat Indonesia (Persero), PT Bank Mandiri (Persero) and Lembaga Pembiayaan Ekspor Indonesia with BNI as arranger.
Sofyan said that PLTU Kalimantan Timur is part of the first phase Fast Track Program (FTP) 10.000MW. The program is targeted to be completed in 2016, according to him.
Editing by Johannes Simbolon