Toba hopes Gorontalo power plant to start construction mid-2017
Friday, July 29 2016 - 02:13 AM WIB
IDX-listed coal mining company PT Toba Bara Sejahtra Tbk said that its 2x50 MW coal-fired power plant project in Gorontalo is projected to start construction around the middle of next year.
?(Construction will start in the) middle of next year,? said company Corporate Secretary Iwan Sanyoto on Thursday.
The power plant project is targeted to be completed in 2019.
The project will be developed by a consortium called PT Gorontalo Listrik Perdana, in which Toba Bara owns a 60 percent stake, with the remainder equally owned by PT Toba Sejahtra and Shanghai Electric Power Construction Co.
The company signed on July 14 a power purchase agreement with state owned electricity firm PT PLN.
Toba Bara Finance Director Pandu Sjahrir said that the estimated US$200 million power plant project will be 70 percent financed via bank loans.
He said that the company has been in talks with one domestic bank and two international lenders to secure loans of between $120 million and $140 million. He, however, declined to disclose the name of the banks.
Regarding the coal requirement of about 400,000 tons per year for the power plant, Pandu said that it may come from Toba Bara?s mines or other parties.
Editing by Reiner Simanjuntak