Exim Bank to fund US$11.9m project in Indonesia

KUALA LUMPUR: Export-Import Bank of Malaysia Bhd (Exim Bank) yesterday signed a US$11.9 million (RM37.6 million) facility agreement with PT Great Colour Energy for the development and construction of a mini hydropower plant in Indonesia.

Source from (The Star Online): http://www.thestar.com.my/Business/Business-News/2013/07/10/Exim-Bank-signs-facility-accord.aspx
Published: July 10, 2013

Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/exxem/Article/
Published: July 10, 2013

Through the agreement, Exim Bank will part-finance the development of the project in Sungai Bungin, Kabupaten Enrekang in South Sulawesi, with an initial capacity of 5MW.

"The US$11.9 million, which is a 12-year term loan under Exim's Overseas Project Financing-i, covers up to 75 per cent of the project cost with total development costs of US$15 million," the company said.

Upon completion of the project, PT Great Colour Energy, a unit of Malaysian-owned Great Colour Group, will embark on the second phase of the project with an additional 5MW.

The agreement was signed by Exim Bank Malaysia managing director/chief executive officer Datuk Adissadikin Ali and PT Great Colour Energy president director Khairul Nizam Tajul Hasnan.

The project will contribute to the economic development and domestic capacities by providing sufficient and affordable energy in South Sulawesi.

In May, the bank signed a similar agreement for a hydropower plant, also in Indonesia. Bernama