Cilacap Power Plant Phase II

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In 2013, Sumber Segara Primadaya (S2P) began development of a 660 MW coal-fired power plant, an expansion of its existing 600 MW coal fired Cilacap power plant in Karang Kandri village in central Java province in Indonesia. The power plant construction was expected to be completed within 36 months and scheduled to commence operation in 2016. The projected average output of 4.3 TWh/year would be sold to state power utility PT Perusahaan Listrik Negara (PLN) under a long-term power purchase agreement (PPA). S2P is a joint venture between the local investor PT Sumber Energi Sakti Prima (51%) and local generator PT Pembangkitan Jawa Bali (PJB). PT PJB is in turn a wholly-owned subsidiary of the state power utility PT Perusahaan Listrik Negara (PLN). The total cost of the 660 MW expansion was USD 900 million and was financed though loans and internal cash. The project reached financial close in April 2013 after finalizing a USD 700 million concessional debt from China Development Bank (CDB) with no collateral and guarantee. The plant is built and equipped by Chinese companies.