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Japanese banks to fund Indonesian power plant

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World Coal,

The Japan Bank for International Cooperation (JBIC) has agreed to provide US$2.052 billion to fund the construction of a 2 GW coal-fired power plants in Indonesia.

The plant in Batang Regency, Central Java, will be built and operated by Bhimasena Power Indonesia (BPI), a joint venture comprising Indonesian coal company, Adaro Energy, and Japanese companies, Electric Power Development Co. and Itouchu Corp.

According to JBIC, the loan is “in line with the Japanese government’s strategy of promoting Japanese involvement in projects including the design, construction, operation, and management of infrastructure.”

The electricity generated at the plant will be sold to Indonesia’s state-owned utility, PLN. The project is Indonesia’s first IPP project of an ultra-supercritical coal-fired power plants and forms part of the Indonesian government strategy to increase power generation capacity in the country by 35 GW between 2015 and 2019.

Several other Japanese banks and two Singapore-based companies will co-finance the project, including Sumitomo Mitsui Banking Corp. and Bank of Tokyo-Mitsubishi UFJ. Co-financing will amount of US$3.421 billion.

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