Sumitomo

CBK Power (J-Power-Sumitomo) in Philippines

The CBK power complex in Laguna is operated by CBK Netherlands Holdings B.V. (CBKNH), a 50:50 joint venture of Electric Power Development (J-Power) and Sumitomo Corp. The J-Power-Sumitomo consortium acquired CBK from the joint venture of IMPSA (Argentina) and Edison Mission Energy (USA) in 2005; the Kalayaan Power Management Corp was responsible for operation and management. CNK rehabilitated all three plants, completed in 2004, and sold the electric power produced to NPC for a period of 25 years. Nearly half of the purchase price of 23B yen was covered by Japan Bank for International Cooperation (JBIC) and other Japanese banks, the first time that JBIC supported the acquisition of overseas IPP interests by a Japanese company on a project finance basis. In March 2005, JBIC provided a US$100M loan to CBKNH cofinanced with private financial institutions; JBIC also provided political risk coverage. This was the first JBIC project finance provided to support Japanese firms in the acquisition of a concession or operation of an existing IPP project in Asia.

Philippine power privatization 8 years hence

Eight years after the enactment of EPIRA, there has been no effective solution to the problems, old and new, that beset the country’s power industry – e.g., electricity prices continue to soar making the cost of electricity among the highest in Asia; new middlemen, e.g, in guise of IPPAs, will further jack-up prices; NPC/government continues to provide guarantees to new players, e.g., guaranteed markets, fuel subsidies; crippling debt burden; a new era of ‘cross-ownership’ risking ‘sweetheart deals’ among distribution utilities and sister IPPs; ‘uncompetitive market behavior’ in the new electricity market; dismantling of NPC (now down to 20% of the national power grid); increasing exposure of Japanese, Korean, and Chinese state-run utilities in the strategic power sector; shift of power infrastructure financing from public to private sector; violations of trade union rights and unresolved labor issues and that threaten industrial peace and a stable electricity supply. Fundamentally, EPIRA simply transfers the monopoly privileges from the state to ‘unbundled’ interests, both domestic and foreign and not necessarily private, and thus allowing the ‘gains’ to be kept as excess (private) profits and a large percentage plowed overseas, instead of being shared with the consumers and taxpayers through lower electricity rates and a reduced debt burden.

Sumitomo Wins Al Hidd Independent Water and Power Project

Jan. 23, 2006 - Sumitomo Corp. Wins Al Hidd Independent Water and Power Project.
Sumitomo Corporation, headed by President Motoyuki Oka, won the concession for the Al Hidd Independent Water and Power Project (IWPP) in the Kingdom of Bahrain jointly with U.K. power supplier International Power and Belgian energy infrastructure company Suez-Tractebel. The joint venture of the three firms incorporated a local firm at an investment proportion of 30% by Sumitomo, 40% by International Power, and 30% by Suez-Tractebel to implement the project. After a basic agreement was reached between the consortium and Ministry of Finance of Bahrain, the power and water purchase agreement (PWPA) was officially signed on January 22, 2006.

Sumitomo EPC contract with Indonesia's Star Energy Holding

Feb. 05, 2007 - Sumitomo Corporation executed with Indonesia's Star Energy Holding's an EPC contract agreement for 1 x 117MW Wayang Windu Phase 2 Geothermal Power Project. On January 30, 2007, Sumitomo Corporation ("SC" Mr. Motoyuki Oka, CEO), executed with Indonesia's Star Energy Holding's subsidiary Magma Nusantara Limited ("MNL" Mr. Supramu Santosa, CEO), an EPC contract agreement for 1 x 117MW Wayang Windu Phase 2 Geothermal Power Project ("Project") located in Pangalengan, Bandung, West Jawa, Indonesia.

Sumitomo acquires 30% shares in Amata Power

Sep. 18, 2007 - Acquisition of 30% shares in Amata Power Limited by Sumitomo Corporation.
Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO Susumu Kato; hereinafter referred to as "SC") has acquired 30% of shares in Amata Power Limited ( hereinafter referred to as "APL"), who owns and operates 3 power plants in Thailand and Vietnam. SC and Sumitomo Corporation Thailand Limited, a 100% owned subsidiary of SC, have jointly established a new subsidiary in Thailand, named Summit Sunrise Energy Co., Ltd ("SSEC"), and SSEC will own the shares in APL.

Sumitomo to Participate in Power Generation and Water Desalination Project in UAE

Sep. 04, 2008 - Sumitomo Corporation to Participate in Power Generation and Water Desalination Project in Abu Dhabi, United Arab Emirates (UAE). Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO Susumu Kato; hereinafter referred to as "SC") has successfully won the international bid and reached a share purchase agreement with Abu Dhabi National Energy Company PJSC ("TAQA") upon the right to own and operate Shuweihat S1 power and water project in the Emirate of Abu Dhabi in the United Arab Emirates ("Shuweihat S1 IWPP Project""). SC expects completion of all the purchase process by the middle of September 2008.

Sumitomo in Power Generation Project in Australia

Apr. 10, 2009 - Sumitomo Corporation (head office: Chuo-ku, Tokyo; President and CEO: Susumu Kato) has acquired 70% stake in the project company which owns and operates the Kwinana power plant in Australia. It is our first opportunity to participate in power generation project in Australia. Kwinana power plant is 320MW natural gas fired combined cycle power plant which is located nearby Perth, Western Australia It has been in good operation since its commissioning in November 2008.

JBIC loan to rehab Paiton coal-fired & Saguling hydro plants (Indonesia)

Mar. 11, 2008 - Sumitomo Corporation signed the Contracts with Indonesia's PT.Plant, under the JBIC Credit Scheme. PLN (Persero) for Rehabilitation of SAGULING Hydro Electric Power Plant and PAITON Steam Power. Sumitomo Corporation (Head office: Chuo-ku, Tokyo, President: Susumu Kato) made the following contracts with PT. PLN (Persero), the state power firm in Indonesia:

1. Rehabilitation and Modernization of Saguling Hydro Electric Power Plant unit 1-4 < 4 x 178MW >
2. Rehabilitation of Paiton Steam Power Plant unit 1-2 < 2 x 400MW >

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Coal-Fired Power Plants in Indonesia

1. Bukit Asam, 2. Cilacap, 3. Ombilin, 4. Paiton I & II, 5. Paiton PLN, 6. Tanjung Jati-B

JBIC loan to CJP-Tanjung Jati B Coal-Fired (Indonesia)

JBIC Finances Coal-Fired Power Plant Project in Indonesia To Help Support Japanese Exports (July 31, 2003) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) has agreed to cofinance a loan amounting to 144.4 billion yen for PT Central Java Power (CJP), an Indonesian company in which Sumitomo Corp. has an equity stake, to construct a power plant project. JBIC is financing the project with commercial banks (Agent Bank: Sumitomo Mitsui Banking Corporation (SMBC)) and it is covering 86.7 billion yen, or 60% of the total amount.

JBIC loan to CBK Power Project in Philippines

JBIC Provides Project Finance Loan and Political Risk Guarantee for the CBK Power Project in the Philippines First Loan to Support Japanese Firms in Acquiring Concession for Existing IPP Project (March 16, 2005) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed on March 16 a loan agreement totaling US$100 million with CBK Netherlands Holdings B.V. (CBKNH), in which Electric Power Development Co., Ltd. (J-Power) and Sumitomo Corporation have joint equity stakes. The loan was cofinanced with private financial institutions (agent bank: Mizuho Corporate Bank, Ltd.). Political risk coverage for the cofinanced portion was also provided in the form of a guarantee by JBIC.

JBIC Loan to IWPP Project in Bahrain

JBIC Signs Loan Agreement for the Al Hidd Independent Water and Power Producer Project in Bahrain, First Loan Provided by JBIC for Project Financing in Bahrain (April 5, 2006) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed a loan agreement on April 4 totaling up to US$1 billion in project financing*1 for the Al Hidd Independent Water and Power Producer Project.

JBIC loan to Tangguh LNG Project in Indonesia

Loan for Tangguh LNG Project in Indonesia Supporting Stable Supply of Energy Resources in Indonesia,The largest LNG exporter for Japan (August 2, 2006) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed on August 1st a loan agreement totaling up to US$1.2 billion with Japan International Finance Management (Tangguh) Corporation, a project company set up by Japanese sponsors, to finance the Tangguh LNG Project. The Project, which aims to develop natural gas fields in West Irian Jaya and process their output into LNG, is undertaken by Mitsubishi Corporation, Nippon Oil Exploration Limited (NOEX), LNG Japan Corporation (a subsidiary of Sumitomo Corporation and Sojitz Corporation), INPEX Corporation, Kanematsu Corporation, Overseas Petroleum Corporation (a subsidiary of Mitsui & Co., Ltd.), Japan Oil, Gas and Metals National Corporation (JOGMEC), BP p.l.c. and China National Offshore Oil Corporation (CNOOC).

JBIC loan to first IPP in Jordan

JBIC Signs Loan Agreement for Power Generation Project in Jordan Providing Loan on a Project Finance basis for First IPP Project in Jordan (March 30, 2007) - 1. Japan Bank for International Cooperation (JBIC; Governor: Kyosuke Shinozawa) signed on March 15 with AES Jordan PSC, a corporation of Hashemite Kingdom of Jordan, a loan agreement totaling up to US$110 million in project financing*1 for the Amman East IPP Project. The loan is cofinanced with Overseas Private Investment Corporation (OPIC), a governmental financial institution of the US, and Sumitomo Mitsui Banking Corporation (SMBC) (up to US$70 million and US$45 million respectively), with the World Bank providing Partial Risk Guarantee for the SMBC-cofinanced portion.

JBIC loan to Tanjung Jati B Coal-Fired Power (Indonesia)

JBIC Provides Project Finance and Political Risk Guarantee for Tanjung Jati B Coal-Fired Power Plant Expansion Project in Indonesia Contributing to a Stable Power Supply in Indonesia, While Supporting Japanese Company’s Overseas Power Project (December 30, 2008) - 1. The Japan Bank for International Cooperation (JBIC; President & CEO: Hiroshi Watanabe)*1 signed on December 25 a loan agreement with P.T. Central Java Power (CJP), a company incorporated in Indonesia in which Sumitomo Corporation has ownership interests, to provide project financing*2 to fund Tanjung Jati B Coal-Fired Power Plant Expansion Project. The overall loan amount totaling up to ¥160 billion was provided through co-financing with the three lead arrangers, the Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation and the Tokyo Branch of BNP Paribas Bank, with JBIC providing a political risk guarantee for the co-financed portion.

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