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Cirebon 1 (660MW)

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Status: Financial Close / Operational

On 8 March 2010, financial close was achieved for the US$850 million, 660MW Cirebon 1 Independent Power Project (IPP) coal-fired power station in Cirebon, West Java, Indonesia.

  • Debt/Equity 70:30
  • Debt guaranteed by JBIC and Kexim
  • Contract: Build-Own-Operate (BOO)
  • PPA: 30 years

Parties to deal

Awarding authority

PT PLN (Persero)

Sponsors
Sponsor Ownership (%) Equity (US$m)
Marubeni Corporation 32.5 83
Korea Midland Power 27.5 70
PT Tripatra Engineers & Constructors 20 51
Samtan 20 51
Total 100 255
Lenders
Lender % of total debt Debt (US$m)
Japan Bank for International Cooperation (JBIC) 36 214
Export-Import Bank of Korea 24 143
Bank of Tokyo-Mitsubishi UFJ 10 60
ING Group 10 60
Mizuho Financial Group 10 60
Sumitomo Mitsui Banking Corporation 10 60
Total 100 595
Advisers
Adviser Role
ING Group Financial Adviser to the sponsors
Paul Hastings Legal Adviser to the sponsors
Makarim & Taira S Legal Adviser to the sponsors – local counsel
Milbank, Tweed, Hadley & McCloy Legal Adviser to the lenders
Ali Budiardjo, Nugroho, Reksodiputro (ABNR) Legal Adviser to the lenders – local counsel
Yulchon Legal Adviser to the lenders – Korean counsel
Wong Partnership Legal Adviser to the lenders – Singapore counsel
Latham & Watkins Legal Adviser to KOMIPO
Baker & McKenzie Legal Adviser to PT PLN Persero

Debt structure

Debt structure
Facility type Debt (US$m) Lenders Maturity (date)
Term loan 214 JBIC 21 April 2028
Term loan 143 Kexim 21 April 2028
Term loan 143 BTMU
ING
Mizuho
SMBC		 21 April 2028
Term loan 95 BTMU
ING
Mizuho
SMBC		 21 April 2028