9 March 2010 - International Power's 40.5 per cent owned Paiton Energy has signed the financing for an 815 MW, coal fired Paiton 3 plant in Indonesia.
According to Business Financial Newswire, the total project cost is estimated at $1.519bn, which will be funded by a mix of debt and equity in an 80:20 ratio. International Power's equity investment of $123m will be funded from current liquid resources.
The financing package is provided under the JBIC Overseas Investment Loan programme and comprises 17-year non-recourse loans denominated in US dollars and Japanese yen.
JBIC is providing direct loans totalling $729m equivalent, and commercial banks are providing a $486m equivalent loan, which is covered by an extended political risk guarantee from JBIC.