Cirebon 2 (1,000MW)
Status: Loan documents signed 18 April 2017.
The environmental permit for the plant was revoked on 19 April 2017. However another permit was issued in September 2017. Visit Wahli Jawa Barat for updates on this ongoing case.
Location: Central Jawa, Indonesia
Total project cost: US$2.175 billion
Debt-to-equity ratio: 80:20
PPA: 25 years (signed October 2015)
Image: 660MW Cirebon power station.
- Marubeni Corporation (35%)
- Samtan (20%)
- IMECO (18.75%)
- Korea Midland Power (10%)
- JERA – a joint venture between Tokyo Electric Power and Chubu Electric (10%)
- Indika Energy (6.25%)
- Black & Veatch
- Financial: ING
- Latham & Watkins
- Milbank Tweed Hadley & McCloy
- Ali Budiardjo Nugroho Reksodiputro (ABNR)
Export Credit Agencies (ECAs) [66% of project debt / US$1.148b]
- Export–Import Bank of Korea (Kexim)
- Japan Bank for International Cooperation (JBIC)
Banks [34% of project debt / US$592m] – Debt covered by NEXI and KEXIM
- ING Bank
- Mitsubishi UFJ Financial Group (MUFG)
- Mizuho Bank
- Sumitomo Mitsui Banking Corporation (SMBC)
- Nippon Export and Investment Insurance (NEXI)
- IJGlobal (14 August 2017), 'Cirebon 2 Coal‐Fired Power Plant (1000MW) IPP'
- Tribunnews.com (18 April 2017) 'MoU Pembiayaan Diteken, Proyek PLTU Cirebon Ekspansi Segera Konstruksi'
- Mia Tahara-Stubbs, IJGlobal (15 March 2017), 'Cirebon 2 financing documents to be signed by month end'
- Mia Tahara-Stubbs, IJGlobal (25 August 2016) 'Black & Veatch wins Indonesia’s Cirebon 2 engineering contract'