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24 April 2006 - Indonesian Energy and Mieral Resources Minister Purnomo Yusgiantoro has announced that three Chinese firms have agreed to build coal fired power plants with a total capacity of 8000 MW.

The companies involved are Harbin Power Co, Dongfang Electricity Corp. and Shanghai Electricity Corp. and the projects will be constructed for the state-owned electricity company PLN by 2010.

The Chinese companies offered to build the plants at far lower cost than other potential investors, Purnomo said. Following a meeting last week in Boao, China, the firms agreed to build the plants at a cost of $5.6bn.

The projects could be funded by export credits by China and another alternative is a fund expected to be raised from the sales of bonds by PLN loans from Islamic banks, he said. The minister said a contract is expected to be signed with China in August and that construction of the coal fired power plants could start in 2008.

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