Syres hopes to conclude financial close of two power projects in March
Monday, November 13 2017 - 06:14 AM WIB
PT Syres Power Energy hopes to be able to conclude financial close of its two mini hydro power plant (PLTMH) projects in March of next year, according to company senior official.
The mini hydro power plant projects, namely PLTMH Batu Brak with capacity of 7.7 MW in Lampung Province, and PLTMH Bayang Nyalo with capacity of 6 MW in West Sumatra Province, are targeted to start operation in 2019.
The company will require investment of around Rp 450 billion for the two projects.
Syres Operational Director San Akri told Petromindo.com on Monday that the company was seeking to get financing from the state-owned financing firm PT Indonesia Infrastructure Finance (IIF). ?We?re still processing the funding with IIF. We hope (to conclude the financial close) six months after the signing of the PPA,? he said, referring to power purchase agreement.
Syres signed in September of this year the PPAs for the two projects with state-owned electricity firm PT PLN, under which the independent power producer will sell electricity from the PLTMH Batu Brak to PLN at a tariff of 6.60 US cents per kWh, and from PLTMH Bayang Nyalo at 6.80 US cents per kWh.
The PLTMH Bayang Nyalo will be operated by subsidiary PT Bayang Nyalo Hydro, while PLTMH Batu Brak will be operated by indirect subsidiary PT Tiga Oregon Putra.
Editing by Reiner Simanjuntak