Tanjung Batu Power Plant

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PT Menamas Mitra Energi, the project company, developed the Tanjung Batu Power Plant. The 20 MW gas-fired plant supplied electricity to state-owned electrical utility, PT PLN, under a power purchase agreement (PPA). PT Menamas Mitra Energy developed the greenfield project on a build, own and operate basis in Tanjung Batu, near Samarinda in East Kalimantan province. PT Menamas Mitra Energi was a consortium led by a private company, PT Menamas. The project reached financial closure in May 2003, when the project company concluded an equipment supply contract with Rolls Royce for a 20 MW gas turbine generating set. The EPC contractor, PT Meta Epsi, completed installation of the generating set in 2005. The EPC contract was valued at US$20 million. On April 19, 2007, PT Truba Alam Manunggal Engineering Tbk, through its wholly-owned unit PT Manunggal Power, acquired a 51% stake in PT Menamas Mitra Energi in a transaction valued at US$3.3 million (30 billion Indonesian Rupiah [IDR]). On Jan. 31, 2008, PT Truba Alam increased its ownership in the project company to 67%. The exact ownership structure of the project company (PT Menamas Mitra Energi) at the time of financial closure (2003) was not available from public information sources. The method of contract award and the method of financing were not publicly available.