Cilacap Power

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In 2003 PT Sumber Segara Primadaya (S2P) began development of the 600MW coal-fired Cilacap power plant. The plant was to be fueled by coal purchased from coal producers Adaro, Kodeco and Jorong under 5 year contracts. Power from the plant was to be sold to the state-owned utility PT Perusahaan Listrik Negara (PLN) at US$ 4.57 cents per kWh. S2P was a joint venture between PT Pembangkit Jawa-Bali (a subsidiary of PLN, 49%) and PT Sumber Energi Sakti Prima (51%, Indonesia). Construction began in early 2004, and was undertaken by Chengda Engineering Corporation (China). The plant cost US$ 510 million to build, and the two 300MW units began operation in early 2006. Construction was financed by a US$408 million loan from a syndicate of Chinese banks. The Bank Nasional Indonesia also issued a letter of credit to S2P for $200 million. The Cilacap project was initially sponsored by a consortium including Duke Energy and Mitsubishi, but the project was put on hold after the 1997 financial crisis. None None