HISTORY OF PT. PJB INVESTASI
The increasing demand for electricity, along with the increasing population of Indonesia, prompted the government to create a program of additional electrical capacity up to 35,000 MW. The program is expected to meet the electricity supply for daily and industrial needs. Electricity needs are high enough in Indonesia is an opportunity for PJBI.
Moreover, there are still electricity business opportunities with a capacity of 25,000 MW done by IPP. To that end, PJBI was established on December 18, 2015 as a subsidiary of PJB. It is expected that this company can capture every opportunity to promote electricity business for the sake of the State. So far, the space for the PJB Group, as one of the subsidiaries of Perusahaan Listrik Negara (PLN), is limited when seeking funding from outside parties because it is tied to Covenant Global Bond PLN. As a result, PJB can not play a major role primarily related to loans and equity portion guarantees. The opportunity of PJB Group to grow in the middle of Indonesia’s growing electricity market becomes inflexible. Through the PJBI which was established as Unrestricted Subsidiary on August 5, 2016, PJB Group is able to fulfill the Covenant Global Bond as well as participate in the development of National Electricity Market.
PJBI’s first IPP project assignment project is PLTU Jawa 7 (2×1000 MW) whose construction phase has been running since 2016. PJBI is appointed as the project sponsor and holds 30 percent of shares in the joint venture company IPP PLTU Java 7, PT Shenhua Guohua Pembangkitan Jawa Bali (SGPJB) along with Chinese state-owned company China Shenhua which holds 70 percent of the shares. In addition to being a shareholder in SGPJB, PJBI also holds a 30% interest in the joint venture company of Operation and Maintenance (O & M) PLTU Java 7 operator PT Guohua Taidian Pembangkitan Jawa Bali (GHPJB) with Taishan Power Generation Company which holds 70% shares. PLTU Java 7 is an IPP development project which is included in the 35,000 MW program. This project is of strategic value because it uses the first Ultra Super Critical technology in Indonesia.