Adhi, Pelindo III Make Investment for PLTG

Adhi, Pelindo III Make Investment for PLTG

JAKARTA – There is an innovation from the management of PT Adhi Karya (Persero) Tbk this year. The state-owned construction service firm will make investment in gas-fueled power plant (PLTG) in Teluk lamong Port, Gresik, East Java.

Adhi Karya finances the initial PLTG project by cooperating with the subsidiary of PT Pelabuhan Indonesia (Pelindo) III, PT Terminal Teluk Lamong. Together with the firm, Adhi Karya plans to establish a joint venture named PT Lamong Energi Indonesia.

In the joint venture, Adhi Karya owns 49% shares while the rest is owned by Terminal Teluk Lamong. Adhi Karya disburses transferred capital of IDR 4.46 billion.

The transferred capital comes from capital expenditure in this year. Adhi Karya allocates capital expenditure of IDR 824.7 billion. From the number, IDR 202.8 billion is used to inject investment project including PLTG Teluk Lamong.

Later, Lamong Energi functions to operate PLTG Teluk Lamong. According to the plan, PLTG Teluk Lamong will have 200-megawatt capacity. The electricity it produces is sufficient for the need in Teluk Lamong Port owned by Pelindo III.

If it hits right target, this PLTG is targeted to begin operation in 2016. However, in the first operational year, the PLTG is predicted to only produce 15-megawatt electricity.

So far, the contractor who will work on the PLTG is not revealed. “Even though we own the share, we do not automatically become construction tender winner since it still has long phases and it has not been decided who will win it,” explained Ki Syahgolang Permata, Adhi Karya Corporate Secretary, to Kontan yesterday (1/12).

Additional Revenue

Given reason that it is still in the tender phase, Ki Syahgolang “Kiki” Permata still cannot predict Adhi Karya’s revenue target from this project.

However, Adhi Karya can obtain additional revenue from selling electricity outside the tenant of Teluk Lamong Port. Based on the calculation of the firm management and Terminal Teluk Lamong management, outside peak weight, electricity need for Teluk lamong Port is not great.

The maximum capacity is 200 MW and the rest electricity production will be released to market. Both firms’ plan is to sell the exceeding electricity production to PT PLN (Persero). Edi Priyanto, Pelindo III Spokesman, admitted in this project, its management purposefully makes production exceeding internal need.

Teluk Lamong PLTG project is one of three Adhi Karya investment projects. The firm using ADHI as its code in Indonesia Stock Exchange (IDX) will also distribute this year’s investment project budget injection allocation to precast concrete business by building two factories in Mojokerto and Purwokerto. There is also an investment project of monorail connecting Kuningan-East Bekasi and Cawang-Cibubur.

This year, Adhi Karya targets IDR 15.2 trillion new contract comprising construction business of IDR 12.5 trillion, property business of IDR 1.7 trillion, precast concrete of IDR 479.6 billion and engineering, procurement, and construction (EPC) of IDR 460.1 billion.

Meanwhile, this year’s revenue target is IDR 13.2 trillion. From the revenue target, Adhi Karya wants to obtain IDR 440.1 billion net profit. (Kontan)