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Samsung C&T inks $476 mn power plant deal from Indonesia

Collected: 2018.03.16

Distributed: 2018.03.19

Source: Go Direct

[Photo provided by Samsung C&T Corp.]

Samsung C&T Corp., the construction unit of South Korea’s Samsung Group, won a 510 billion won ($476.4 million) assignment to build what would be Indonesia’s largest combined cycle power plant.

The Korean company said Friday its consortium of GE Power and Jakarta-based PT Meindo Elang Indah clinched the order from PT Jawa Satu Power, a joint venture between state-owned energy giant Pertamina and Japan’s Marubeni and Sojitz Corporation. Samsung C&T is responsible for a 510 billion won interest in the 1 trillion won project.

The project is to build a 1,760-megawatt combined cycle power plant in Cilamaya, about 100 kilometers east of Jakarta. The plant is expected to provide electricity to 11 million households.

Construction will start this month and finish in September 2021.

Samsung C&T entered the Indonesian market with an order to build a bio plant for Korea’s CJ CheilJedang in 1989. It went on to win more projects in the country, including the Rajawali Building, Muara Tawar gas turbine plant and IFF2 Building. The Muara Tawar plant was touted by Indonesia’s state-owned electricity company PLN for finishing ahead of schedule and received a safety award from Indonesia’s vice president for its accident-free record.

As of 1:51 p.m., shares of Samsung C&T were up 1.9 percent at 134,000 won.

By Yong Hwan-jin and Kim Hyo-jin

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