SMI - IIF Finance Power Generating Project In Batam

Jakarta, Oct 22 (Antara) - PT Sarana Multi Infrastruktur (SMI) and PT Indonesia Infrastructure Finance (IIF) provided a loan of US$48 million for PT Energi Listrik Batam to finance the construction of a gas fired power plant in that island. "The loan is a form of contribution to additional power supply in Batam ," a director of PT Sarana Multi Infrastruktur (SMI), Nasrizal Nazir, said in a statement here on Tuesday. Nasrizal said demand for power in the country grows 9.3 percent a year and target for electrification ratio is set at 90.9 percent in 2019. The loan agreement was signed in Jakarta last week between SMI , PT Indonmesia Infrastructure Finance (IIF) and PT Energi Listrik Batam, a subsidiary of PT Medco Power Energy. Construction of the 2x35 MW power plant is expected to be completed in December 2014 . SMI is a financing company for infrastructure established in February, 2009 , wholly owned by the government. IIF is a private company operating in the same line of business.