Ratchaburi Electricity and Medco Power to bid for Indonesian power project
Thailand's power firm Ratchaburi Electricity Generating Holding alongside the Indonesian energy firm Medco Power, a subsidiary of Medco Energi Internasional, are planning to build a US$350 million gas-fired power plant in Indonesia.
The joint-venture expects to submit a proposal for the 250 MW gas-fired plant project in the Riau Islands. The project is scheduled to begin its development in June. It will take a year for its entire development. Medco Power will take a 51 percent stake while Ratchaburi Electricity Generating Holding the 49 percent remaining.
Ratchaburi Electricity Generating Holding is trying to expand its business increasing its power generation capacity to nearly 10,000 MW by 2023 from the current 7,000 MW. Besides Indonesia, the company is looking to invest in Vietnam, the Philippines, Australia and Laos. Additionally, they have recently invested in nuclear plants in China.
As we reported in December 2015, Medco Energi Internasional, through its subsidiary PT Medco E&P Tomori Sulawesi signed a Term Facility Agreement with PT Bank ANZ Indonesia, PT Bank DBS Indonesia, PT Bank Mandiri (Persero) Tbk, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation (SMBC) to refinance a gas project in Indonesia.
In that case it was the Senoro Upstream Gas project, related with upstream gas operations in Senoro Field, Central Sulawesi, an Indonesian island east of Borneo.
