Name of borrower: PLN Batam
Amount: Rp588 billion
Tenor: Unspecified
Underwriter: Maybank UUS
Date: August 2023
The Rp588 billion ($36 million) Ijarah Muntahiyah Bit Tamlik (IMBT) financing granted to PT PLN Batam, a state-owned electricity provider, is Indonesia’s Islamic finance deal of the year.
This strategic transaction supported the borrower in its transition from coal-based power to a more environmentally friendly gas-based fuel system.
Specifically, the funds were allocated for the construction of a 50-megawatt gas engine power plant in Sekupang, Batam.
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