History Of PT PJB Investasi
Back in 2015, the increase in power demand, in line with population increase in Indonesia, was the basis of Indonesian Government to establish a power capacity enhancement program to 35,000MW. Indonesian Government officially released a 35,000MW program on 4 May 2015. This program was expected to meet the power demand for daily and industrial needs.
35,000MW comprised of 10,000 portion of PLN and 25,000 portion of IPP. Therefore, PT PJBI was established to obtain IPP portion. It was established on 18 December 2015 as a Subsidiary of PT PLN Nusantara Power (PT PLN NP) – formerly referred to as PT Pembangkitan Jawa Bali (PT PJB). This establishment aimed to seize any opportunities for power business improvement in favor of this country.
Group of PT PLN NP, as a part of PT PLN (Persero), has limits to find external funds by far with respect to the performance of the Covenant Global Bond of PT PLN (Persero). Consequently, PT PLN NP failed to have the majority portion, particularly in loan and provide equity portion security. The opportunity of PT PLN NP to grow amidst the increase of electricity market became inflexible.
PT PJBI was designed as an Unrestricted Subsidiary on 5 August 2016 so that PT PLN NP has the flexibility in obtaining funding for the purpose of electricity expansion in Indonesia.
The first IPP development project of PT PJBI was the assignment project of Steam Power Plant (PLTU) Jawa 7 (2 x 1,000MW) in which construction stages have commenced as of 2016. PT PJBI was appointed as a project sponsor and shareholder of 30% in joint venture company called PT Shenhua Guohua Pembangkitan Jawa Bali (PT SGPJB) along with a Chinese’s government enterprise namely China Shenhua with share ownership of 70%. Moreover, PT PJBI also serves as shareholder of a joint venture company dealing with plant operation and maintenance of PLTU Jawa 7 named PT Guohua Taidian Pembangkitan Jawa Bali (PT GHPJB) and Taishan Power Generation Company holding share of 70%.
Besides PLTU Jawa 7, there are 3 current projects under construction stage namely Batang Toru Hydropower Plant (PLTA) 510MW with shareholding of 25% in PT North Sumatera Hydro Energy (NSHE), PLTU MT Sumbagsel 1 2 x 150MW with 10% share ownership and Cirata Floating Solar Power Plant (PLTS) 145MWac holding 51%.