Cirebon 2 Coal - Fired Power Plant

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The coal fired power plant Cirebon Unit 2, with a capacity of 1,000 megawatt, is a power plant project in the West Java region of Cirebon, Indonesia. The Cirebon project is developed by Cirebon Energi Prasarana (CEPR), a consortium consisting of Marubeni (35%), Indika Energy (25%), Samtan (20%), Korea Midland Power (10%) and Chubu Electric (10%). This consortium signed a 25-year power purchase agreement with the Indonesian state power utility PLN in October 2015. The Marubeni-led consortium has awarded Black & Veatch, a US-based global engineering company, the engineering contract. Total investment is estimated at $2175 million and is being financed by 80:20 debt to equity. Debt funding ($1740 million) is being provided by Japan Bank for International Cooperation ($730.80 mn), Export-Import Bank of Korea ($417.60 mn), and the remaining funding being provided by four commercial banks, namely Sumitomo Mitsui Banking Corporation ($155.68 million), Mizuho Bank ($155.68 million), Bank of Tokyo-Mitsubishi UFJ ($155.68 million) and ING Bank ($124.55 million). Commercial loans are covered by Nippon Export and Investment Insurance (NEXI). Financial closure was reached on 18th April 2017. Construction is expected to start in September 2017 and the plant is expected to commence operation in August 2021. Only one day after the financial closure, an Indonesian court (Bandung Administrative Court ) has ruled that the environmental permit granted for the development of a coal-fired power plant is unlawful. It has ordered the environmental permit for the project to be revoked. The developer (a consortium of sponsors) was given 14 days to appeal the ruling. https://ijglobal.com/data/transaction/34565/cirebon-2-coal-fired-power-plant-1000mw-ipp http://www.modernpowersystems.com/news/newsindonesian-coal-plant-licence-revoked-5799515 https://ijglobal.com/articles/107318/cirebon-2-sponsors-file-for-new-environmental-permit