Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO Susumu Kato, hereafter referred to as "SC") has come to an agreement to expand the capacity of Tanjung Jati B Unit 1&2 Coal Fired Power Plant (hereafter referred to as "Existing Plant") which is invested through SC's 100% subsidiary in Indonesia, PT. Central Java Power (hereafter referred to as "CJP"). Recently SC and CJP signed the financing contracts for the expansion, namely Tanjung Jati B Unit 3&4 Coal Fired Power Plant (hereafter referred to as "Expansion Plant").
The financing contracts are based on project financing, headed by Japan Bank for International Cooperation and co-financing lenders (Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation and BNP Paribas).
This project, of which total project cost amounts to around 200 billion Japanese Yen, is to add 660MW x 2units of Expansion Plant, next to 1,320MW of Existing Plant located in the Central Java, Indonesia, and to lease the Expansion Plant to PT. Perusahaan Listrik Negara (hereafter referred to as "PLN") for 20 years.
CJP started leasing the Existing Plant to PLN in October, 2006, and signed the leasing contracts for the Expansion Plant with PLN on November 4th, 2008. PLN will be responsible for the operation, maintenance and fuel supply of the Expansion Plant, as currently done by PLN for the Existing Plant.
The contract for the engineering, procurement and construction for the Expansion Plant is executed between SC and CJP, where Toshiba Corporation and Toshiba Plant Systems & Services Corporation supply the turbine and generator, Mitsubishi Heavy Industry, Ltd. supplies the coal firing boiler, Black and Veatch Corporation supplies the auxiliary facilities for the boiler and Mitsui Engineering and Shipbuilding Co., Ltd. is in charge of the civil works.
The long term electricity perspective in Indonesia says the electricity demand will be increasing by 7.0% annually up to 2016, and the tight supply-demand condition is expected. This project is the expansion of the Existing Plant, which means the Expansion Plant can use the certain facilities in common and thus it can achieve relatively sooner commercial operation. SC believes that this project can contribute to tight supply-demand condition of Indonesian by adding substantial power supply capacity.
SC is committed to remain dedicated for the electricity development in and eventually the growth of Indonesia, backed by SC's over 30-year's experience, even at the difficult time in 1997 caused by Asian currency crisis when the construction of the Existing Plant was suspended once, however SC could overcome and materialize the Existing Plant as leasing unit to PLN.
source : www.sumitomocorp.co.jp
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