PLN secures IDR15 trillion credit

JAKARTA: PT Bank Mandiri Tbk and PT Bank Negara Indonesia Tbk are ready to extend IDR15 trillion credit syndication to PT Perusahaan Listrik Negara (Persero), to fund the construction of electricity infrastructure.Bank Mandiri will invite other banks to join in the loan syndication to PLN. Mandiri sets IDR50 trillion as upper limit for new credits this year, which exceeds PLNs needs, Bank Mandiris President Director Zulkifli Zaini said.Mandiri can not solely finance PLNs needs considering legal lending limit set at IDR12 trillion and its credit expansion is not only focused on infrastructure development but also other sectors.In recent years, BNI has funded electricity infrastructure development with IDR13 trillion credit outstanding, BNI President Director Gatot M. Suwondo said. However, he can not confirm the value to be disbursed in the credit syndication.PLN needs IDR15 trillion external funding for new electricity power plant. The total investment for 2011 is around IDR70 trillion and we still lack of IDR15 trillion, PLN President Director Dahlan Iskan said.The company plans to issue dollar-denominated bond to raise fund. Nevertheless, the global bond issuance can be postponed if banks can provide it with fund.East Kalimantan's steam power plantMeanwhile, PT Bank Pembangunan Daerah DKI Jakarta will lead IDR380 credit syndication to build a steam power plant in East Kalimantan.In the syndication agreement, to be signed this month, the company commits around IDR152 billion or 40%, BPD DKI Jakarta President Director Eko Budiwiyono said.The syndication is conducted together with three or four other Regional Development Banks like BPD Kaltim, BPD Kalsel, BPD Papua, and one other BPD that is still unconfirmed," he added. (T06/NOM)