Aiming at PLN Project, Samindo Resources Fundged Fund of USD100 Million

Ipotnews - Together with South Korean company, PT Samindo Resources Tbk is targeting 100 megawatt solar power plant (PLTS) project with investment value of about US $ 100 million.

According to President Director Samindo Resources [MYOH 680 0 (+0.0%)], Kim Jung Gyun, the 100 MW capacity plant comprises three projects in Sumatra. Currently, the company is following the pre-qualification process of tender at PT Perusahaan Listrik Negara (PLN). "There are six projects tendered, we will take three projects," Kim said during a discussion on "Media Meetings: MYOH Performance and Projection 2017 Exposure" in Jakarta, Wednesday (26/7).

However, Kim is reluctant to name the company that will be a partner on the project. However, he stated that the South Korean company is a large corporation in the field of electricity generation.

Kim said Samindo's efforts to enter the renewable energy sector are in line with MYOH's business diversification strategy. "So far revenue is still dominated by business contracts from sister companies," he added.

He further said that currently MYOH's parent company, Samtan Co Ltd is very interested in the renewable energy power business business, so the company seeks to enter the business.

In the same place, Samindo Business Development Officer Leonardo Beniartho explained that the consortium needs US $ 100 million to work on the entire PLTS project. "Every 1 MW, Samindo and its partners will invest about US $ 1 million," he explained.

Investment in PLTS, he added, is cheaper than the investment of coal-fired steam power plants that could reach US $ 1.5 million for every 1 MW. "But the PLTS project needs a much wider field for project development," he added.

In order to work on the project, Kim continued, the company will not raise funds from the capital market or bank loans. "Our parent will support, even in our financial statements our capital structure is still very strong.We will not increase debt in 2017," said Kim