Semangka HPP

Active

Prospective

The 56.6MW Semangka Hydropower Plant Project reached financial closure in May 2015. Sponsors are POSCO, Korea Midland Power, BS Energy and Nusantara Hydro signed a US$142.81 million debt financing getting to a debt/equity ratio of 75:25. This greenfield BOO project worth of US$191 million would entail the development of 2 X 28.3MW hydroelectric conduit-type power generating facility located in the Tanggamus region in the southern part of the Sumatra Island. PT Tanggamus Electric Power was the special purpose vehicle set up by Korea Midland Power Co., Ltd.(60%), Posco Engineering Co.(20%), Ltd., PT BS Energy(10%)and PT Nusantara Hydro Alam(10%). The Export-Import Bank of Korea(US$52.5 million), BNP Paribas (US$38 million), ING Bank N.V.(US$52.5 million) are the lenders on US$142.81 million. The debt financing involved two tranches of US$66.4 million each maturing in 2029 and 2031 respectively. It also included a US$10 million tranche maturing in 2030. Business Viability Guarantee Letter (BVGL) was provided by Indonesia Government on 17 Oct 2014. In May 2015, the construction started with expected construction period of two years and seven months from now and to be completed in Sept. 2017. The EPC contract was awarded to a group of five Korean companies, including POSCO Engineering and Haechang Construction Co. http://www.businesskorea.co.kr/news/industry/10416-power-semangka-komipo-build-2nd-hydro-power-plant-indonesia http://www.koreaexim.go.kr/en/bbs/ifnoti/view_ok.jsp?no=14849&bbs_code_id=1316753474007&bbs_code_tp=BBS_2 http://cdm.unfccc.int/filestorage/5/Y/T/5YTGC2H6XK9N3FVRMLWPISD4ZA07B1/PDD%20Version%201.6.pdf?t=MTN8bmw5NXVrfDABt2oC_e_qHb64iCvZ_gI1 Sponsor Korea Midland Power 60 Sponsor POSCO 20 Sponsor PT BS Energy 10 Sponsor PT Nusantara Hydro Alam 10

Energy

World Bank Group

Project

Automotive, Commercial, Hydro, Manufacturing (Industrial), Power Generation (CCGT), Government