Completed Mixed AidData Chinese Aid

China Eximbank provides $330.8 million buyer's credit for 660MW Jatim Paiton Power Plant Expansion Project (Linked to Record ID#37864)

$330.83M USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	PT Perusahaan Listrik Negara (Persero) (PLN)
Country	Indonesia
Start Date	Jan 30, 2008
End Date	Jul 10, 2032
Duration	8,928 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38604`

Grant Description

China Eximbank provides $330.8 million buyer's credit for 660MW Jatim Paiton Power Plant Expansion Project On January 30, 2008, China Eximbank and Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — signed a $330,825,515 buyer's credit agreement for the 660MW Jatim Paiton Power Plant Expansion Project.

📋 Loan / Grant Terms

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

📅 Maturity15 years

⏳ Grace Period3 years

The loan’s final maturity date was January 23, 2023.

The proceeds of the loan were to be used by the borrower to finance 85% of the $522.8 million cost of an EPC contract between PLN and a consortium consisting of PT Mitra Selaras Hutama Energi (a local Indonesian company) and Harbin Power Engineering Company Limited, which was signed on March 12, 2007.

Indonesia's Ministry of Finance provided a guarantee for the loan.

The purpose of the project was to expand an existing coal-fired power complex — consisting of 8 power generation units — with a ninth, 660MW power generation unit in the village of Binor, the district of Paiton, the regency of Probolinggo, and the province of East Java (exact coordinates: -7.7110289, 113.5706815).

Harbin Power Engineering Company Limited and PT Mitra Selaras Hutama Energi were the EPC contractors responsible for implementation. The project achieved its commercial operations (COD) date on May 9, 2013.

📋 Staff Comments

This project is also known as the 1x660MW PLTU 2 Jatim Paiton Power Plant Construction Project, the East Java 2 – New Paiton Unit Power Plant Project, and Unit 9 of the Paiton Power Station Project. The Chinese project title is 印尼百通1×660MW燃煤电站项目.
This project is part of a larger $610 million commitment (the remainder of the funding recorded in Project ID#37864). It is also linked to other projects under the Government of Indonesia’s ‘fast-track program’ (captured in Project IDs #38546, #38600, #38601, #38602, #38606, #38609, #38610, #38611, #38614, and #37864).
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 $761m From China for Fast-Track Program
PLN secures final financing needed for first 10,000 MW power plant crash program
Indonesia: Chinese financing in PLN's 'fast-track' program
中国进出口银行签署印尼6.1亿美元电站项目贷款协议
KEMENTERIAN KOORDINATOR BIDANG PEREKONOMIAN REPUBLIK INDONESIA
BU_PITCH_ENGLISH_2018.xlsx
Consolidated Financial Stations
Bank Exim China Beri Pinjaman US$ 615 Juta ke PLN, 2011 Bond Prospectus
印尼百通1×660MW燃煤电站项目
Perkembangan Pengelolaan Kewajiban Penjaminan Pemerintah
BU_PITCH_ENGLISH_2019-clean5.xlsx
Chinese contractors win bids for Indonesian power plant projects
PAITON GBU (PT. PJB – Generation Business Unit)
Paiton Power Station
Presiden SBY Resmikan 4 PLTU Proyek 10 Ribu MW
Chinese contractors win bids for Indonesian power plant projects, 2017 Government of Indonesia Bond Prospectus
PT PLN (PERSERO) SIGNS TWO USD FACILITIES FOR 10,000 MW FAST TRACK PROGRAMS
Supplementary Online Material: List of projects to which China has provided public financing (2007-2013)
PAITON ENERGI
PT
China Overseas Development Finance
Financial report 2022 PLN
Financial report 2023 PLN
Paiton Baru Coal-fired Power Plant
East Java
Indonesia 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.