Panaran II

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In 2005, PT Dalle Energy Batam was developing Panaran II gas-fired power plant on Batam Island. The plant’s total capacity was 55MW with two additional chiller facilities with an output of 2x4 MW. With the operation of Panaran II in 2006, Medco Energi through PT Mitra Energi Batam and PT Dalle Energy Batam was to become a major electricity supplier for the state-owned electricity company, Parusahaan Listrik Negara (PLN), in Batam. Medco Energi was to generate almost 80% of the power supply capacity on the island. The power purchase agreement was signed with PLN Batam in January 2005 for twelve years. PT Dalle Energi Batam also signed a gas supply agreement with state-owned Perusahaan Gas Negara. In January 2005, state-owned PLN named PT Dalle Energi and Medco Energi International as the winners in the tender to build the plant. According to PLN, there were 10 bidders participating in the tender. Dalle Energi Batam was the owner and operator of the power plant. The total project cost was US$28.9 million. Following the completion of shares acquisition of PT Dalle Energy Batam in July 2005, MedcoEnergi owned 58% of the company shares. In 2007, Dalle Energi Batam was in the process of adding 22 MW to the plan’s capacity. In March 2012, total capacity of the plant was reported as 82MW. Also reported, was that Dalle Energy Batam operated and owned a 19MW truck-mounted gas turbine as a backup generator to the Panaran 2 plant, installed in December 2006. The unit is a General Electrics Truck Mounted Aero-Derivative 19MW Gas Turbine, labeled TM2500. The plant signed a separate PPA with TOP (at CF90% ?). The plant was commissioned in May 2009. Total cost of these expansions was unknown, but estimated at (82MW - 55MW = 27MW) $600,000 per MW, is US$16.2 million. In 2012, Medco was reported as holding 55% of Dalle Energy Batam (instead of 58% reported earlier). Also, in March 2012, the IFC acquired 11% of Medco Power. Finally, in January 2012 PT Medco International sold 51% of the equity in PT Medco Power Indonesia to PT Saratoga Power (subsidiary of Saratoga Capital, a PE firm), holding 55% in Dalle Energy Batam. As a consequence, PT Saratoga holds 28% of the project equity, and PT Medco International the remaining 21%, and IFC the last 6%. http://medcopower.co.id/node/18 Power in Asia, IFC buys into Medco Power, 15 March 2012