Pertamina achieves financial closure for gas-fired power station

Indonesian state-owned oil and natural gas corporation Pertamina along with its Japanese partners Marubeni and Sojitz has achieved financial closure for the 1,760 MW Jawa-1 combined cycle power station and an accompanying 170,000 cubic metre floating storage and regasification unit. The integrated project entails a total investment of $1.8 billion. The consortium of lenders for the project includes the Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance Company Limited, the Asian Development Bank (ADB), Mizuho Bank Limited, MUFG Bank Limited and Overseas Chinese Banking Corporation Limited. The project has a contract to supply electricity to Indonesia’s state-owned power utility Perusahaan Listrik Negara for 25 years. Pertamina has targeted to start commercial operations of the project in late 2021.

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