JAKARTA-
Three Indonesian state banks have agreed to provide a syndicated loan of US$80 million to finance the construction of a geothermal power plant in Patuha, West Java.
Gatot M Suwondo, the president of Bank Negara Indonesia (BNI) (JSX:BBNI) said the bank is ready to lead the syndicate that will include PT Bank Mandiri (JSX:BMRI) and PT Bank Rakyat Indonesia (BRI) (JSX:BBRI) to finance the project owned by PT Geo Dipa Energy.
Negotiation is still underway to decide the contributions of each bank, Gatot said after the signing of a memorandum of understanding between the three state lenders last week.
Praktimia Semiawan, the president of Geo Dipa, said the cost of building the 55-megawatt power plant is estimated to reach US$143 million.
Geo Dipa is a joint venture company between state power utility PLN and oil and gas company PT Pertamina. March 27th, 2009.
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