| PLN secures Chinese loans for power plants program |
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| Tuesday,May 05,2009 Posted: 15:36 BJT(0736 GMT) |
| From:The Jakarta Post Article type:Redistributed |
PLN president director Fahmi Mochtar signed loan agreements with China Eximbank(Cexim) vice president Li Jun and Bank of China(BoC) general manager of corporate banking department Tang Mao Heng 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 Teluk Naga," said Finance Minister Sri Mulyani Indrawati, who witnessed the signing.
Cexim loans have a 15-year maturity, with a three-year grace period, while BoC loans carry a 13-year maturity, and three-year grace period.
With the loans, taking into account the proceeds from the PLN global bond issue, funding for the much-needed 10,000 MW program has reached 84 percent, PLN said.
So far, PLN has secured $3.25 billion loans from local and overseas lenders to finance the program.
According to PLN, it needs a total of $4.8 billion and Rp 19 trillion for power plant constructions.
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