Adaro eyes $2.45 billion power plant projects

The Jakarta Post, Jakarta | Thu, 08/05/2010 10:08 AM | Business

JAKARTA: Coal mining company Adaro Energy is eyeing two power plant construction projects worth US$2.45 billion, corporate secretary Andre Mamuaya said Wednesday.

Andre said Adaro would cooperate with several Japanese companies, such as J-Power and Itochu Corp., to bid for construction and operation contracts for two 1,000 megawatt power plants in Pemalang, Central Java, which were valued at more than $2 billion.

Adaro would also bid to develop two 100 megawatt power plants in South Kalimantan in cooperation with Japan’s Mitsui & Co, Andre said, adding that the company would need $220-250 million for the project.

“We hope we can self-finance the expansion plans,” Andre said. Adaro’s cash and cash equivalent position is currently $600 million.

Adaro said it produced 21.62 million tons of coal in the first half and sold 21.75 million tons. — JP