Jakarta, July 24th, 2014 – PT. Bank ICBC Indonesia, together with PT. Bank Panin Tbk. , has signed a Loan Agreement in a club deal with PT. Lombok Energy Dynamics (LED), Thursday (24/7) in Jakarta. The loan will be used to finance power plant investment with a capacity of 2x25 MW in East Lombok, West Nusa Tenggara.

The 10-year financing has been done through a club deal by PT. Bank ICBC Indonesia for the US dollar portion and PT Bank Panin Tbk. for the rupiah portion with a total value of USD 51.4 Million and IDR 298.8 Billion, respectively.

Vice President Director of PT. Bank ICBC Indonesia, Surjawaty Tatang, said that this lending was part of PT Bank ICBC Indonesia’s commitment to support energy infrastructure projects in Indonesia. "This power plant is expected to help achieving energy needs of the people in Indonesia, especially in Lombok," Surjawaty said.

The output power will be purchased by Perusahaan Listrik Negara (PLN) for 25 years through ‘take or pay’ scheme, as agreed in the power purchase agreement signed by PLN and LED some time ago.