The 660 megawatt (MW) power generation plant in Cirebon, West Java, is Indika Energy's principal investment in its energy infrastructure business pillar. Owned by an international consortium, Indika Energy has a 20% stake in PT Cirebon Electric Power (CEP). The leading edge power plant will be equipped with the latest ultra-super critical pressure coal-fired boiler technology with low emission, and utilising the low-calorific coal provided by Kideco. CEP has a 30-year power purchase agreement with PT PLN Persero (PLN) for power supply to the national grid upon CEP's commercial production. The construction stood at 76% completion at year end 2009, and is on track for its scheduled commercial operations in late 2011.

The culmination of ongoing discussions with financial institutions on the financing of this US$ 850 million project is the loan agreement (at the time of writing, in March 2010) worth US$ 595 million with the Japan Bank for International Cooperation (JBIC), the Export-Import Bank of Korea (Korea Eximbank), the Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank, Ltd., Sumitomo Mitsui Banking Corporation and the Tokyo Branch of ING Bank N.V. (The loan agreement was executed on 8 March 2010 and witnessed by the Coordinating Minister of Economy, Finance & Industry of the Republic of Indonesia, the Minister of Energy and Mineral Resources of the Republic of Indonesia and the Ambassadors of Japan and Korea.)