VIVAnews - PT Indika Energy Tbk through its association PT Cirebon Electric Power (CEP) has signed a financing deal with the Japan Bank for International Cooperation (JBIC), the Export-Import Bank of Korea (KEXIM) and other financial institutions.
The financial agreement worth US$595 million was signed on March 8, 2010, at the Pacific Place Hotel, Jakarta.
The press release from Indika that VIVAnews received in Jakarta on Wednesday, March 10, stated that the fund will be used by CEP to build the steam-based electric project in Kanci Village, Cirebon, West Java.
The 660 MW steam-based electric project cooperates with the State Electricity Company (PLN) based on a power-purchase agreement on August 20, 2007, which was amended on February 22, 2010.
The CEP is the associated company of Indika Energy having 20 percent of indirect ownership through Indika Power Investments Pte Ltd (IPI), which owns CEP by 15 percent as well as PT Indika Infrastruktur Investindo (III) by five percent.
In addition to Indika Energy, three other parties also own shares in CEP such as Axia Power Holdings BV (32.5 percent), Komipo Global Pte Ltd (27.5 percent), and Cirebon Power Holdings Co Ltd (20 percent).
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Translated by: Bonardo Maulana W
