Toba Bara expects financial close of Gorontalo power plant project soon
Thursday, May 4 2017 - 03:11 AM WIB
Petromindo|Boim
IDX-listed coal mining firm PT Toba Bara Sejahtra Tbk hopes to be able to reach financial close of its 2x50 MW coal-fired power plant project in Gorontalo Province in the first semester of this year.
?Toba Bara Sejahtra is striving to meet financial close by first semester 2017, after which the Engineering Procurement Contracting (EPC) phase is expected to commence,? the company said in a statement on Wednesday.
The company, through its subsidiary PT Gorontalo Listrik Perdana (GLP), secured a coal-fired power plant project with capacity of 2x50 MW (also known as Sulbagut-1) located in the Gorontalo Province. The signing of the Power Purchase Agreement (PPA) with state-owned electricity firm PT PLN was held on July 14, 2016, following the company?s participation in PLN?s open tender process through the Independent Power Producer (IPP) scheme.
GLP is a consortium 60 percent owned by PT Toba Bara Sejahtra, 20 percent by PT Toba Sejahtra, and another 20 percent by Shanghai Electric Power Construction Co. Ltd.
?Given the coal industry?s important role in the on-going 35 GW program as well as in future ones, PT Toba Bara Sejahtra Tbk (identified an opportunity for both coal industry and power industry in creating synergistic value by expanding downstream to the power sector,? Toba Bara said.
The company through PT Minahasa Cahaya Lestari has also recently signed PPA with PLN for the planned 2x50 MW PLTU Sulut-3 coal-fired power plant project in Minahasa Regency, North Sulawesi Province. The company is targeted to complete financial close of this estimated US$12.5 million project within 12 months since the signing of the PPA. The Commercial Operation Date (COD) status is targeted to be reached in 2020.
PT Minahasa Cahaya Lestari is a special purpose vehicle company set up by PT Toba Bara Energi and Sinohydro Corporation Limited (10% shares).
Editing by Reiner Simanjuntak