BCPG Signs Financial Support Agreement for Geothermal Projects in Indonesia
On 20 July 2017, at InterContinental Bangkok, Mr. Bundit Sapianchai, BCPG President, together with Mr. Kanit Si, Executive Vice President, Bangkok Bank Public Company Limited, Mr. Masayuki Sugawara, Executive Officer and General Manager, Regional Executive for Thailand, Mizuho Bank, Ltd. Bangkok Branch and Mr. Lin Shiqiang, Chief Executive Officer, Industrial and Commercial Bank of China (Thai) Public Company Limited, have signed the USD 300 million syndicated financial support to support the investment in Geothermal Power Projects in Indonesia.
Through the investment, BCPG will hold an indirect equity in three geothermal power projects with an equivalent total power production capacity of 182 megawatts. Investment details include 1) 20% in the 347 MW Wayang Windu Power Plant, (127 MW of which are already in operation), 2) 17.3% in Salak Power Plant, with a total production capacity of 377 MW equivalent of electricity and steam, and 3) 17.3% in Darajat Power Plant, with a total production capacity of 271 MW equivalent of electricity and steam. All the projects have long term Feed-in Tariff contracts with Indonesia’s State Electricity Power (Perusahaan Listrik Negara or PLN). After the completion of the shares transfer, the Company expects to realize profits immediately in Q3 of this year.