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The environmental permit for the plant was revoked on 19 April 2017.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

(Debt: US$1.74b)
(Equity: US$435m)

PPA: 25 years (signed October 2015)

It expands upon the existing Cirebon power station and will sit alongside Cirebon 3.

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
  • Legal:
    • 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)

References

Information updated: 15 October 2017

In addition to the references noted above, Market Forces also considers information from financial journals, companies’ public disclosures, and news reports.