As reported, the company earlier said that it needed $8 billion to finance the first phase of the government’s crash programme to add 10,000MW by constructing coal-fired power plants.
However, the company has raised over $6 billion, with most of the loans from Chinese banks, Reuters reported.
Following the agreements that PLN has signed with the banks, the company is expected to get loans from China Development Bank together with Industrial and Commercial Bank of China of $625m for a 660MW coal-fired station in Central Java and of $138m for a 224MW plant in West Sumatra.
Reportedly, PLN will also get $329m loan from a consortium of domestic banks, including PT Bank Mandiri, PT Bank Rakyat Indonesia and PT Bank Negara Indonesia, to develop the Tarahan, Pangkalan Susu and North Sumatra power stations located on Sumatra island.
