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PT AKR Corporindo Tbk (AKRA) together with Pelindo III built the Java Integrated Industrial and Port Estate (JIIPE) mega project in Gresik, East Java. The 3,000 hectare project will be built in three stages and in 2018 the first phase will be completed. AKRA is now preparing the second phase of development.
The second phase will be carried out throughout 2019 until 2022. At this stage AKRA will build an industrial area on 265 hectares of land, and increase the capacity of the PLTG by 500 MW.
Investment in the first phase has absorbed funds of more than Rp 5 trillion. The first phase has been carried out from 2013 to 2018 which successfully operated a 23 megawatt (MW) gas power plant (PLTG), 112 hectares of reclamation area, a 500 meter pier with a depth of 14 meters, then a 430 meter bridge and others.
Business Development & JV Relationship AKRA Suresh Vembu said, the business that will be built until 2022 is expected to provide recurring income for AKRA by 15% -20% on a consolidated basis.
"The JIIPE project also offers a competitive energy service that is using PLTG to meet its electricity needs," he explained during a public exposure on the Indonesia Stock Exchange (IDX), Tuesday (27/8).
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Suresh explained that he had seen the potential for improvement in the mining and power generation sectors. Suresh said that one of AKRA's investment plans in this business is to build a power plant of 300 mega watts (MW) - 500 MW in stages.
Investment in this sector for 300 MW amounts to US $ 350 million to US $ 400 million so that the maximum investment that will be issued up to 500 MW is around US $ 700 million. AKRA opens up opportunities from banks as a source of funding.