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Jakarta Post

PLN secures Chinese loans for power plants program after Merpati spat solved

  • Aditya Suharmoko

    The Jakarta Post

Jakarta   /   Tue, May 5 2009   /  02:08 pm

The Chinese government has put aside any hard feelings about Indonesian business deals after agreeing to let its lenders ink a US$1.06 billion loan deal with state-run power company PT Perusahaan Listrik Negara (PLN) to help finance the government-sponsored 10,000 megawatt (MW) power plant program. PLN has mobilized $579 million from the Export-Import Bank of China (Cexim) and $455 million from Bank of China (BoC), PLN said in a statement on Monday. PLN president director Fahmi Mochtar, Cexim vice president Li Jun and BoC general manager of corporate banking department Tang Mao Heng signed the deal on the sidelines of the Asian Development Bank (ADB) annual meeting in Bali. "Cexim will lend $481 million for (three 350 MW) power plants in Pelabuhan Ratu and $124 million for (two 110 MW) plants in Aceh, while BoC lends $455 million for (three 315 MW) plants in ...