Sunday, October 9, 2011

Adaro Energy: Announced the execution of long term PPA

by Mandiri Securities

Adaro has announced the execution of long term Power Purchase Agreement (PPA) with J-Power and Itochu with regard on its 2,000MW coal fired power plant project in Pemalang- Central Java, which has 25 year supply of electricity to PLN, with estimated project cost of US$4bn. The construction is expected to begin in October 2012 and commence in late 2016. Maintenace and operation will be run under PT Bhimasena Power Indonesia

Currently we have Buy rating on ADRO. ADRO trades at 8.3x PER12F

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