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Wednesday, 08 June 16
BPI ACHIEVES FINANCIAL CLOSE FOR ITS 2000 MW POWER PROJECT IN CENTRAL JAVA
 COALspot.com: PT Bhimasena Power Indonesia (BPI) on June 6th, 2016 Achieves financial close for its 2x1,000 MW power project in Batang Regency, Central Java. BPI is owned by a consortium of Electric Power Development Co., Ltd. (J-Power) – PT Adaro Power (AP) – Itochu Corporation (Itochu).
President Director of PT Adaro Energy Tbk (AE), Mr Garibaldi Thohir, remarked “We are pleased to achieve this significant milestone. Despite the delay, we are thankful for the support from PLN, all sponsors, lenders, government institutions and other stakeholders. We expect that the process will move forward as planned, and we are excited as we are now closer to our vision to be a leading Indonesian mining and energy group and establishing one of our engines of growth.”
According to PT Adaro Energy Tbk's disclosure to the Indonesia Stock Exchange and the OJK, total investment for this project cost is around US$ 4.2 billion, and BPI will receive project funding of approximately US$3.4 billion from the Japan Bank for International Cooperation (JBIC) and a syndication of nine commercial banks: SMBC, BTMU, Mizuho, DBS, OCBC, Sumitomo Trust, Mitsubishi Trust, Shinsei and Norinchukin.
According to PT Adaro Energy, this project will sell electricity to PT Perusahaan Listrik Negara (Persero) (PLN) under a power purchase agreement (PPA) for 25 years from the completion of construction, the PPA between BPI and PLN was signed on October 6th, 2011.
The Government of Indonesia through the Ministry of Finance, the Indonesia Infrastructure Guarantee Fund (IIGF) and BPI have signed an agreement to guarantee the payment from PLN to BPI as stipulated in the PPA. IIGF is an institution established by the Government of Indonesia to provide guarantee for government institutions participating in public private partnership (PPP). This project is Indonesia’s first PPP project to receive IIGF’s guarantee.
President Director of BPI, Mr Mohammad Effendi, said “After the financial close, construction of the power plant should immediately begin. Construction is estimated to take approximately four year and COD is expected in 2020.”
This power plant will be one of the largest IPP in Asia and is the first coal-fired power plant project to use the environmentally friendly ultra-supercritical (USC) technology in Indonesia. The USC uses steam temperatures and pressures above the supercritical point of water which allows lower fuel consumption per kilowatt hour (KwH) and reduce specific CO2 emissions.
The disclosure further noted that, this project has been delayed for several years due to difficulties related to land acquisition. Early this year, through the implementation of Law No.2/2012 regarding Land Procurement for Development in the Public Interest, BPI and PLN had been able to secure all the required land and this has made BPI the first Independent Power Producer (IPP) to have successfully implemented Law No.2/2012.
Despite the delay, all partners remain committed to the project and all the stakeholders involved including the government of Indonesia, PLN and the creditors remain committed to the project from the beginning. The Engineering, Procurement and Construction (EPC) contractors selected for this project are Mitsubishi Hitachi Power Systems, Ltd for the offshore portion and Sumitomo Corporation for the onshore portion.
Operation & Maintenance of the power plant will be conducted by BPI. From the beginning of construction and throughout its operation, BPI will contribute significantly to the social and economic development of Indonesia, particularly the Batang Regency and Central Java region, through job creation and numerous social development programs to create shared value between BPI and the community. One example, in order to overcome the impact of land acquisition, BPI has given social compensation to affected farmers and prepared replacement land to solve the changes in livelihood method. BPI has also carried out several community development programs and will continue to improve its programs for the development of a self sustaining society.
 About PT Bhimasena Power Indonesia
PT Bhimasena Power Indonesia (BPI) is a consortium of Electric Power Development Co., Ltd. (J-Power) (34%), PT Adaro Power (34%) and Itochu Corporation (Itochu) (32%). PT Adaro Power is a wholly-owned subsidiary of PT Adaro Energy Tbk.
The 2x1,000 MW power plant is located in Batang Regency, Central Java. It is the first infrastructure project under the public private partnership (PPP) structure and will apply the Build, Own, Operate, Transfer (BOOT) scheme. This project is part of the Master Plan for Acceleration and Expansion of Indonesia Economic Development and will lead economic development in Java. The 2x1000 MW power plant is also part of the 35,000MW program inaugurated by President Joko Widodo, a national strategic plan to meet Indonesia’s growing electricity demand. This project will use the more efficient and environmentally-friendly Ultra-Super Critical technology.
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Wednesday, 24 February 16
PRIVATE EQUITY FUNDS LOOKING TO EXIT SHIPPING, MOST NOTABLY DRY BULK, AS OVERORDERING HAS RESULTED IN EXCESS TONNAGE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The injection of more than $13 billion in shipping from various private equity funds over the past few years has resulted in what many feared would ...
Wednesday, 24 February 16
THIRTEEN - NOT ALWAYS AN UNLUCKY NUMBER? - CLARKSONS
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at t ...
Monday, 22 February 16
4200 GAR COAL INDEX SETTLES AT $27.02, DOWN 0.07% FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.17 percent week over week to averaging $38.89 per ton on this past Friday, ...
Monday, 22 February 16
FREIGHT MARKETS PICKED UP SLIGHTLY THIS PAST WEEK
COALspot.com: The freight markets picked up slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of gl ...
Friday, 19 February 16
INDONESIAN HBA HITS A NEW LOWS BELOW $51 A TON AS OVERSUPPLY, LOW DEMAND WOES PERSIST
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016. HBA has slumped second time t ...
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- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
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