Mission Energy Helps to Finance Indonesian Plant

IRVINE — A group including SCEcorp’s Mission Energy Co. unit in Irvine picked up $2.5 billion in financing, mostly from Japanese banks, to build a coal-fired power plant in East Java, Indonesia.

The 1,230-megawatt Paiton Power Project, expected to be operating by late 1998, would be the first large-scale, privately owned power plant in Indonesia. Mission Energy, which has 42 power production facilities in operation or under construction on three continents, has joined with three other companies to build the plant.

The lion’s share of the funding, $1.82 billion, comes from the Export-Import Bank of Japan, with support from other institutions. Mission Energy in Irvine and its partners, which include affiliates of Mitsui & Co. Ltd. and General Electric Capital Corp., provided $680 million for the project.