Completed Development AidData Chinese Aid

ICBC contributes to $138.3 million loan for 224MW Sumbar Teluk Sirih Power Plant Construction Project (Linked to Record ID#62054)

$69.17M USD

Funder	Industrial and Commercial Bank of China (ICBC)
Recipient Organization	PT Perusahaan Listrik Negara (Persero) (PLN)
Country	Indonesia
Start Date	Oct 14, 2009
End Date	Mar 30, 2027
Duration	6,376 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`105325`

Grant Description

CDB and ICBC contributions to $138.3 million loan for 224MW Sumbar Teluk Sirih Power Plant Construction Project On October 14, 2009, China Development Bank (CDB) and the Industrial and Commercial Bank of China (ICBC) signed a $138,336,845 loan agreement with Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — for the 224MW Sumbar Teluk Sirih Power Plant Construction Project.

Record ID#62054 captures CDB's estimated contribution and Record ID#105325 captures ICBC's estimated contribution.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following terms: a 13-year maturity

📅 Maturity13 years

⏳ Grace Period3 years

The loan’s final maturity date is October 14, 2022.

The proceeds of the loan were to be used by the borrower to finance an EPC contract between PLN and China National Technical Import and Export Corporation (CNTIC).

The purpose of the project was to install two 112MW power generation units (Unit 1 and Unit 2) at the Sumbar Teluk Sirih Power Plant (PLTU) in Bungus Teluk Kabung District, Padang City, West Sumatra Province. CNTIC and PT Rekayasa Industri were the contractors responsible for implementation. The Sumbar Teluk Sirih Power Plant Construction Project started in 2013.

Testing of Unit 1 was undertaken on July 5, 2014. Then, on July 7, 2015, Unit 1 was handed over to the project owner (PLN). PLN issued a final acceptance certificate (FAC) to CNTIC on December 30, 2016.

📋 Staff Comments

This project is also known as the 2x112 MW PLTU Sumbar Teluk Sirih Power Plant Construction Project, the PLTU Sumbar 2x112MW Power Plant Project, and the PLTU Sumbar Project. The Chinese project title is 西苏2x11.2万千瓦燃煤电站项目 or 西苏电站项目.
CNTIC refers to the project as the Sumatera Barat Power Plant Project.
The project was part of the fast-track program by Indonesian government to add power plants around the country, which totaled to about 10000 MW.
Norton Rose and Hadiputranto Hadinoto & partners served as legal advisers for the loan agreement.
Given that the individual contributions of the banks are unknown, AidData assumes equal contributions ($69,168,422.5) across the two members of the loan syndicate. Record ID#62054 captures CDB's estimated contribution and Record ID#105325 captures ICBC's estimated contribution.
For loan and debt rescheduling records with variable interest rates, AidData calculates the all-in interest rate at T0 based on the reference rate (such as LIBOR or EURIBOR) on the loan start date, plus any known margin. Please see the methodology for additional details.

📚 Sources & References

Tahukah Anda Bagaimana Sistem Kerja PLTU Teluk Sirih?
Teluk Sirih power station
PLN West Sumatra Coal-Fired Plant
印尼电站项目再获中国金融机构7.63亿美元贷款
Slowing the Growth of Coal Power Outside China: The Role of Chinese Finance, 2011 Bond Prospectus
INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Perkembangan Pengelolaan Kewajiban Penjaminan Pemerintah
BU_PITCH_ENGLISH_2019-clean5.xlsx
Brief Summary/Kesimpulan Singkat Working Group on Oil
Gas and Coal
驻印度尼西亚大使章启月出席印尼电站项目贷款协议签字仪式
Overseas Attractions: The Unit-2 of PLTU Sumbar 2x112MW Project Accomplished Final Handover
The EPC Project of PLTU (2x112MW) of Sumatera Barat
Indonesia
PLTU Sumbar 2x112MW Power Plant was awarded the Taking Over Certificate by Indonesian Government
The FCB Test Has Been Finished Completely for Unit-1 of PLTU Sumbar 2x112MW Power Plant Contracted by CNTIC
中技海外风采：印尼西苏电站项目二号机组实现最终移交
中技海外风采：印尼西苏电站项目一号机组实现最终移交
Teluk Sirih power station
China to Grant US$138 Mln Loans for PLN
Tahukah Anda Bagaimana Sistem Kerja PLTU Teluk Sirih?
PERKEMBANGAN PENGELOLAAN KEWAJIBAN KONTINJENSI TRIWULAN II TAHUN 2016
Bangun Proyek 10.000 MW
PLN Kantongi Sindikasi Kredit
PLN Digelontori Pijaman Bank BUMN
CDB & ICBC, 2017 Government of Indonesia Bond Prospectus
CNTIC CSR Report 2016-2017
China Overseas Development Finance
Belasan Penyu Terjebak Dalam Bak Penampung PLTU Teluk Sirih
Ada Videonya…
Warga Padang Mengeluhkan Abu Sisa Pembakaran PLTU Teluk Sirih
Warga Keluhkan Angkutan Batu Bara ke Teluk Sirih Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.