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Cirebon 1 (660MW)
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.
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Debt/Equity 70:30
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Debt guaranteed by JBIC and Kexim
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Contract: Build-Own-Operate (BOO)
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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) |
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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 |
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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) |
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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 |