Tanjung Kasam signs credit agreement with local banks
Wednesday, May 30 2007 - 05:46 AM WIB
Batam power plant operator PT Tanjung Kasam Power (TKP) has signed on Wednesday a US$80.9 million credit agreement with syndication of local banks BNI, BRI and Bukopin to build Tanjung Kasam 2 x 55 MW coal fired power plant in Batam.
The banks had agreed to finance 65% of the total $123.87 million investment needed to build the power plant, TKP President Director Binarto Bekti Mahardjana said in Jakarta.
Under the agreement, BNI provides credit amounting to $39.9 million, while BRI and Bukopin contribute $25 million and $16 million, respectively. The balance, Binarto said, would be generated internally.
TKP is owned PT Petra Unggul Sejahtera, a subsidiary of Intraco Penta Group. Petra Unggul's president commissioner Petrus Halim said that the power plant is expected to start operation on March 31, 2009 for the first unit and on June 30, 2009 for the second unit.
The power plant will be constructed by China's Dong Fang Electric Corporation.
The power plant will be fed with coal with calorie content of between 4,700 and 4,800 kcal/kg that will be supplied by Kideco. The firm is expected to supply 30,000 tons of coal to the power plant per month once it starts operation in 2009. (godang)