December 18, 2019 / 10:38 AM / a month ago

Indonesia's PLN secures loans from local banks for power plants

JAKARTA, Dec 18 (Reuters) - Indonesia’s PT Perusahaan Listrik Negara (PLN) has secured a 7.9 trillion rupiah ($561 million) syndicated loan to help finance two coal-fired power plants and 13 gas machine power plants, the state electricity utility said on Wednesday.

The loan from seven banks consisted of 5.07 trillion rupiah conventional loan and 2.84 trillion rupiah Islamic financing, both with a 10-year maturity, PLN said in a statement.

Power projects that will be financed by the loans are part of Indonesia’s 35 GW power project.

Banks taking part in the syndication are all local, led by Bank Syariah Mandiri and Bank Negara Indonesia.

$1 = 14,080 rupiah Reporting by Wilda Asmarini; editing by Jason Neely

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