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Power Purchase Agreement

Highlight on Risk Alocation and Pricing Scheme Deputy Director For IPP Contract Management PT PLN (Persero)

Non Geothermal IPPs Having Signed Power Purchase Contract With PLN
Non Geothermal IPPs in Operation 1. Paiton I Coal Fired 2 x 615 MW 2. Paiton II Coal Fired Plant 2 x 610 MW 3. Cilacap Coal Fired Plant 2 x 300 MW 4. Sengkang Gas Fired Plant 1 x 135 MW 5. Palembang Timur Gas Fired Plant 1 x 150 MW 6. Pare-pare MFO Fired Plant 6 x 10 MW

Non Geothermal IPPs under Construction 1. Gunung Megang Gas Fired Plant 2 x 40 MW 2. Embalut Coal Fired Plant 2 x 25 MW 3. Asahan Hydro Plant 2 x 90 MW

Geothermal IPPs Having Signed Power Purchase Contract With PLN Geothermal IPPs in Operation 1. Salak Geothermal Fired 3 x 65 MW 2. Darajat Geothermal Fired 1 x 90 MW 3. Wayang Windu Geothermal Fired 1 x 110 MW 4. Dieng Geothermal Fired 1 x 60 MW

Geothermal IPPs under Construction 1. Darajat Unit 3 Geothermal Fired 1 x 110 MW 2. Kamojang Unit 4 Geothermal Fired 1 x 60 MW 3. Sibayak Geothermal Fired Plant 2 x 90 MW

HYDRO POWER PROJECT- IPP

SMALL SCALE HYDRO POWER PROJECTS ( Funded by ADB)


No. 1 2 3 Project HEPP PARLILITAN HEPP PAKAT 1 MHPP PARLUASAN HPP LEBONG HPP TANGKA ( Manipi) MHPP RANTEBALLA HPP TELUN BERASAP Cap. (MW) 4X2,50 2X5,00 2X2,10 PROVINCE Sumatera Utara Sumatera Utara Sumatera Utara Developer PT MEGA POWER MANDIRI PT ENERGY MANDIRI PT INPOLA MEKA ELEKTRINDO Status -In Construction -Preparation for Negotiation Process -Preparation for Negotiation Process

4 5

4X3,00 2X4,40

Bengkulu Sulawesi Selatan

PT MEGA POWER MANDIRI PT SULAWESI MINI HIDRO POWER

--Preparation for Negotiation Process --Preparation for Negotiation Process

6 7

2X2,20 2X4,00

Sulawesi Selatan Jambi

PT FAJAR FUTURA INDAH PT MABRUK SARANA INTERBUANA

-Negotiation Process --Negotiation Process

MHPP MABUYA

3X1,00

Sulawesi Utara

PT CIPTA DAYA NUSANTARA

-Yearly PPA -In Construction -Study / Survey Process --Study / Survey Process --Study / Survey Process --Study / Survey Process --Study / Survey Process --Study / Survey Process

9 10 11 12 13 14

MHPP NGOALI MHPP GOAL MHPP IRA MHPP RONGI MHPP MANARUNG MHPP PURUI

1,2 1,20 1,00 2X0,75 1X100 2X0,800

Maluku Utara Maluku Utara Maluku Utara Sulawesi Tenggara Kalimantan Timur Kalimantan Selatan

PT COGINDO PT COGINDO PT COGINDO PT COGINDO PT COGINDO PT COGINDO

SMALL SCALE HYDRO POWER PROJECTS ( Funded by ADB)


Capacity (MW) Location Status Province West Kalimantan North Sulawesi North Sulawesi Gorontalo Papua Papua Papua Papua NTB NTT Load Center Bengkayang Kotamobagu Minahasa System Gorontalo Manokwari Serui Depabre Jayapura System Lombok System Ende Tender Process Tender Process Tender Process Tender Process Tender Process Tender Process Tender Process Tender Process Tender Process Tender Process

Project

MHEPP Merasap MHEPP Lobong HEPP Poigar 2 MHEPP Mongango MHEPP Prafi MHEPP Tatui MHEPP Amai HEPP Genyem MHEPP Santong MHEPP Ndungga

2 x 0.75 2 x 0.8 2 x 16 1.2 1.6 1.2 1.1 2 x 9.6 0.85 2 x 0.95

Power Purchase Contract of Non Geothermal IPP [Hydro, Coal Fired, Gas Fired] Offtaker PLN
Power Purchase Agreement (PPA)

Seller LENDER
Loan Agreement

Fuel Spply Agreement (FSA)

Special Purpose Company (SPC)

Fuel Supplier

EPC Contract

EPC Contract

Engineering,Procurement, Construction (EPC) Contactor

O&M Contactor

Power Purchase Contract of Geothermal IPP [Hydro, Coal Fired, Gas Fired]

Offtaker PLN
Energy Sales Contract (ESC)

Seller LENDER
Loan Agreement

Joint Operation Contract (JOC)

Pertamina

Company (Contractor to Pertamina)

EPC Contract

EPC Contract

Engineering,Procurement, Construction (EPC) Contactor

O&M Contactor

Price Structure of IPP


Price for Non Geothermal IPP is consisted by 2 main part:
Fixed Payment: for recovery fixed cost such as debt services, fixed O&M, equity return - Variable Payments: fuels cost and variable O&M - Fixed and Variable escalated according to CPI
-

Price for IPP Geothermal is consisted by 2 main part:


-

One Price escalated according to CPI or PPI, and to exchange rate fluctuation

Price Structure for Geothermal IPP


4.45 c/kWh Escalation Factor
45 % Not Escalated 55 % escalated according to CPI

Example of Price structure Coal Fired Power Plant


Comp A B C Price (c$/kWh) 3.00 0.30 1.61 Abb. CCR FOMRl FOMRf Appendix G 2,496,600 Rp/kw year 142,500 Rp/kw year 142.500,- Rp/kw year 152.95 Rp/kwh
2300 kcal/kWh Fuel Price 35 US$/ton HHV 5000 kcal/kg

D Total

0.10 5.01

VOMRl VOMRf VOMRl VOMRf

7,13 Rp/kwh 2,37 Rp/kwh 475.95 Rp/kWh Base Exchange Rate 9500 Rp/USD
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B and D escalated according to CPI Coal price is passthrough to PLN

Principle Terms of Condition of the PPA Between PT PLN (PERSERO) and IPP

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Term of Agreement Implementations of Project

30 years contract duration for Coal Fired and Hydro IPP 20 Years contract for Gas Fired IPP Seller Responsibility: To prepare Construction Contract, Technical Assistant Agreement, Fuel Supply Contract, Financing Agreement and others agreements entered into by Seller in connection with PPA. Arranging for the design, engineering, fuel and energy supply and construction of the project in accordance with the design and equipment parameter for power plant. To obtain, all Consents, all renewals thereof, from Government that are required to be in Seller's name. To obtain, all work permits other permits required for all individuals involved in the Project on behalf of or pursuant to contracts with Seller. The take all measures within its control required to ensure the protection and security of the Site. Delivery to PLN promptly, true and complete copies of each of the Project Documents and other documents and other agreements required be entered into on or prior to the Financing Date, as the case may be and to which PLN is not a party. Using all reasonable efforts to cause the initial borrowing under the Senior Debt to have occurred after the date as stipulated in the contract. Delivery to PLN on or prior to the signing of the Agreement a Performance Security Stage I, and prior to the Financial Date a Performance Security Stage II.

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Implementations of Project

PLN Responsibility: Coperating with Seller in the identification of the applications of Seller and promoting and supporting such applications, including providing reasonable assistance in the preparation thereof, so as to expedite the consideration thereof by the appropriate Governmental Instrumentality. To obtain, all Consents, all renewals thereof, and any other Governmental Authorizations that are required to be in PLN's name in connection with the transactions contemplated by this Agreement; As reasonably requested by Seller, discussing the Project with and providing publicly available information about PLN to financial institutions interested in providing financing for the Project.

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Start Up and Commissioning

Seller shall not energize or back-feed 150kV power into the Plant without the prior written approval of PLN's Representative and Seller shall notify PLN of the initial energization at least thirty (30) Days prior to the proposed date of energizing the 150 kV switchyards and back-feeding power to the Plant. Seller shall also operate the Plant in accordance with the Operating Procedures and the Dispatch Instructions, subject to the Technical Limits. The Parties shall establish an Operating Committee comprising four (4) members, two (2) appointed by each of Seller and PLN. Seller shall provide to PLN a proposed schedule of Net Dependable Capacity Test for each unit and all unit, not later than sixty (60) Days prior to the Scheduled Commercial Operation Date of first unit.

Operation and Maintenance

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Sale & Purchasing

Prior to the Commercial Operation Date, Seller shall make available to PLN and PLN shall purchase the Net Electrical Output of the Plant from Seller. From and after the Commission Date of the first operating unit until the Commercial Operation Date, Seller shall make available to PLN, and PLN shall purchase from Seller the NDC and NEO of such unit. In the event Seller shall be unable to conduct the NDC Test for a Unit or Units because of any action or failure by PLN or any Governmental of RI or an Event of Force Majeure affecting the PLN Grid System or other PLN owned facilities for more than six (6) hours continuously, then PLN shall compensate the Seller the NDC equivalent to CC MW with Actual Availability Factor (AFa) deemed to be 80% for each Unit. If such Unit thereafter when tested at less than CC MW, then the amounts paid by PLN during the period of deemed commissioning in excess of the amount that PLN would have had to pay if the Plant, had been deemed commissioned at a NDC as so commissioned shall be credited against future payments.
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Billing and Payment (Exchange Rate)

On initial of payment process, Seller submit the invoice (provisional invoice) for such billing period. The content of such invoice are : nominal NDC, NEO dan Emergency Output made available to PLN based on metering reading. The amount of such invoice is divided into A, B, C and D components for both Rp. and USD portion. In the event PLN disputes any portion of an Invoice, PLN may refer it to an expert. No previously undisputed Invoice or payment may be disputed more than twelve (12) months after the Payment Date of such Invoice. Late payments by either Party shall bear interest at the Late Payment Interest Rate from the date on which such payment was originally due until the date that such payment was made.

Insurance

Seller shall obtain and maintain insurance policies with respect to power generating facilities of similar size, technology, location and long term relation to the power purchaser, including general coverage and workmens compensation. The Seller shall pay the premi amount.

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Force Majeur

If an event of Force Majeure affects PLNs ability to accept NDC and NEO, and after fourteen (14) Days period, the Plant shall be deemed dispatched to the extent that Seller would have been able to deliver NEO in accordance with the terms and conditions of the Agreement. For the occurrence of such Event of Force Majeure PLN shall continue to be obligated to make payments for NDC of such deemed dispatch. If an Event of Force Majeure shall have occurred that results in a material delay in the completion of the Project or causes material damage to the Plant, and such Event of Force Majeure is not normally insured against in accordance with Good Utility Practice, then both parties shall enter into good faith negotiations to obtain funding to complete or repair the Plant. If any dispute arise between the Parties, the Parties shall attempt, for a period of thirty (30) Days after the receipt by one Party of a notice from the other Party of the existence of the Dispute, to settle such Dispute by mutual discussions between the Parties. If the Dispute cannot be settled within the 30-Day period provided and the Parties so agree in writing, the Dispute shall be referred to an expert for determination. In the event that no written agreement to refer the Dispute to an expert is reached within thirty (30) Days between the Parties, the Party who gives the notice of the existence of the Dispute have the right to directly refer such Dispute to Badan Arbitrase Nasional. At any time after the Financing Date through the end of the Term, PLN may exercise an option to purchase , PLN shall give Seller not less than one hundred eighty (180) Days written notice.

Settlement of Disputes

PLN Purchase Option

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Term of Agreement

42 years contract for Geothermal IPP 30 years production period for each unit of Geothermal IPP Basically most of the major the Terms and Condition of Non Geothermal IPP contract is also addressed in Geothermal IPP contract but in more simpler way.

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