Completed Development AidData Chinese Aid

China Eximbank provides $293.2 million loan for 630MW Pacitan Power Plant Construction Project

¥293.23M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	PT Perusahaan Listrik Negara (Persero) (PLN)
Country	Indonesia
Start Date	Jul 17, 2009
End Date	Apr 15, 2032
Duration	8,308 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`38610`

Grant Description

China Eximbank provides $293.2 million loan for 630MW Pacitan Power Plant Construction Project On July 17, 2009, China Eximbank and Perusahaan Listrik Negara (PLN) — an Indonesian state electricity distribution company — signed a $293,226,064 loan agreement for the 630MW Pacitan Power Plant Construction Project.

📋 Loan / Grant Terms

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

📅 Maturity15 years

⏳ Grace Period3 years

The proceeds of the loan were to be used by the borrower to partially finance the $345 million cost of an EPC contract between PLN and a consortium consisting of Southwest Electric Power Design Institute, Hongyuan Co, Hubei Second Electric Power Construction Co and Gansu First Construction, which was signed on October 23, 2007.

The purpose of the project was to install a 630-megawatt (MW) coal-fired power plant — with two 315MW generators (Unit 1 and Unit 2) — in Sudimoro District, Pacitan Regency, and East Java Province (locational coordinates: -8.2578176, 111.373558). Construction began in April 2008. Unit 1 was connected to the national grid on May 22, 2012 and it began commercial operations on June 24, 2013.

Unit 2 was connected to the national grid on September 6, 2012, and began commercial operations on August 21, 2013.

There have been extensive negative environmental impacts linked to the project, from loss of biodiversity and livelihoods to lack of compensation.

📋 Staff Comments

This project is also known as the 2x315MW Pacitan Power Plant Construction Project and the 2x315MW PLTU 1 Jatim Coal-fired Pacitan Power Station Project. The Chinese project title is 巴齐丹项目 or 印尼巴基旦电站项目 or 印尼巴齐丹2×315MW燃煤电厂项目.
This project was part of the Government of Indonesia’s ‘fast-track program’.
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

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 $761m From China for Fast-Track Program
PLN secures final financing needed for first 10,000 MW power plant crash program
Indonesia: Chinese financing in PLN's 'fast-track' program
印尼巴基旦电站项目获中国进出口银行2.93亿美元贷款
印尼电站项目再获中国金融机构7.63亿美元贷款
KOMISI XI DPR TANYAKAN KINERJA PT PLN
China assures loans will be disbursed as promised
Pacitan power station
Coal-Fired Power Plants in Indonesia - Java
中国金融机构向印尼提供10.6亿美元电站项目贷款
印尼与中国多家公司签署32亿美元能源合同
印尼能源部长：印尼与中国多家公司签署32亿美元的能源合同
PLN teken pinjaman proyek 10.000 MW
PLN Tandatangani Kontrak Konstruksi PLTU Rp2,5 Triliun
Oil and Gas in China: The New Energy Superpower's Relations with Its Region
Quantifying Chinese Public Financing for Foreign Coal Power Plants
PLN Signs Contracts For Power Plant Projects with China
Pacitan Coal-Fired Power Plant (630 MW), 2011 Bond Prospectus
BU_PITCH_ENGLISH_2018.xlsx
中国电建集团承建的印尼巴齐丹项目#1机组并网
东方电气签订印尼巴齐丹火电项目总承包合同
印尼PLN公司副总裁一行来访
PLN Dapat Pinjaman US$ 293.226.064
Perkembangan Pengelolaan Kewajiban Penjaminan Pemerintah
PERKEMBANGAN PENGELOLAAN KEWAJIBAN PENJAMINAN TRIWULAN I TAHUN 2017
Pacitan power station
中国电建集团承建的印尼巴齐丹项目#1机组并网
中国电建承建的印尼巴齐丹#2机组并网成功
China Overseas Development Finance
Coal fired power plant near conservation areas in Pacitan
East Java
Indonesia
Efforts to conserve sea turtles disrupted by coal plant in East Java
Pacitan villagers say coal plant reduced livelihoods, brought little new employment
In response to pollution complaints, a coal plant in Indonesia offered soap and mops 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.