Chinese banks ink $1.06 bln credit facilities with Indonesian power company

BALI, Indonesia, May 4 -- The Export-Import Bank of China (China Eximbank) and Bank of China (BOC) signed loan agreements on a total 1.061 billion U.S. dollars of credit facilities with the Indonesian state-owned power company PLN at the 42nd Asian Development Bank annual meeting on Monday.

According to the agreements, China Eximbank will provide 481 million dollars for the 3x350MW coal-fired steam power plant in Pelabuhan Ratu and 124 million dollars for the 2x110MW plant in Aceh; and BOC will provide 455 million dollars for the 3x315MW plant in Teluk Naga.

The two credit facilities from China Eximbank carry a 15-year door-to-door tenor including up to 3 years of grace period, while that from BOC has 13 years including a grace period of 3 years.

The three plants will finish the construction and go into operation respectively in early 2010, early 2011 and early 2010.