JAKARTA, Indonesia, April 8, 2019 /PRNewswire/ -- PT Soma Daya Utama ("Soma"), a 2x31MW coal-fired steam power plant owner with project based in Karimun Island, Riau Islands, Indonesia has successfully signed an Investment Agreement in the form of a Share Subscription Facility valued at up to EUR 50 million for a 3-year period with GEM Global Yield Fund LLC SCS ("GEM") of the Global Emerging Markets Group.
Under this Investment Agreement, GEM has committed to subscribe for new shares in Soma up to EUR 50 million, through its issuance of a series of draw down notices. Cirio Advokatbyra AB, an international law firm based in Sweden, was appointed as the legal advisor to GEM. This Agreement will allow the Company to access additional capital in developing and operating the 2x31MW coal steam power plant in Indonesia, owned by Soma and its subsidiaries.
Soma is a 2x31 MW Powerplant Company located at Karimun Island of Indonesia. Location-wise, Karimun Island is a Free Trade Zone (FTZ) adjacent to Singapore and Malaysia. From 2012-2019, the island's industrial load outpaces supply by PT PLN. As PT PLN has limited installed capacity of approximately 33MW (approximately 19MW from diesel power plant and 14MW from coal power plant), the local industries are currently operating their own diesel generators to meet their electricity demand which implies high electricity generating cost. Soma seeks to address the resulting electricity gap of approximately 67MW with anticipated demand in 2021. Soma intends to offer a steady supply of electricity at half of the current rate of High Speed Diesel (HSD)(HSD per kWh costs approximately $30c while Soma offers half of price per kWh). The Power plant is set to start operating in year 2021.
About GEM Group
The Global Emerging Markets Group, www.gemny.com, is a $3.4b alternative investment group having completed 385 transactions in 70 countries. The firm manages a diverse set of investment vehicles focused on emerging markets across the world. GEM's funds include: CITIC/GEM Fund; Kinderhook Industries; GEM Global Yield Fund LLC SCS; and GEM India.
CONTACT: PT SOMA DAYA UTAMA
PT Soma Daya Utama
Graha BIP 3rd Floor
Jl. Jendral Gatot Subroto Kav.23
Jakarta 12930 - Indonesia
CONTACT: GLOBAL EMERGING MARKETS GROUP (GEM)
28 cours Albert 1er 75008 Paris France
Tel : +188.8.131.52.20.10
SOURCE PT Soma Daya Utama