JAKARTA- Three Indonesian state-owned banks agreed Wednesday to extend a syndicated loan of Rp3.94 trillion (US$328.5 million) to finance the construction of coal-fired power plants (PLTUs) in Lampung and North Sumatra provinces. BANK RAKYAT INDONESIA (BRI)(JSX:BBRI) and Rp1.28 from BANK NEGARA INDONESIA (BNI)(JSX:BBNI) and BANK MANDIRI (JSX:BMRI) will each contribute Rp1.38 trillion.
* BRI director Asmawi Syam, BNI director Riswandi and Bank Mandiri vice president director I Wayan Agus Mertayasa signed an agreement on the syndicated loan with state electricity company PT PERUSAHAAN LISTRIK NEGARA (PLN) president director Fahmi Mochtar in the presence of Coordinating Minister for Economic Affairs/Finance Minister Sri Mulyani on Wednesday.
* Riswandi said the syndicated loan will account for 85 per cent of the total funds needed to construct PLTU Tarahan in Lampung and PLTU Pangkalan Susu in North Sumatra.
Showing posts with label Coal and power plant. Show all posts
Showing posts with label Coal and power plant. Show all posts
Thursday, October 15, 2009
Thursday, September 17, 2009
StanChart to advise Bayan on Indonesia coal financing
JAKARTA -
Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK) said on Wednesday it has appointed Standard Chartered Bank (STAN.L) as a financial adviser for raising at least $150 million for a briquetted coal project.
Standard Chartered is advising PT Kaltim Supacoal -- a joint venture firm between Bayan and a unit of Australia's White Energy Ltd (WEC.AX) -- on financing for the expansion phase of Bayan's Tabang mine in East Kalimantan on Borneo island to 5 million tonnes in annual capacity, it said.
"Based on current information and proposed expansion plans, the final amount available under the facility is expected to be a minimum of $150 million," Bayan said in a statement.
The joint venture was established to turn high moisture coal produced in Bayan's Tabang mine into a higher energy clean burning product using technology provided by White Energy for use in coal-fired power plants.
Bayan plans to get production up to 15 million tonnes a year from an initial target of 5 million. It has completed construction of the first coal upgrading plant and has produced first batch upgraded clean coal briquettes last month at its plant which has a capacity of 1 million tonnes per annum.
The financing will be conditional upon the successful completion of due diligence by Standard Chartered Bank including the satisfactory operation of the new plant, the firm said.
Standard Chartered has also agreed to provide Kaltim Supacoal with an immediate interim working capital facility of $10 million to assist with its operating and production ramp-up expenses.
Bayan is one of Indonesia's largest coal miners, operating a 15 million tonnes per year coal terminal at Balikpapan in East Kalimantan.
Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK) said on Wednesday it has appointed Standard Chartered Bank (STAN.L) as a financial adviser for raising at least $150 million for a briquetted coal project.
Standard Chartered is advising PT Kaltim Supacoal -- a joint venture firm between Bayan and a unit of Australia's White Energy Ltd (WEC.AX) -- on financing for the expansion phase of Bayan's Tabang mine in East Kalimantan on Borneo island to 5 million tonnes in annual capacity, it said.
"Based on current information and proposed expansion plans, the final amount available under the facility is expected to be a minimum of $150 million," Bayan said in a statement.
The joint venture was established to turn high moisture coal produced in Bayan's Tabang mine into a higher energy clean burning product using technology provided by White Energy for use in coal-fired power plants.
Bayan plans to get production up to 15 million tonnes a year from an initial target of 5 million. It has completed construction of the first coal upgrading plant and has produced first batch upgraded clean coal briquettes last month at its plant which has a capacity of 1 million tonnes per annum.
The financing will be conditional upon the successful completion of due diligence by Standard Chartered Bank including the satisfactory operation of the new plant, the firm said.
Standard Chartered has also agreed to provide Kaltim Supacoal with an immediate interim working capital facility of $10 million to assist with its operating and production ramp-up expenses.
Bayan is one of Indonesia's largest coal miners, operating a 15 million tonnes per year coal terminal at Balikpapan in East Kalimantan.
Friday, June 12, 2009
Indonesia's Bakrie says to buy back Bumi shares
JAKARTA -
Indonesia's PT Bakrie & Brothers Tbk (BNBR.JK) plans to buy back shares in coal miner PT Bumi Resources (BUMI.JK) and property firm PT Bakrieland Development Tbk (ELTY.JK), a director said on Thursday.
The diversified group, whose interests range from plantations to telecoms and coal, struck a number of deals, including sale stakes, late last year to help repay around $1.2 billion in debt.
The politically connected group, controlled by the family of Indonesia's chief welfare minister Aburizal Barkie, has said its debts have been halved to the equivalent of $627 million. [ID:nJAK414315]
Asked about a report that the firm planned to spend $150 million on buying back shares in Bumi and Bakrieland, Bakrie & Brothers' Finance Director Yuanita Rohali said the firm had an option to buy back shares in the fourth quarter.
"We have the intention to exercise the options on their exercise date in the fourth quarter," Rohali told Reuters via email, adding it planned to buy around a 6.4 percent stake in Bakrieland and around a 4.2 percent stake in Bumi.
"We're still reviewing alternatives for the source of funds," Rohali said.
Shares of Bakrie & Brothers gained 3.3 percent on Thursday to close at 94 rupiah, while Bumi shares fell 1.1 percent to 2,225 rupiah and Bakrieland Development fell 3 percent to 315 rupiah.
The Jakarta Composite Index .JKSE fell 0.91 percent. From Reuters, 11th June 2009
Indonesia's PT Bakrie & Brothers Tbk (BNBR.JK) plans to buy back shares in coal miner PT Bumi Resources (BUMI.JK) and property firm PT Bakrieland Development Tbk (ELTY.JK), a director said on Thursday.
The diversified group, whose interests range from plantations to telecoms and coal, struck a number of deals, including sale stakes, late last year to help repay around $1.2 billion in debt.
The politically connected group, controlled by the family of Indonesia's chief welfare minister Aburizal Barkie, has said its debts have been halved to the equivalent of $627 million. [ID:nJAK414315]
Asked about a report that the firm planned to spend $150 million on buying back shares in Bumi and Bakrieland, Bakrie & Brothers' Finance Director Yuanita Rohali said the firm had an option to buy back shares in the fourth quarter.
"We have the intention to exercise the options on their exercise date in the fourth quarter," Rohali told Reuters via email, adding it planned to buy around a 6.4 percent stake in Bakrieland and around a 4.2 percent stake in Bumi.
"We're still reviewing alternatives for the source of funds," Rohali said.
Shares of Bakrie & Brothers gained 3.3 percent on Thursday to close at 94 rupiah, while Bumi shares fell 1.1 percent to 2,225 rupiah and Bakrieland Development fell 3 percent to 315 rupiah.
The Jakarta Composite Index .JKSE fell 0.91 percent. From Reuters, 11th June 2009
Saturday, May 30, 2009
INDONESIA'S BRI LEADS CONSORTIUM TO BUILD POWER PLANTS
JAKARTA, May 29, 2009
A consortium of Indonesian banks led by Bank Rakyat Indonesia (BRI) (JSX:BBRI) has pledged a loan of US$328 million for state electricity company PLN.
The loan fund will be used to finance the construction of coal-fired power plants in Pangkalan Susu North Sumatra and in Tarahan in South Lampung, PLN vice president Rudiantara said.
The two projects are part of PLN's crash program to build coal-fired power plants with a total capacity of 10,000 megawatts to be completed next year, the newspaper Bisnis Indonesia said.
The Pangkala Susu plant will have a capacity of 400 MW to be built by a consortium of Chuan Dong China, PT Bagus Karya Jakarta and PT Nicek Bandung at a cost of US$270 million.
The one in Tarahan will have a capacity of 200 MW to be built by Jiangxi Electric Power Overseas Engineering from China and PT Adhi Karya to cost around US$154.27 million and Rp595.1 billion.
A consortium of Indonesian banks led by Bank Rakyat Indonesia (BRI) (JSX:BBRI) has pledged a loan of US$328 million for state electricity company PLN.
The loan fund will be used to finance the construction of coal-fired power plants in Pangkalan Susu North Sumatra and in Tarahan in South Lampung, PLN vice president Rudiantara said.
The two projects are part of PLN's crash program to build coal-fired power plants with a total capacity of 10,000 megawatts to be completed next year, the newspaper Bisnis Indonesia said.
The Pangkala Susu plant will have a capacity of 400 MW to be built by a consortium of Chuan Dong China, PT Bagus Karya Jakarta and PT Nicek Bandung at a cost of US$270 million.
The one in Tarahan will have a capacity of 200 MW to be built by Jiangxi Electric Power Overseas Engineering from China and PT Adhi Karya to cost around US$154.27 million and Rp595.1 billion.
Friday, April 3, 2009
Rp 5 Trillion for Steam Power Plants
Jakarta-
The Regional Development Bank formed a consortium to help loan Rp5 trillion for 16 steam power plants in Indonesia. The consortium includes 22 regional development banks and PT Bank Rakyat Indonesia.
Head of the association of regional development banks, Winny E. Hasan, said the power plant project is guaranteed by the government so it is secure.
“Lead managers of the consortium include Bank DKI in partnership with Bank Papua, Bank Jatim, Bank Kaltim, and Bank Sulsel,” said Winny yesterday.
She said that the Regional Development Bank has been giving loans for infrastructure projects like electricity and potable water facilities. Thursday, 02 April, 2009 Powered by Tempo Interaktive
The Regional Development Bank formed a consortium to help loan Rp5 trillion for 16 steam power plants in Indonesia. The consortium includes 22 regional development banks and PT Bank Rakyat Indonesia.
Head of the association of regional development banks, Winny E. Hasan, said the power plant project is guaranteed by the government so it is secure.
“Lead managers of the consortium include Bank DKI in partnership with Bank Papua, Bank Jatim, Bank Kaltim, and Bank Sulsel,” said Winny yesterday.
She said that the Regional Development Bank has been giving loans for infrastructure projects like electricity and potable water facilities. Thursday, 02 April, 2009 Powered by Tempo Interaktive
Friday, March 27, 2009
INDONESIAN STATE BANKS TO FINANCE GEOTHERMAL POWER PROJECT
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.
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.
Wednesday, February 4, 2009
Bosowa Power Plant Project Postponed As China Development Bank Pulls Out
JAKARTA-
PT Bosowa Corp., the largest diversified business group in eastern Indonesia, said on Friday that it has postponed a $200 million, 250-megawatt coal-fired power plant project in South Sulawesi Province because China Development Bank was “having problems” with financing the project.
“The current global liquidity crisis has affected the venture,” said Erwin Aksa, Bosowa’s chief executive. “We are struggling to find investors to finance it after the China Development Bank postponed its investment.”
Late last year, Bosowa told the Jakarta Globe that the project — part of the government’s “fast-track” generating capacity expansion program — was going ahead, and that its main financier, the China Development Bank, was committed to it. The power plant, if constructed, will be the biggest in eastern Indonesia.
The delay is likely to cause problems for state power utility PLN, which is targeting 10,000 MW of new generating capacity as part of the first stage of the fast-track program, which is scheduled for completion by the end of this year. All of the planned new plants are coal fired.
Erwin said the project had to date only secured about $50 million in financing from PT Bank Rakyat Indonesia Tbk, with between $140 million and $150 million still needed.
The plant, located in Jeneponto district, South Sulawesi, is likely to be delayed until 2011 or 2012, Erwin said. “Our investor postponed the project as it is struggling for liquidity and PLN is paying a very low price for the electricity, which convinced them that the project would not be viable,” Erwin said, adding that local and international commercial banks were charging high interest rates, which made it difficult for Bosowa to find other investors.
“We’re currently looking for new investors, both local and international, although we’re still negotiating with the Chinese bank to see if we can change their minds,” Erwin said.
Bosowa is has interests in the construction, finance and automotive sectors. The group, based in Makassar, South Sulawesi, is owned by tycoon and politician Aksa Mahmud, the brother-in-law of Vice President Jusuf Kalla.
Erwin said he also doubted that financing for a number of other independent power projects would be finalized this year. Forty-three independent producers are currently contracted to build plants with a capacity of about 5,700 MW. A total of 44 plants are involved.
The government plans to soon increase the tariffs paid to IPPs for the electricity they produce by up to 63 percent to encourage more investment in the sector.
PT Bosowa Corp., the largest diversified business group in eastern Indonesia, said on Friday that it has postponed a $200 million, 250-megawatt coal-fired power plant project in South Sulawesi Province because China Development Bank was “having problems” with financing the project.
“The current global liquidity crisis has affected the venture,” said Erwin Aksa, Bosowa’s chief executive. “We are struggling to find investors to finance it after the China Development Bank postponed its investment.”
Late last year, Bosowa told the Jakarta Globe that the project — part of the government’s “fast-track” generating capacity expansion program — was going ahead, and that its main financier, the China Development Bank, was committed to it. The power plant, if constructed, will be the biggest in eastern Indonesia.
The delay is likely to cause problems for state power utility PLN, which is targeting 10,000 MW of new generating capacity as part of the first stage of the fast-track program, which is scheduled for completion by the end of this year. All of the planned new plants are coal fired.
Erwin said the project had to date only secured about $50 million in financing from PT Bank Rakyat Indonesia Tbk, with between $140 million and $150 million still needed.
The plant, located in Jeneponto district, South Sulawesi, is likely to be delayed until 2011 or 2012, Erwin said. “Our investor postponed the project as it is struggling for liquidity and PLN is paying a very low price for the electricity, which convinced them that the project would not be viable,” Erwin said, adding that local and international commercial banks were charging high interest rates, which made it difficult for Bosowa to find other investors.
“We’re currently looking for new investors, both local and international, although we’re still negotiating with the Chinese bank to see if we can change their minds,” Erwin said.
Bosowa is has interests in the construction, finance and automotive sectors. The group, based in Makassar, South Sulawesi, is owned by tycoon and politician Aksa Mahmud, the brother-in-law of Vice President Jusuf Kalla.
Erwin said he also doubted that financing for a number of other independent power projects would be finalized this year. Forty-three independent producers are currently contracted to build plants with a capacity of about 5,700 MW. A total of 44 plants are involved.
The government plans to soon increase the tariffs paid to IPPs for the electricity they produce by up to 63 percent to encourage more investment in the sector.
PLN Gets $378m in Syndicated Loans
JAKARTA
State electricity firm PT Perusahaan Listrik Negara said on Friday that it has secured syndicated loans worth about Rp 4.3 trillion ($378.4 million) to finance the building of power plants across the country in a bid to meet the growing domestic demand for electricity.
As part of its “fast-track” power generation program, PLN has signed three loan agreements with state and local government-owned banks, including the country’s fourth largest lender, PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk and local development banks, or BPDs.
“The success of the negotiation process and the approval of a loan facility to PLN from syndicated banks show strong support from the national banks and the government [of the program],” said Fahmi Mochtar, president director of PLN. The fast-track program aims add 10,000 megawatts of coal-fired power generation by 2010.
The loans, which will finance 85 percent of the projects, will mature in 10 years with a three-year grace period and a floating rate based on the Jakarta interbank rate, or Jibor.
“Until now the [electricity] demand in the market is much higher than the current capacity of PLN to supply consumers,” said Gatot M. Suwondo, president director of PT Bank Negara Indonesia.
The first agreement that PLN signed was a syndicated loan of Rp 1.1 trillion with BNI and BRI to finance a coal-fired power plant project in Tanjung Awar-Awar, East Java Province, consisting of two power plants with a 350 MW capacity each.
The second agreement was with BRI and BPDs from districts in Jakarta, Papua, South Kalimantan and South Sumatra provinces for another Rp 1.1 trillion-worth of loans to help finance six power plants in Bangka Belitung Islands, South Kalimantan Province, and Papua Island.
The remaining Rp 2.1 trillion will be used to construct eight power plants with the capacity to generate a total of 310 MW. The plants will be constructed in the Sulawesi, Kalimantan, Papua and Sumatra Islands.
Bloomberg reported on Friday that PLN may cut coal buying costs by 38 percent to Rp 500,000 a ton, from around Rp 700,000 to Rp 800,000 a ton last year, due to softening energy prices.
Last week, Jacobus Purwono, director general of electricity at the Ministry of Energy, said PLN would pay Rp 750,000 for a ton of coal. However, Jacobus said that the earlier estimated coal price was made when the oil assumption was at $80 per barrel, while the ministry is now proposing the oil assumption to be between $40 to $60.
PLN estimates that it would consume 34 million of coal this year, about 13 percent more than last year, Nasri Sebayang, PLN’s head of primary fuels said, as quoted by Bloomberg. PLN hasn’t priced all the coal it will use, he said, without elaborating further.
State electricity firm PT Perusahaan Listrik Negara said on Friday that it has secured syndicated loans worth about Rp 4.3 trillion ($378.4 million) to finance the building of power plants across the country in a bid to meet the growing domestic demand for electricity.
As part of its “fast-track” power generation program, PLN has signed three loan agreements with state and local government-owned banks, including the country’s fourth largest lender, PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk and local development banks, or BPDs.
“The success of the negotiation process and the approval of a loan facility to PLN from syndicated banks show strong support from the national banks and the government [of the program],” said Fahmi Mochtar, president director of PLN. The fast-track program aims add 10,000 megawatts of coal-fired power generation by 2010.
The loans, which will finance 85 percent of the projects, will mature in 10 years with a three-year grace period and a floating rate based on the Jakarta interbank rate, or Jibor.
“Until now the [electricity] demand in the market is much higher than the current capacity of PLN to supply consumers,” said Gatot M. Suwondo, president director of PT Bank Negara Indonesia.
The first agreement that PLN signed was a syndicated loan of Rp 1.1 trillion with BNI and BRI to finance a coal-fired power plant project in Tanjung Awar-Awar, East Java Province, consisting of two power plants with a 350 MW capacity each.
The second agreement was with BRI and BPDs from districts in Jakarta, Papua, South Kalimantan and South Sumatra provinces for another Rp 1.1 trillion-worth of loans to help finance six power plants in Bangka Belitung Islands, South Kalimantan Province, and Papua Island.
The remaining Rp 2.1 trillion will be used to construct eight power plants with the capacity to generate a total of 310 MW. The plants will be constructed in the Sulawesi, Kalimantan, Papua and Sumatra Islands.
Bloomberg reported on Friday that PLN may cut coal buying costs by 38 percent to Rp 500,000 a ton, from around Rp 700,000 to Rp 800,000 a ton last year, due to softening energy prices.
Last week, Jacobus Purwono, director general of electricity at the Ministry of Energy, said PLN would pay Rp 750,000 for a ton of coal. However, Jacobus said that the earlier estimated coal price was made when the oil assumption was at $80 per barrel, while the ministry is now proposing the oil assumption to be between $40 to $60.
PLN estimates that it would consume 34 million of coal this year, about 13 percent more than last year, Nasri Sebayang, PLN’s head of primary fuels said, as quoted by Bloomberg. PLN hasn’t priced all the coal it will use, he said, without elaborating further.
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