Truba gets syndicated loan to build W. Kalimantan coal-fired power plant

Publicly listed PT Truba Alam Manunggal Engineering Tbk (Truba) through its power unit PT. Equator Manunggal Power (EMP) has secured a syndicated loan of Rp 365 billion (1US$=9,195) from five local banks to build a 2x30 MW coal-fired power plant in Pontiank, West Kalimantan.

Truba?s President Director Sidarta Sidik said in statement in Jakarta Tuesday that out of the total Rp 365 billion, Bank Bukopin contributed Rp 135 billion, Bank Jatim Rp100 billion, Bank DKI Rp 75 billion, BPD Kaltim Rp 45 billion and BPD Kalbar Rp 10 billion.

Bank Bukopin acted as an arranger and loan agent of the syndicated loan, he said.

Apart from funding the power projects, the loan would be used as a working capital to procure coal as fuel for the coal-fired power plant, he said.

He explained that the power plant is expected to start operation in 2010. The ground-breaking ceremony for the construction of the power plant was conducted in November last year.

In March last year, EMP and state electricity firm PT Perusahaan Listrk Negara (PLN) signed a Power Purchase Agreement for a period of 25 years. (denny)