JAKARTA, presidentpost.id – PT Wijaya Karya (Persero) Tbk (WIKA), Hyundai Engineering & Construction Co., LTD (HDCE) and Korea South-East Power Corporation (KOEN) have agreed to invest in the development of the Peusangan hydroelectric power plant (PLTA) 4 in Aceh with a capacity of 120 MW. This agreement was signed during the Indonesia – Korea Business and Investment Forum 2018 in Seoul, South Korea, on Monday (9/10).
The dignitaries signing the agreement are WIKA Director Novel Arsyad, HDCE Senior Vice President Oh-hyuk Kwon and KOEN Executive Vice President Hak-bin Kim, witnessed by Korean Minister of Trade, Industry and Energy Ungyu Park, Indonesian Minister of Industry Airlangga Hartarto, Head of Investment Coordinating Board (BKPM) Thomas Trikasih Lembong, Chairman of Korean Chamber of Commerce and Industry Yongman Park and Chairman of Indonesian Chamber of Commerce and Industry Rosan Roeslani.
Novel said that after the signing of the cooperation contract, the parties agreed to acquire PT Ingako Energy because the company had obtained the principle license and location permit for the development of Peusangan PLTA 4. WIKA’s ownership portion of PT Ingako Energy is 25%, while HDCE owns 30%, KOEN 25% and the remaining 20% is owned by IGIS Asset Management.
The decision to acquire PT Ingako Energy has been made through a feasibility study conducted by WIKA. WIKA’s participation in the development of Peusangan PLTA 4 is in accordance with the company’s roadmap of 2018-2023.
“We are sure Ingako will be able to meet all the requirements asked by PLN to be able to purchase all electricity generated by Peusangan PLTA 4. Thus the cooperation will benefit WIKA and other investors,” Novel said.
In Peusangan PLTA 4, WIKA will act as an investor, contractor, operator and the executor of the maintenance activities. As a contractor, WIKA will work with HDCE in building the Peusangan PLTA 4 for 60 months in engineering, procurement and construction (EPC) works with a contract value of US$361 million or Rp5.3 trillion (at the exchange rate of Rp14,800). (DTK/TPP)