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PLN, Rajamandala to build $150m hydro-power plant in West Java
State-owned electricity firm PT Perusahaan Listrik Negara (PLN) is teaming up with power distributor PT Rajamandala Electric Power to construct a US$ 150-million hydro-electric plant in Cianjur, West Java
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tate-owned electricity firm PT Perusahaan Listrik Negara (PLN) is teaming up with power distributor PT Rajamandala Electric Power to construct a US$ 150-million hydro-electric plant in Cianjur, West Java.
PLN president director Nur Pramudji said that the 1x 47 Megawatt plant would be financed by syndicated loans from Japanese Bank for International Cooperation (JBIC) and Mizhuo Bank Tokyo.
He said that the joint-project with Rajamandala had not secured business-feasibility security (JKU), which was provided by the World Bank.
"We can carry out the project without security from the government. It means that we have seen significant progress in Indonesia's electricity development," Nur said as quoted by tribunnews.com on Monday.
He said that the business scheme clearly demonstrated the confidence of an international financial institution in the country's electricity businesses.
"Without direct involvement from the central government, we hope that in the future we will see similar schemes being implemented in more electricity projects," he added.
Loans from Japan will cover 75 percent of the investment needed to construct the plant. The plant is projected to commence operations in May 2017. (nfo)
