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Investment Plan and Strategy to Increase

Transparency and Governance


on PLN’s Projects

Panel Discussion on
Investing in a more governance SOEs’ Projects

Indonesia Investment Forum 2018


Bali, October 9, 2018
PLN IN A GLANCE

PLN was established in 1945 with full ownership of Republic of Indonesia of 100%.
PLN provides most of all public electricity and electricity infrastructure in Indonesia and operates across the entire value chain, from power generation and construction of power plants, to
transmission, distribution and retail sales of electricity.
As of 30 th June 2018, PLN had install capacity around 43,610 MW (exclude IPP) and served around 69.7 million customer in Indonesia.

Key Business Segments

Power Plant Capacity Electricity Production Transmission


100% 43 GW installed plant capacity (exc 129 TWh el ectricity produced in 50.271 kms tra ns mission
IPP) i n June 2018, increased 3.08% yoy 1H2018, i ncreased 3.96% yoy connected i n June 2018

Production consist of 92 TWh of own Majority customers are households (92%)


The composition of instal led c apacity is 77%
production (71%) and 37 TWh of IPPs and and other customers are business,
owned and leased plants and 23% privates
privates (29%). industries and others (8%)

Installed Capacity Financial Performance 35,000 MW Program

GW IDR Trillion IDR Trillion

42 43 43 44
1,314 1,272 1,335 1,355 255 35,000 MW procurement process is planned to complete by the end of 2021
217 223

Rp1.127 trillion of total inves tment is requi red to fund the 35,000 MW power
132 pl a nt
122
510 466 487
13 13 394
9
11
By 30 Jun 2018, opera ting power plant capaci ty is 2.311 MW ya ng tha t consists
6 8 2 4
(5) of 1.238,9 PLN a nd 1.071,8 MW IPP

2015 2016 2017 1H18 2015 2016 2017 1H2018 2015 2016 1H2017 2017 1H2018

PLN IPP Assets Liabi lities Tot al Revenue Net Profit

www.pln.co.id |
Investment Funding Needs 2018-2023*

Investment Funding Needs (Rp. 802.58 T)


Committed Fund (Rp 263,97 T)
FINANCING GAP
Rp. 538,61 T
Internal Fund Committed Loan
Equity
Injection
(PMN) Direct Lending with government Direct Lending with Direct Lending without
guarantee
Government Guarantee Government Guarantee
Direct Lending without
government guarantee

Export Credit Agency (ECA)

Global /Local Bond

National Bank Syndication

SLA through GoI

*Source: Draft RJP 2019/2023 www.pln.co.id |


Investment Funding Needs 2018-2023*
Total Investment
(Triliun IDR)
250.00
224.09
200.00 201.93

169.06
150.00
133.33
123.28 125.35
100.00

250.00
50.00

200.00
-
Des 2018 Des 2019 Des 2020 Des 2021 Des 2022 Des 2023
150.00

Gap Funding
100.00

50.00
Commited loan
& others
-
Des 2018 Des 2019 Des 2020 Des 2021 Des 2022 Des 2023

*Source: Draft RJP 2018/2022 www.pln.co.id | 02


Strategy for Increasing Transparency and
Project Governance
1. Once approved by government, List of Projects on RUPTL becomes public document
and available on website
2. Procurement process through E-PROC
3. Preparation of Project Feasibility Study consists of: Operational and Financial
Feasibility Assessment, Risk Assessment as well as Risk Mitigation
4. Project progress monitoring through the Program Management Office Application
started from Planning, Procurement, Construction and Project Completion Report
Stages
5. Close Cooperation with the KPK (Corruption Eradication Commission), Attorney
General of Indonesia, and Transparency International Indonesia fraud prevention
6. Implementation of a whistle blower system

www.pln.co.id | 03
Funding Strategy
Types of Investment for Foreign Loan

• High Priority Projects


Internal Investment • Limited amount of fund

• High IRR, Short Payback Period


Commercial Loan • Interest Rate: equals to 7 - 11% p.a
• Example: Commercial Bank, Bond

Direct Lending without •Moderate IRR, Medium Payback Period


•Interest Rate: equals to 4 - 7% p.a
Sovereign Guarantee •Example: ECA, EBA, Direct lending from International Development Bank without Sovereign Guarantee

• Low IRR , Long Payback Period


Direct Lending with • Interest Rate: equals to 1,5 - 4% p.a
Sovereign Guarantee • Example: Direct Lending from International Development Bank with Sovereign Guarantee

• Very Low IRR , Long Payback Period


Sub Loan Agreement, • Interest Rate: up to 1,5% p.a
Equity Injection • Example: Sub Loan Agreement

www.pln.co.id |
Types of Lendings

Project Loan Program Loan Sector Loan

Using Lender’s
Procurement Guidelines Using PLN’s Procurement Guidelines Using Lender’s Procurement Guidelines

Loan Agreement is signed after all the requirements Loan Agreement dapat ditandatangani tanpa
from Lender are fulfilled menunggu semua List Project telah memenuhi
The Loan Agreement is signed after the Program persyaratan Lender
Indicator is agreed by PLN and Lenders
If the funded project is constrained and must be
replaced, an LA Amendment must be made If the project to be funded is constrained and
must be replaced, there is no need for an LA
Amendment
Currently only for distribution programs
The Funding Process must be carried out serially
Aplicable for Transmission and Power Plant
Projects

www.pln.co.id |
General characteristics of Investment
Direct Lending
Sub Loan Direct Lending
Export Credit without Local Bank
1 Agreement 2 Agency (ECA) 3 with Sovereign 4 5 6 Global Bond
Sovereign Syndication
(SLA) Guarantee
Guarantee

Tenor > 20 Tahun < 20 Tahun < 25 tahun < 20 Tahun < 15 tahun < 30 tahun

Interest Rate 0.01% - 2.5% 2% - 4% 2% - 2.5% 2% - 4% 8% -12% (IDR) Market rate (6% -
10%)

Processing 1 – 3 years 12 – 18 months 8 – 12 months 8 – 12 months < 1 years < 1 years


Time

Sovereign Available N/A Available N/A N/A N/A


Guarantee

Type of Project Large Usually for Peaker *Minimum USD 300 *USD 100-300 millon Small-scale projects To meet Gap
investment ​and long Power Plant million *Projects that require and prioritizing local Funding from PLN's
construction period *Financing Program fast execution components Internal Fund
(RBL/PforR)

www.pln.co.id |
THANK YOU

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