On 17 October 2014 the Ministry of Finance issued Business Viability Guarantee Letters (BVGL) for the Semangka hydro electric power project and the Tanjung, South Kalimantan coal fired power plant project pursuant to Minister of Finance Regulation No. 173/PMK.011/2014 on PLN’s Business Viability.
The Semangka BVGL is issued to PT Tanggamus Electric Power for a run of Semangka River 56.6MW (2x28.3MW) hydro power plant located at Tanggamus, Lampung. The Power Purchase Agreement with PT Perusahaan Listrik Negara (Persero) (PLN) having been previously signed on 13 June 2014.
The South Kalimantan BVGL is issued to PT Tanjung Power Indonesia for a 200MW (2x100MW) coal fired power plant in Tanjung, South Kalimantan. The Power Purchase Agreement with PT Perusahaan Listrik Negara (Persero) (PLN) having been previously signed on 15 October 2014. PT Tanjung Power Indonesia is a consortium between Adaro Power (65%) and PT EWP Indonesia (35%), an indirect subsidiary of Korea Electric Power Corp. (KEPCO).
Lubis Ganie Surowidjojo, with the team led by Abdul Haris M. Rum, represented the Indonesian Ministry of Finance, adding to our list of experience as the sole legal advisor of the Indonesian Ministry of Finance, in the preparation, and issuance of BVGLs which now includes:
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