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Pertamina Geothermal secures US$300 million loan from World Bank

JAKARTA: PT Pertamina Geothermal Energy has secured a US$300 million loan from World Bank to enhance 150 MW capacity totally for geothermal power plants in Ulubelu, Tanggamus District, Lampung and Lahendong, North Sulawesi.World Bank has committed to
Yusuf Waluyo Jati
Yusuf Waluyo Jati - Bisnis.com 28 Juli 2011  |  03:08 WIB

JAKARTA: PT Pertamina Geothermal Energy has secured a US$300 million loan from World Bank to enhance 150 MW capacity totally for geothermal power plants in Ulubelu, Tanggamus District, Lampung and Lahendong, North Sulawesi.World Bank has committed to support Indonesia in covering needs of clean and friendly environmentally energy, confirmed by World Bank Head of Representative for Indonesia Stefan Koeberle.This is the first project in East Asia Region which is financed with clean technology fund mechanism. The higher capacity is also supposed to replace the use of coal fuel in a similar amount, he said yesterday.Actually, the loan is disbursed from Netherland Government which is managed by World Bank. Expectedly, the project will be completed by 2015. Later, 110 MW capacity will be allocated for the geothermal power plant in Ulubelu, South Sumatra, while the remaining of 40 MW will be for the power plant in Lahendong, North Sulawesi.International levelBy pocketing the loan, PGE is expected to be an international geothermal company. Then, the US$300 million loan consists of US$175 million from International Bank for Reconstruction and Development and the remaining of US$125 million from Clean Technology Fund.In the meantime, the loan facility from Clean Technology is a soft loan with low interest rate and longer tenor compared to a common loan facility.Moreover, the subsidiary of Pertamina also plans to spend US$1.7 billion to enlarge the capacity of its geothermal power plants (PLTP) totally to 1,050 MW for a period of 2011-2015.Out of total investment needed, 60% will be sourced from the internal cash, while the remaining will be from a soft loan of multilateral and bilateral institutions, including World Bank.The investment will support projects of PLTP Lahendong 5 and 6 (2x20 MW) that will be operated by the end of this year, PLTP Ulubelu I (55 MW), then PLTP Ulubelu 2, 3, and 4 (3x55 MW), and PLTP Lumut Balai 1, 2, 3, and 4 (4x55 MW).Reportedly, Indonesia controls the worlds largest geothermal source. Therefore, the government targets to escalate the geothermal capacity to 3,500 MW by 2014 and to grow higher from 12,300 MW by 2025.Today, Pertamina geothermal is managing 15 concession areas throughout Indonesia with total capacity by 1,194 MW. (14)(t01/msw)

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