Indonesian firm seeks loans to finance power plant projects

15:56, February 22, 2010      

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A senior official at Indonesia's state run power firm, PT Perusahaan Listrik Negara (PLN), said on Monday that it still seeks 9 trillion rupiah (about 964.6 million U.S. dollars) worth of debts to finance the power transmission projects in its first phase of fast-track power plant project with total capacity of 10,000 Mega Watt (MW), a local media reported.

"We have secured 1.1 million U.S. dollars from the total funds needed to finance the transmission network in the first phase of power plant fast-track program that requires 2 billion U.S. dollars,"the PLN's Financial Director Setio Anggoro Dewo was quoted by the Detik.com as saying after signed some agreements with 41 domestic banks and Indonesia's postal office.

He expected that the debts to plug the remaining funds needed to finance the transmission project would be obtained from domestic banks this year.

According to the PLN's financial director, the state power firm has secured the whole funds needed to finance the first phase mega power plant project requires 5 billion U.S. dollars.

The first phase of mega power plant project with total capacities of 10,000 MW was expected to be completed by 2013.

The PLN also plans to seek 19 trillion of funds (about 2.03 billion U.S. dollars) in the second half this year to finance its capital expenditure, he said.

Source: Xinhua
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