Indonesian mining company PT Adaro Energy Tbk, Japanese power company Electric Power Development Company Limited, and trading company ITOCHU Corporation have finalised project finance of approximately Rp 28.86 trillion to develop a coal-fired power plant in Central Java province, Indonesia. The financing will be provided by the Sumitomo Mitsui Banking Corporation and the Japan Bank for International Cooperation (JBIC). Shearman & Sterling LLP acted as the legal adviser to the sponsors of the transaction. The 2,000 MW power project will involve development of two units of ultra-supercritical technology (1,000 MW each) and will cost about Rp 38.48 trillion ($4 billion). The project is expected to be operational by end-2017.
