Completed Mixed AidData Chinese Aid

ICBC Indonesia provides $51.3 million loan for 50MW East Lombok Independent Power Plant Project

$51.4M USD

Funder	PT Bank ICBC Indonesia
Recipient Organization	PT Lombok Energy Dynamics (LED)
Country	Indonesia
Start Date	Jul 24, 2014
End Date	Nov 05, 2028
Duration	5,218 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`61533`

Grant Description

ICBC Indonesia provides $51.3 million loan for 50MW East Lombok Independent Power Plant Project On July 24, 2014, ICBC Indonesia and PT Bank Panin Tbk signed a Club Deal Credit Agreement with PT Lombok Energy Dynamics (LED) — a special purpose vehicle (SP) — for the 50MW East Lombok Independent Power Plant Project, in which ICBC Indonesia provided USD-denominated debt (worth 51,399,150 USD) and PT Bank Panin Tbk. provided rupiah-denominated debt (worth IDR 298.8 billion).

📋 Loan / Grant Terms

💰 Loan Amountcarried a 10-year maturity but its interest rate is unknown

📅 Maturity10 years

The purpose of the project was to construct a 2x25 MW coal-fired power plant in Labuan Pandan Village, East Lombok (Lombuk Timur) Regency, West Nusa Tenggara (Nusa Tenggara Barat) Province (exact locational coordinates: -8.4347704, 116.705111).

The power plant was financed as an Independent Power Project (IPP) and implemented on a build, own, operate, & transfer (BOOT) basis.

As of April 2014, Indonesia’s Energy and Mineral Resources Ministry reported that the power plant was between 50 percent and 85 percent complete. The power plant was officially inaugurated on October 20, 2017. ICBC Indonesia ultimately disbursed $54.9 million in support of the project.

📋 Staff Comments

This project is also known as the Lombuk Timur Power Station Project or the PLTU 2x25MW Lombok project. The project is referred to as 印尼龙目岛 2x25MW项目 in Chinese. 2, This project is likely part of the Government of Indonesia's 'Fast Track Program'.
The project is coded as having mixed intent since it supported the export of PowerChina equipment, though it is unclear what the exact role of PowerChina is in the project.

📚 Sources & References

ICBC 2014 Annual Report
SUPPORTING AND SERVICING INDONESIA ECONOMY
BANK ICBC INDONESIA GIVES LOAN FACILTY FOR POWER PLANT DEVELOPMENT IN EAST LOMBO
PLN bangun tujuh proyek listrik senilai Rp 6 T
East Lombok power station
Jonan officiates 350-MW power projects
BANK ICBC INDONESIA CREDIT FACILITATION FOR PLTU PROJECT IN LOMBOK TIMUR
印尼出口项目业绩展示 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.