JAKARTA: CIMB Niaga, one of Indonesia’s major banks, signed on Thursday an agreement with electricity company PT Tirta Gemah Ripah (TGR) for loans amounting to Rp 100 billion (US$10
AKARTA: CIMB Niaga, one of Indonesia’s major banks, signed on Thursday an agreement with electricity company PT Tirta Gemah Ripah (TGR) for loans amounting to Rp 100 billion (US$10.34 million).
The full amount consists of Rp 95 billion of investment credit and Rp 5 billion for special purposes.
TGR will use the credit facility to finance its investment in mini hydropower plants, each of which will have 4 megawatt capacity. The hydropower plants will be located in Cihikeu and Bugbulang village in Garut, West Java.
The development of the power plants is expected to be completed and start commercial operations in the fourth quarter of this year. Electricity produced by the hydropower plants will be sold to state electricity company PT PLN, in accordance with a contract lasting 15 years.
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