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

PT PLN (Persero)
SponsorOwnership (%)Equity (US$m)
Marubeni Corporation32.583
Korea Midland Power27.570
PT Tripatra Engineers & Constructors2051
Samtan2051
Total100255
Lender% of total debtDebt (US$m)
Japan Bank for International Cooperation (JBIC)36214
Export-Import Bank of Korea24143
Bank of Tokyo-Mitsubishi UFJ1060
ING Group1060
Mizuho Financial Group1060
Sumitomo Mitsui Banking Corporation1060
Total100595
AdviserRole
ING GroupFinancial Adviser to the sponsors
Paul HastingsLegal Adviser to the sponsors
Makarim & Taira SLegal Adviser to the sponsors – local counsel
Milbank, Tweed, Hadley & McCloyLegal Adviser to the lenders
Ali Budiardjo, Nugroho, Reksodiputro (ABNR)Legal Adviser to the lenders – local counsel
YulchonLegal Adviser to the lenders – Korean counsel
Wong PartnershipLegal Adviser to the lenders – Singapore counsel
Latham & WatkinsLegal Adviser to KOMIPO
Baker & McKenzieLegal Adviser to PT PLN Persero

Debt structure

Facility typeDebt (US$m)LendersMaturity (date)
Term loan214JBIC21 April 2028
Term loan143Kexim21 April 2028
Term loan143BTMU
ING
Mizuho
SMBC
21 April 2028
Term loan95BTMU
ING
Mizuho
SMBC
21 April 2028