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NEWS UPDATES 28 November 2009

Asian lender sets aside $500m for Indonesian power plants

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The Asian Development Bank (ADB) has earmarked US$500 million in loans to speed up the second phase of Indonesia’s programme to build power plants with a combined capacity of 10,000 megawatts, state news agency Antara reported, quoting an ADB official.

The ADB loans were intended to finance the construction of geothermal power plants as part of the 10,000 megawatt-capacity power development program, ADB infrastructure specialist for Indonesia Rehan Kausar said Thursday in Jakarta.

"We have prepared $500 million in loans to finance the geothermal projects," he said. Of the total, US$350 million came from the bank and the remaining $150 million in the form of clean technology funding from a number of international financial institutions, such as the World Bank, he said.

So far, the Manila-based bank had extended $161 million in loans for renewable energy projects, including the second and fourth units of the Lahendong geothermal power plant worth $30 million and $40 million respectively, he said.

According to state power utility PT Perusahaan Listrik Negara (PLN), the second phase of the 10,000-megawatt power development program called for the construction of steam power plants with a capacity of 4,294 MW, thermal power plants with a capacity of 1,626 MW, geothermal power plants with a capacity of 3,583 MW and hydro power plants with a capacity of 1,174 MW.

The mega programme would be implemented after the issuance of relevant presidential regulation which is currently being discussed at the Office of the Coordinating Minister for Economic Affairs.

Kausar said the ADB was also ready to extend $100 million in loans to improve transmission cables in the interconnection system of the Java-Bali grid.

The bank was waiting for the Indonesian government’s approval, he said. If the Indonesian government approved the project, the ADB would discuss the proposal at a board of directors meeting scheduled for January next year in Manila, he said.


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