Completed Mixed AidData Chinese Aid

China Eximbank provides $481 million buyer’s credit loan for 3x350MW Pelabuhan Ratu Power Station Project

$481.94M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	PT Perusahaan Listrik Negara (Persero) (PLN)
Country	Indonesia
Start Date	May 04, 2009
End Date	Oct 11, 2027
Duration	6,734 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38600`

Grant Description

China Eximbank provides $481 million buyer’s credit loan for 3x350MW Pelabuhan Ratu Power Station Project On May 4, 2009, China Eximbank and Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — signed a $481,937,182 buyer’s credit loan agreement for the Pelabuhan Ratu Power Station Project.

📋 Loan / Grant Terms

💰 Loan Amountcarried the following borrowing terms: a 15-year maturity

📅 Maturity15 years

⏳ Grace Period3 years

The proceeds of the loan were to be used by the borrower to finance 85% of the cost of an EPC contract between PLN and Shanghai Electric Group, which was signed on August 7, 2007. As of 2016, the borrower had repaid 45,215 million IDR of the China Eximbank loan.

The purpose of the project was to construct a power plant — with three 350MW power generation units — in Citarik village within Pelabuhan Ratu District, Sukabumi Regency, and West Java Province (exact locational coordinate: -7.0242, 106.5464). Shanghai Electric Group was the EPC contractor responsible for implementation.

A formal groundbreaking ceremony took place on September 10, 2007. The first power generation unit was put into operation on June 20, 2013. Then, on May 9, 2013, the second power generation unit was connected to the grid. All three power generation units also completed a 30-day reliability test operation by the end of 2013.

The amount of pollutants the power station emits has led to it being marked for early retirement as part of the Just Energy Transition Partnership (JETP) plan.

📋 Staff Comments

This project is also known as the 3x350MW PLTU 2 Jabar Pelabuhan Ratu Power Station Construction Project and the Pelapuhan Ratu Power Plant Project. The Chinese project title is 印尼公主港项目 or 印尼公主港（3×350兆瓦）燃煤电站项目.
This project was part of the fast-track program by the Indonesian government to add power plants across the country with 10000MW of power generation capacity. The program covered the construction of 33 (some sources state 32, while others state 35) power plants, 10 of them in Java and Bali, with 23 located off the two main islands, according to Rudiantara, PLN's vice president director.
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

PLN secures Chinese loans for power plants program after Merpati spat solved
Conditionality in Chinese bilateral lending
Power Loans Tied Up Over Merpati
PLN secures part of the loans needed for 10,000 MW program
Govt to deal with China loan problems of Merpati and PLN
RI resolves rifts with China, mends ties
PLN to secure $761m in loans from Chinese banks in June
Funding Spat Puts the Brakes On Fast-Track Power Project
PLN Hopes to Secure ‘Fast-Track’ Funds From China Despite Financing Freeze
PLN to Borrow $761m From China for Fast-Track Program
PLN secures final financing needed for first 10,000 MW power plant crash program
Indonesia: Chinese financing in PLN's 'fast-track' program
中国金融机构向印尼提供10.6亿美元电站项目贷款
Chinese firms produce power for Indonesia
RI
China sign Rp 35t deals on energy, mining
Oil and Gas in China: The New Energy Superpower's Relations with Its Region
Chinese poised to dominate RI power sector
Pelabuhan Ratu power station
印尼公主港(Pelabuhan Ratu)3×350MW燃煤电站项目
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Oil and Gas in China: The New Energy Superpower's Relations with Its Region
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PLN Signs Contracts For Power Plant Projects with China
Indonesia: Energy Rich and Electricity Poor
LAPORAN KEUANGAN, 2011 Bond Prospectus
BU_PITCH_ENGLISH_2018.xlsx
上海电气海外电站项目顺利投运
PLN secures Chinese loans for power plants program after Merpati spat solved This article was published in thejakartapost.com with the title 'PLN secures Chinese loans for power plants program after Merpati spat solved'. Click to read: https://www.thejakartapost.com/news/2009/05/05/pln-secures-chinese-loans-power-plants-program-after-merpati-spat-solved.html. Download The Jakarta Post app for easier and faster news access: Android: http://bit.ly/tjp-android iOS: http://bit.ly/tjp-ios
Pelapuhan Ratu Power Plant
Pelabuhan Ratu Coal-fired Power Station Project in Indonesia
History of Edits for Pelabuhan Ratu Coal Power Plant Indonesia
Indonesia and China signed deals Monday covering cooperation on eight energy and mining projects worth a total of around Rp 35 trillion
Shanghai Electric Power Generation Group
中国电建承建印尼公主港项目2号机组一次并网成功
印尼公主港项目1号机组顺利通过可靠性试验
海外项目浅谈(印尼公主港工程交流)
上海电气位列创新价值榜第39
公司考察印尼拉布湾燃煤电站
Pelabuhan Ratu power station
上海电气电站集团
上海国资第187期
PLTU Palabuhan Ratu Hadir
Listrik Tak Lagi Byar Pet
PLTU Pelabuhan Ratu Dibangun
Baru Dioperasikan
PLTU Pelabuhan Ratu Sudah Alami Kerusakan, 2017 Government of Indonesia Bond Prospectus
Health and economic benefits from early phase out of Indonesia's first JETP coal power plants 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.