A Indonesian consortium has selected six banks to arrange a loan worth $410 million for the Sarulla geothermal power project, Bloomberg reports. Bank of Tokyo-Mitsubishi UFJ, ING Groep, Mizuho Corporate Bank, National Australia Bank, Societe Generale and Sumitomo Mitsui Banking will market the 20-year project finance facility to other lenders.
PT Medco Energi Internasional, Ormat Industries, Itochu and Kyushu Electric Power teamed up to build the power project, which will need a total financing of $1.26 billion. Another $600 million will be arranged by the Japan Bank for International Corporation and another $250 million will be lent by the Asian Development Bank.
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