The company is also reported to be preparing a $178.9 million equity injection for the development of a joint venture power plant in South Sumatra. In conjunction with Chinese power company China Huadian Corporation, Bukit Asam plans to establish a joint venture called Huadian Bukit Asam Power to operate the plant.
The partnership will build a 2×620 megawatt coal-fired power plant in South Sumatra at an estimated cost of $1.59 billion, Milawarma said in early September. Bukit Asam will own a 45 percent interest in the venture, with the remainder owned by China Huadian Hong Kong, a unit of the Chinese state-owned firm. Huadian Bukit Asam Power pledged to inject $397.7 million for the project, or 25 percent of the total investment. The plant will need an additional $1.19 billion funding from debt.