Standard Chartered Bank (Stanchart) dan Mizuho Corporate Bank act as bank
leaders to the US$104 million syndication loan to fund the power plant and
gas field project owned by the Energy World Corporation (EWC) in Sengkang,
South Sulawesi.
Head of Project Finance, Asia Stanchart, Conor McCoole said this is the
first itme after a decade an international bank syndication funds private
power plant project without any protection in Indonesia.
"Despite the challenge of the existing loan market, the qualified projects
could evidently get long term fund facility such as in Sengkang," he said
on press release to Bisnis yesterday.
The funding activities include the loan transfer process from Stanchart
for the ongoing Sengkang power plant and gas field project with 135 MW
capacity.
Besides, the cooperation is deemed the new funding for additional 60 MW
capacity project as the next construction phase which will finish by 2008.
The results of the project will be soled to the State-owned Electricity
Company (PLN) through the power purchase agreement (PPA) in the long run.
The seven year funding is signed on October 2007 with the due date in
October 2013. The funding is fully syndicated in mid 2008.
Stanchart and Mizuho acted as the mandated lead arrangers and KBC Bank NV
Singapore branch office, Natixis and Nordkap Bank AG acted as the lead
arrangers.
All funding is given without any political risk insurance protection
despite the fact that the project got support from the Indonesian
government for the PPA.
Stewart Elliott, Managing Director EWC, said the Sengkang power plant
project is deemed the first gas energy project in Indonesia
"We are proud of cooperating with the five international banks in this
project and appreciate the given trust to EWC. The supports given by the
five banks here reflect their trust both to the project and PLN as our
user within the past 10 years."
In this project, Stanchart acted as EWC financial advisor. And, Baker
McKenzie law firm acted as the legal advisor for the debtor and Lovells as
the sponsor advisor.
The Australian based company through its subsidiary company, PT Energi
Equity, will produce liquefied natural gas (LNG) from the gas field in
quarter II/2009 with US$1 billion investment.
From SEngkang field, the company could possibly produce 5 million tons of
LNG per year. So, EWC plans to build four refinery units with 500,000 tons
capacity per annum each.
--------------------------------------------------------------------
This message contains confidential information and is intended only for the
addressee named. If you are not the named addressee (or authorised to
receive for the addressee), you must not disseminate, distribute or copy
this email.Please notify the sender immediately by e-mail if you have
received this e-mail by mistake and delete this e-mail from your system
No comments:
Post a Comment