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PLN pockets Rp 16.75 trillion in syndicated loans from national banks

23 April 2019 05:06 PM  Company: []
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JAKARTA. PT PLN (Persero) has pocketed syndicated loans amounting to Rp 16.75 trillion, consisting of Rp 13.25 trillion using a conventional scheme and Rp 3.5 trillion from a sharia scheme, with a period of 10 years.

PLN Finance Director Sarwono Sudarto said the funds would be used by PLN to finance the development of substations and transmission to support the 35 GW electricity programme.

The banking syndicate consists of Bank BRI, Bank Mandiri, Bank BCA, CIMB Niaga, SMI, BNI Syariah, and BCA Syariah. The loan agreement was signed at PLN headquarters in South Jakarta, Tuesday (23/4).

"Aside from the competitive loan cost of fund, the syndicated loans will also increase the rupiah portfolio in PLN's loans, as well as showing the support of national banks in financing the development of national electricity infrastructure," said Mr Sudarto.

PLN continues to improve public accessibility to electricity and develop electrity infrastructure as well as improving internal efficiency.

Results from PLN's investment programmes over the years have given significance development to Indonesia's electricity. (AM/MS)