Completed Mixed AidData Chinese Aid

China Development Bank provides $700 million buyer’s credit loan for 660MW Cilacap Power Plant Phase 2 Expansion Project (Linked to Record ID#34801, #61465, #69234)

$700K USD

Funder	China Development Bank (CDB)
Recipient Organization	PT Sumber Segara Primadaya (S2P)
Country	Indonesia
Start Date	Apr 03, 2013
End Date	Nov 14, 2029
Duration	6,069 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`34748`

Grant Description

China Development Bank provides $700 million buyer’s credit loan for 660MW Cilacap Power Plant Phase 2 Expansion Project On April 3, 2013, China Development Bank and PT Sumber Segara Primadaya (S2P) — a joint venture of PT Sumberenergi Sakti Prima (SSP) and PT Pembangkit Jawa Bali (PJB) — signed a $700 million buyer’s credit loan agreement for the 660MW Cilacap Power Plant Phase 2 Expansion Project.

SSP holds a 51% ownership stake in S2P and PT Pembangkit Jawa Bali (PJB) — a subsidiary of Perusahaan Listrik Negara (PLN), an Indonesian state electricity distribution company — holds a 49% ownership stake in S2P.

📋 Loan / Grant Terms

💰 Loan Amountcarries an 11-year maturity and an interest rate of LIBOR (6M LIBOR in April 2013 was 0

📅 Maturity11 years

The proceeds of the loan were to be used by the borrower to finance a $699.88 million EPC contract with China Chengda Engineering Co., Ltd., which was signed on June 15, 2012.

The loan is not collateralized (unsecured) and the Government of Indonesia did not issue a sovereign guarantee in support of the loan.

The project was implemented as an Independent Power Project (IPP) and it was financed according to a debt-to-equity ratio of 78:22.

In addition to the debt financing that S2P secured from CDB, it secured a working capital loan from Bank Rakyat Indonesia (BRI).

The purpose of the project was to install a third unit (with 660MW of power generation capacity) at the Jawa-8 Coal-Fired Power Plant (also known as the Cilacap Power Station).

The plant is located in the villages of Karangkandri, Menganti and Slarang within Kesugihan subdistrict, Cilacap Regency, and Central Java province.

Upon completion, it was expected that the third unit of the power plant would be connected to the Java-Bali power grid and serve an additional 682,000 household customers. China Chengda Engineering Co., Ltd. was the general EPC contractor responsible for implementation.

However, China Energy Engineering Group Corporation (CEEC) was also involved in the project (most likely as a subcontractor).

Construction began in 2013 and it was expected to last 36 months, but the project encountered significant implementation delays. The third unit of the power plant was officially inaugurated and put into operation on February 25, 2019.

Bank of China also provided an additional loan for Phase 1 of the Jawa-8 (Cilacap) Power Plant Project (captured in Record ID#34801) and Bank of China and CDB each provided loans for Phase 3 of the Jawa-8 (Cilacap) Power Plant Project (captured in Record ID#46420 and ID#61465).

📋 Staff Comments

This project is also known as the Cilacap Expansion CFSPP 1 X 660 MW Project. The Chinese project title is CILACAP 二期1x660MW 燃煤电站项目.
King & Wood Mallesons served as legal counsel on the transaction. See https://kwm-stage-06.adobecqms.net/content/kwm/us/en/people/david-lam.html

📚 Sources & References

China Development Bank to provide financial support for C Java power plant project
China Development Bank to bankroll 614MW Indonesian coal project
ASEAN Investment Report 2013-2014
Indonesia - Market factors to watch on April 4
Cilacap Sumber power station
Bank China beri pembiayaan S2P USD700 juta
China Development Bank to provide fund for coal plant in Central Java
Indonesia's Sinarmas to invest $600-$700 mln in 2 coal plants-exec
Global oil and gas
Sumber Segara Announces Project Financing Of US$700 Million For Cilacap Power Plant In Indonesia
Indonesia: Public Finance/Subsidies for Coal
国家开发银行7亿美元融资印尼扩建燃煤电站项目 2013-04-06 17:39 文章来源：《国际商报》等文章类型：摘编内容分类：新闻　　综合印尼《国际商报》和《印度尼西亚商报》等媒体报道，国家开发银行融资扩建印尼中爪哇芝拉扎燃煤电站二期项目签约仪式4月3日在雅加达举行，印尼能源与矿物部部长瓦基克、中国驻印尼大使刘建超等出席。该项目在一期2×300兆瓦电站基础上进行，装机容量660兆瓦，耗资9亿美元，预计2016年运营，由中国成达工程公司与印尼史来拉达亚公司联合承建。国开行东盟工作组主任何伟续表示，印尼人口众多，经济快速增长，是国开行在东盟优先贷款国家，自2006年以来已贷款各种项目22亿美元。
S2P公司将获中国开发银行贷款6.7兆盾扩建芝拉扎蒸汽发电站
芝拉扎燃煤电站二期1X660MW机组扩建项目举行贷款协议签字仪式
中国国家开发银行对印尼承诺贷款突破70亿美元，支持电站等基础设施建设
PLTU CILACAP: Sumber Segara Primadaya Dapat Pinjaman US$700 Juta
Quantifying Chinese Public Financing for Foreign Coal Power Plants
CEEC wins Indonesian Cilacap 660MW power plant project
China's Global Energy Finance
Oktober 2019
PLTU Cilacap Ekspansi 2 berteknologi ultrasupercritical beroperasi
Menteri ESDM Saksikan Penandatanganan Facility Agreement For Financing Of Cilacap Expansion CFSPP 1 X 660 MW
PLTU CILACAP: Sumber Segara Primadaya Dapat Pinjaman US$700 Juta Artikel ini telah tayang di Bisnis.com dengan judul 'PLTU CILACAP: Sumber Segara Primadaya Dapat Pinjaman US$700 Juta'
Klik selengkapnya di sini: https://ekonomi.bisnis.com/read/20130403/44/6377/pltu-cilacap-sumber-segara-primadaya-dapat-pinjaman-us700-juta. Author: Lili Sunardi Editor : Others Download aplikasi Bisnis.com terbaru untuk akses lebih cepat dan nyaman di sini: Android: http://bit.ly/AppsBisniscomPS iOS: http://bit.ly/AppsBisniscomIOS
CEEC wins Indonesian Cilacap 660MW power plant project
成达公司签订印尼CILACAP二期1X660MW燃煤电站项目总承包合同
President of the Republic of Indonesia
Joko Widodo inaugurated the operation of the 660 MW Steam Power Plant (PLTU)
Beranda Berita Unit Direktorat Jenderal Ketenagalistrikan Presiden Jokowi Resmikan PLTU Cilacap Ekspansi 1x660 MW
芝拉扎电厂燃煤电站项目
Private Participation in Infrastructure Database
David Lam Partner
Cross Border Finance
China Overseas Development Finance
Financial report 2022 PLN
Financial report 2023 PLN
Financial report 2021 PLN
Financial report 2016 PLN
Financial report 2017 PLN
Financial report 2018 PLN
Cilacap Power Plant Expansion Project
Work From Home (WFH) and other gimmicks cannot clear Jakarta’s air
CEEC wins Indonesian Cilacap 660MW power plant project 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.

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PT Sumber Segara Primadaya (S2P)

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