Blackgold and China Huadian are coming together with
the aim of developing a 600MW coal-fired power plant in Riau Province,
Indonesia.
Coal
miner Blackgold Natural Resources has entered into a conditional term sheet
agreement with China Huadian Engineering to develop the 2×300 MW coal-fired
power plant, called Riau 1. The partners are forming a joint venture for the
project.
Through its subsidiary, PT Samantaka Batubara (PT SB), Blackgold will take part
in joint development, construction, operation and maintenance of the Indonesian
power plant with China Huadian.
The joint venture will be joined by a third partner which will have 5 per cent
in the JV while BlackGold and China Huadian will have stakes of 44% and 51%
respectively.
Blackgold Natural Resources CEO Philip Cecil Rickard said: “Leveraging on the
capabilities of China Huadian in power engineering and BlackGold’s expertise in
coal mining, we look towards securing the award of the Bid for development of
the Riau-1 Project.”
The joint venture will be established depending on the successful award of
the bid by PLN to the PT SB, China Huadian consortium among other conditions.
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