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OPIC, Lloyds Pay Power Plant Insurance Claims in Indonesia JAKARTA, Jan 31 Asia Pulse - Overseas Private Investment Corp. (OPIC) and Lloyd Insurance have paid US$290 in insurance claims for two power plants to cover Indonesian power purchase contracts mired in litigation. OPIC and Lloyd granted political risk insurance for Cal Energy's geothermal investments including Dieng and Patuha geothermal power plants. Muhammad Lutfi, vice president of Patuha Power BV, which runs Patuha geothermal plant, told a local paper the two insurance companies paid (Publication page references are not available for this document.) the claims after the Indonesian government on behalf of the state-owned electric utility PLN, failed to pay a fine of US$572.3 million ordered by an international arbitration panel supervised by the United Nations. Lutfi, who is chairman of the Indonesian association of young businessmen (Hipmi) said the loss suffered by PLN in the arbitration panel should serve as a lesson for the government or PLN not to unilaterally severe international contracts. He said the Patuha plant was built at a cost of US$500 million financed with a syndicated loan from banks. PLN is still seeking to renegotiate similar contracts with a number of other independent power producers.
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