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Cikarang Listrindo to finish new coal plant in first half
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Progress of the construction of PT Cikarang Listrindo’s power plant in Babelan, West Java, in June 2016. (Courtesy of/ PT Cikarang Listrindo)
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ublicly listed independent power plant producer PT Cikarang Listrindo expects to complete the development of its new coal-fired power plant in Babelan, West Java, with a capacity of 2x140 megawatts (MW) before the end of the first half of this year.
The new plant has a total investment value of US$475.1 million, about 91 percent of which had been disbursed by the company last year.
“The 2x140 MW coal-fired power plant will extend the company’s installed capacity to anticipate the increasing domestic demand of electricity,” Cikarang Listrindo said in a recent statement.
As of 2016, Cikarang Listrindo was operating gas-based power plants with a total capacity of 864 MW, including 218 MW as backup units operating when a gas turbine was undergoing maintenance or shutdown.
These plants are located in the Jababeka and the MM2100 industrial estates, both in Cikarang, West Java, with an availability factor of 97.3 percent as of last year.
In the first quarter of 2017, the company booked $138.6 million in revenue, up 2.65 percent year-on-year. Meanwhile, its net profit also soared 14.4 percent annually to $27.5 million.
In September 2016, Cikarang Listrindo, through its subsidiary, the Amsterdam-based Listrindo Capital BV, issued bonds worth $550 million, which were listed on the Singapore Stock Exchange (SGX) with a 10-year-tenure and 4.95 percent rate.
About 90 percent of the funds raised from the bonds were used to service the company’s debts
