Marubeni : Finalizes Project Finance Agreement and Begins Construction of Jawa1 Gas-Fired IPP Project in Indonesia
December 06, 2018 at 09:12 pm EST
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Dec. 07. 2018
Marubeni Corporation
Marubeni Corporation (hereinafter, 'Marubeni') is pleased to announce that PT Jawa Satu Power, which is owned in consortium by Marubeni, PT Pertamina (Persero) (hereinafter, 'Pertamina') and Sojitz Corporation (hereinafter, 'Sojitz'), and PT Jawa Satu Regas, whose shareholders include Marubeni, Pertamina, Sojitz and Mitsui O.S.K. Lines, Ltd. (hereinafter, 'MOL'), etc. each signed a separate loan agreement in October 2018 for limited-recourse project financing (hereinafter, 'the Loan') for the construction of a gas-fired power plant and an attached FSRU (hereinafter, 'Project'). The Project is located in West Java, Indonesia, and is scheduled to begin construction in December 2018.
The Loan is co-financed by the Japan Bank for International Cooperation ('JBIC'); the Asian Development Bank ('ADB'); Mizuho Bank Ltd.; MUFJ Bank, Ltd.; Oversea-Chinese Banking Corporation Ltd.; Crédit Agricole Corporate and Investment Bank; and Société Générale. Private financial institution loans use the insurance of Nippon Export and Investment Insurance Co., Ltd.
This fully integrated Gas to Power project will include the construction and operation of 1,760MW (net) gas-fired power plant and an FSRU with 170,000 m3 storage capacity and a generated power will be dispatched to PT PLN (Persero) (hereinafter, 'PLN') under a 25-year power purchase agreement. The EPC consortium of Samsung C&T (as civil engineering & construction contractor), PT Meindo Elang Indah (as gas-pipeline contractor) and General Electric Company (as turbine and generator supplier) were engaged for the construction of the power plant, while Samsung Heavy Industries was appointed as the FSRU shipbuilder.
With its extensive existing IPP portfolio, the Project, and other future developments, Marubeni looks forward to supporting Indonesia's development by contributing to the supply of stable electricity in the country. With this experience, Marubeni will continue to develop the Gas-to-Power concept to meet increasing demand throughout the world.
1)Gas-Fired Power Plant Portion
Project Company
:
PT Jawa Satu Power
Ownership
:
Pertamina 40%, Marubeni 40%, Sojitz 20%
Project Site
:
Cilamaya, West Java province, Java island, Republic of Indonesia
Generating Capacity
:
1,760MW
Project Cost
:
About US$ 1.4 billion
Off-taker
:
PLN
Contract Period
:
25 years
2)FSRU Portion
Project Company
:
PT Jawa Satu Regas
Ownership
:
Pertamina 26%. Marubeni 20%. MOL 19%, Sojitz 10%, the other 25%
Project Site
:
Cilamaya, West Java province, Java island, Republic of Indonesia
Storage Capacity
:
170,000 m3
Project Cost
:
About US$ 0.4 billion
<Relevant news release>
・31st January 2017
Marubeni Corporation to Enter into Power Purchase Agreement for Jawa 1 Gas-Fired IPP Project in Indonesia
https://www.marubeni.com/en/news/2017/release/20170131_2.pdf
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Marubeni Corporation published this content on 07 December 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 December 2018 02:11:09 UTC
Marubeni Corporation is a diversified group organized primarily around 12 business segments:
- sale of agricultural products and related services (47% of net sales): sale of agricultural inputs (crop protection products, fertilizers, seeds, etc.), precision farming services, formulation of crop protection products, export of cereals and oilseeds, etc.;
- sale of food products (17.6%);
- production and distribution of oil, gas, alternative energy and electricity (10.4%);
- production of chemicals and petrochemicals (6.4%);
- production of metals and mineral resources (4.9%);
- sale and financing of industrial and construction machinery and equipment (4.6%). The group also develops car sales and tire distribution activities;
- sales of consumer electronics (4.3%). In addition, the group develops real estate development and management activities;
- sale of forest products (2.3%): wood chips and biomass fuel, pulp and waste paper, paper, paperboard, hygiene products, building & construction materials and wood products;
- sale of apparel, accessories, textile and lifestyle products (1.1%);
- management and operation of aircraft and ships (1%);
- development of energy production units and industrial installations (0.3%);
- finance and leasing (0.1%): auto finance, aircraft leasing, aircraft engine leasing, leasing and renting of refrigerated trailers, commercial vehicles and commercial freight railcars, etc.
Net sales are distributed geographically as follows: Japan (37.2%), the United States (42.5%)