Sri Rejeki Isman to build power plant
Tuesday, August 11 2015 - 12:56 AM WIB
IDX-listed textile maker PT Sri Rejeki Isman Tbk plans to build a 60-70 MW power plant in Sukoharjo, Central Java, in a bid to reduce cost of electricity, reports said on Tuesday.
Sri Rejeki President Director Iwan Setiawan was quoted as saying that the planned US$100 million power plant would be fueled by gas and coal.
He said that the company plans to issue bonds worth up to US$420 million, part of which to be used to finance the power plant project. He said that selection of underwriters for the bond issue is expected to be completed end of August or mid September.
Once the financing requirement is settled, Sri Rejeki will start construction of the power plant, hopefully in the second semester of next year. Construction process is expected to take about 1.5 years, Iwan said. (*)