Toba Bara Sejahtera secures power project in Gorontalo
Monday, July 18 2016 - 12:04 PM WIB
IDX-listed PT Toba Bara Sejahtra Tbk, through its subsidiary PT Gorontalo Listrik Perdana (GLP), has secured a coal-fired power plant (PLTU) project with a generation capacity of 2x50 megawatt (MW) (Sulbagut I) in Gorontalo province, Sulawesi.
Toba Bara announced in a press release on Monday that it had signed a Power Purchase Agreement (PPA) with the state-owned power company PT Perusahaan Listrik Negara (PLN) on July 14, 2016, after previously winning a tender under the scheme of Independent Power Producer (IPP) participated by the company. The Sulbagut I project, with a contract period of 25 years, will be developed by a consortium under the GLP, which is 60 percent owned by the company. The other partners in the consortium are PT Toba Sejahtra with a stake of 20 percent, and Shanghai Electric Power Construction Co. Ltd at 20 percent.
After signing the PPA, GLP will be undergoing a process to fulfill a financing date and commercial operation date in line with the PPA contract. The project will be financed through internal cash and bank loans.
The company?s Director Arthur Simatupang said in the press release that its success to secure a partnership with PT PLN will increase its performances in coal and power businesses. ?Our company?s success to get the power project will support our business of coal, and contribute to the development of the 35,000 MW power mega project being pursued by the government,? he said.
Editing by Benget Besalicto ST