Status: Financial close. First disbursement made November 14, 2017.

The original environmental permit for the plant was revoked on 19 April 2017. However the sponsors filed another permit in July which was issued in September. Bandung Legal Aid has mounted a legal challenge against the new permit. Loans have been disbursed despite this legal uncertainty. Visit WALHI 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 1 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]

  • Japan Bank for International Cooperation (JBIC): $730.8m
  • Export–Import Bank of Korea (Kexim): $417.6m

Banks [34% of project debt / US$592m] – Debt covered by NEXI ($487.2m) and KEXIM ($104.4m)

  • Bank of Tokyo-Mitsubishi UFJ: $155.68m
  • Mizuho Bank: $155.68m
  • Sumitomo Mitsui Banking Corporation (SMBC): $155.68m
  • ING Bank: $124.55m
  • Nippon Export and Investment Insurance (NEXI)


Information updated: 23 November 2017

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