Cirebon 2 (1,000MW)

Status: Loan documents signed 18 April. Financial Close due May 8 2017

Location: Central Jawa, Indonesia

Total project cost: US$2 billion

Debt-to-equity ratio: 80:20

(Debt: US$1.6b)
(Equity: US$400m)

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%)
  • Indika Energy (25%)
  • Samtan (20%)
  • Korea Midland Power (10%)
  • Chubu Electric (10%)
  • Black & Veatch
  • Financial: ING
  • Legal: Latham & Watkins
Export Credit Agencies (ECAs) [60% of project debt / US$960m]

  • Export–Import Bank of Korea (Kexim)
  • Japan Bank for International Cooperation (JBIC)

Banks [40% of project debt / US$640m]

  • ING Bank
  • Mitsubishi UFJ Financial Group (MUFG)
  • Mizuho Bank
  • Sumitomo Mitsui Banking Corporation (SMBC)
  • Nippon Export and Investment Insurance (NEXI)