Indonesia’s Bank Mandiri backs new coal power plant with US$1.27 billion financing
The financing comes at a time when Indonesia is striving to reduce coal consumption and transition to renewable energy
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[JAKARTA] Bank Mandiri – the largest state-owned lender in Indonesia – announced on Monday (Sep 30) that it has provided US$1.27 billion in investment credit financing for a new coal-fired power plant project in South Sumatra.
The project is co-owned by Chinese asset management and financing platform Huadian Overseas Investment and Indonesian coal mining company Bukit Asam.
Indonesia’s Minister of State-Owned Enterprises Erick Thohir, who attended a signing ceremony on Monday together with Bank Mandiri president-director Darmawan Junaidi, hailed the financing as a means to foster positive competition and strengthen the supply chain within the country’s industrial sector.
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