BGK to finance €80 mln Rafako’s Indonesian project

State-owned Bank Gospodarstwa Krajowego will loan €80.8 million to Indonesian company PT Perusahaan Listrik Negara (Persero). The credit will be used to finance the construction of a power plant on the Indonesian island of Lombok which will be built by WSE-listed builder Rafako. The contract includes the construction of two power units with a capacity of 50 MW each. Rafako has a 35 percent share in the project worth PLN 950 million. “Thanks to the investment financing agreement, this project is completely safe for Rafako when it comes to financial risks,” the company’s CEO Agnieszka Wasilewska-Semail said. She hopes that the project will help Rafako gain a foothold in the local market. “We want to build there smaller power units with 90-100 MW capacity. Currently, we are preparing to submit bids in three subsequent tender proceedings,” she added. “BGK, in accordance with the government program Strategy for Sustainable Development, actively supports the foreign expansion of Polish companies. Polish business needs financial support to effectively compete on global markets,” said BGK Vice President, Wojciech Hann.