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Cikarang-GE gas power plant project awaits PLN resolve
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A Cikarang Listrindo oil and gas storage facility located in Cikarang, West Java. (Courtesy of http://www.listrindo.com//-)
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ndependent power plant developer Cikarang Listrindo remains hopeful that state electricity firm PLN may sign the pricing agreement for the planned 1,000 megawatt (MW) gas power plant in the fourth quarter, so as to immediately begin construction.
The mega project was initiated in October 2015, when a Memorandum of Understanding (MoU) was signed with General Electric (GE), witnessed by President Joko “Jokowi” Widodo during his working visit to the US.
GE are expected to supply a gas turbine and provide US$600 million in project financing through its subsidiary GE Capital. The project will be built in Cikarang, West Java.
"I hope the price will be issued by the fourth quarter at the latest. We have worked in partnership with PLN for 20 years and have remained loyal to GE products since 1991," Cikarang Listrindo finance director Christanto Pranata told thejakartapost.com on Tuesday.
The power plant, he continued, can be maximized to produce a further 1,400 megawatt of power. It will be the company's biggest power plant to date. The two existing Cikarang Listrindo gas power plants produce a total 1,082 MW.
The newly listed company booked US$83 million in profit over and above $135 million reported revenue in the first quarter of 2016, representing a 61 percent profit margin. PLN bought 71 percent of its electricity while the remaining 29 percent was absorbed by industrial estates. (ags)
