Monday, June 5, 2023

Indo Tambangraya Megah seeks bank loans for solar power plant

Reading Time: 2 minutes
Gusty da Costa





Mining company PT Indo Tambangraya Megah (ITMG) is developing solar panel power stations in Melak district, West Kutai regency in East Kalimantan, Indonesia.

The company, a subsidiary of Thailand coal company Banpu Pcl, was established in 1987. It targets coal sales volume of 20.5 million tons to 21.5 million tons throughout 2022. This sales target is higher than the 2021’s sales of 20.1 million tons.

“We expect the Melak PLTS (solar power plant) to produce 2 megaWatts in 2022 as an energy source for mining operations at Melak,” Indo Tambangraya Director of Corporate Communications & Investor Relations, Yulius Gozali, said on April 22, 2022.

The company will spend around US$3.4 million for the project, which will be financed by internal cash and bank loans.

Gozali said the company was open to participation from foreign banks, including those from Europe and the United States. These banks will finance the project and other power generation projects in the future.

“There is always a possibility, but it depends on the size of the project,” he added.

China will provide the technology and equipment for the solar power plant while the remaining equipment will be procured domestically.

The Melak solar panel project is the sole investment of the company and no other investors are involved in this project.

The company subsidiary, PT Cahaya Power Indonesia, is the project contractor.

“The project is currently under construction and is expected to be operational by the end of the year,” Gozali said. 

Indo Tambangraya also operates another solar power plant in Bontang, East Kalimantan, in cooperation with PT ABB Power Grids Indonesia to supply power for off-grid mining operations at one of its concessions in East Kalimantan. The 230 MWh (megaWatt hours) power plant began operating in 2019. 

Indo Tambangraya intends to contribute to sustainable development in line with the company’s goal to become the greenest and most innovative energy company in the world. Gozali said the company would like to take advantage from the opportunities that renewable energy demand would grow and would become an essential source of power in the future.

Gusty da Costa






We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email

Add keywords to your market watch and receive notification:
Schedule a free consultation with us:

We’ll contact you for confirmation.


PT Hyundai Energy Indonesia held a groundbreaking ceremony for its electric vehicle assembly plant located in the Greenland International Industrial Center (GIIC) in Cikarang Bekasi Regency on Wednesday (31/5). Hyundai Energy aims to produce 21,000 units of battery system assembly (BSA) per year.
BUMI has recently receive a new partner from China for the development of downstreaming its coal products, specifically in the ammonia sector.
Blue Bird turned its attention to Chinese EV manufacturer BYD to provide electric cars. Previously, the taxi company sourced its electric cars from Tesla.
Investment totaling IDR 134.7 trillion will be directed towards the production of electric vehicle (EV) batteries within the country.
Indonesia’s largest nickel sulfate factory, operated by PT Halmahera Persada Lygend, has been officially inaugurated. The company aims to begin nickel sulfate export in June 2023.
The Indonesian Government will increase its share ownership in Freeport as the company divest another 20% of its shares in exchange for permit extension.