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China Eximbank provides $124 million buyer's credit loan for 220MW Meulaboh Power Plant Construction Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Indonesia |
| Country | Indonesia |
| Start Date | May 04, 2009 |
| End Date | May 16, 2026 |
| Duration | 6,221 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 38601 |
Grant Description
China Eximbank provides $124 million buyer's credit loan for 220MW Meulaboh Power Plant Construction Project On May 4, 2009, China Eximbank and the Government of Indonesia signed a $124,339,936 buyer's credit loan (BCL) agreement for the 220MW Meulaboh Power Plant Construction Project. Indonesia’s Finance Minister Sri Mulyani Indrawati witnessed the signing of the agreement.
The proceeds of the BCL were used to partially finance a commercial (EPC) contract worth $247.4 million between Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — and Sinohydro Co. Ltd (now a subsidiary of the Power Construction Corporation of China), which was signed in 2008.
The remainder of the EPC contract cost was financed by PLN and Regional Development Bank Association (Asbanda).
PLN provided $18,650,990 of local counterpart funding to finance 15% of the EPC contract cost, while ASBANDA covered the reminder of the EPC contract cost through a loan worth approximately Rp614.34 billion.
The purpose of the project was to construct a coal-fired power plant — that is located in Suak Puntong Village within Kuala Pesisir Subdistrict, Kab Nagan Raya (Nagan Raya) Regency, and Aceh Province (exact locational coordinates: 4.1073603, 96.1989402) — with power generation capacity of 220MW divided over two 110MW units.
The power plant was designed to use a 275 kV transmission network to deliver an electricity supply of approximately 2,803GWh/year, which makes its way to a number of regencies within Aceh Province – including Aceh Jaya, West Aceh, Southwest Aceh, and Nagan Raya.
The two, 110MW units use an average of 50,000 tons of coal/month, 90% of which is shipped from Kalimantan to the plant, with the other 10% coming from the more local Mifa Bersaudara coal mine. Sinohydro was the EPC contractor responsible for project implementation. Construction began in April 2008. The first 110MW unit was connected to the grid in March 2013 and put into commercial operation on April 22, 2014.
The second unit was handed over to the project owner (PLN) on August 17, 2014.
Staff Comments
- This project is also known as Units 1 and 2 of the 2x110MW PLTU NAD Meulaboh Power Plant Construction Project, the Meulaboh Power Station Project, the Aceh Power Plant Project, and the 220MW Nagan Raya Power Station Project. The Chinese project title is 亚齐电站 or 亚齐电站项目 or 亚齐２×１１０ＭＷ电站项目.
- The project was part of the Fast Track Program, which is a plan by the Indonesian government to add power plants around the country, which totaled to about 10000 MW. 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.
- 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
- 中国两银行与印尼公司签协议 10亿贷款建电站
- 中国电建承建印尼亚齐火电站两台机组均已投入发电
- 中国水电印尼亚齐火电站1号机组正式移交
- 中国电建承建印尼亚齐2号机组正式移交
- 中国电建承建印尼亚齐火电站两台机组均已投入发电
- 中国水电承建的印尼亚齐燃煤电站签出口买方信贷协议
- BERITA RINGKAS PERUSAHAAN Mei 2009
- PLN cari dana US$1,4 miliar
- Quantifying Chinese Public Financing for Foreign Coal Power Plants
- Aceh Power Plant
- Nagan Raya power station
- Nagan Raya Coal-fired Power Plant
- Aceh Province
- Indonesia
- Nagan Raya Coal-fired Power Plant
- Aceh Province
- Indonesia
- Warga hentikan pembangunan PLTU 3-4 di Nagan Raya, 7 Bulan Terbengkalai
- Tongkang Terdampar Cemari Lingkungan Pantai Nagan Raya, 7 Bulan Terbengkalai
- Tongkang Terdampar Cemari Lingkungan Pantai Nagan Raya
- Walhi: Kawal Pembangunan PLTU 3-4
- Abai Terhadap Protes Warga
- AMPLAS Kecam PLTU Nagan Raya 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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Government of Indonesia
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