Gallant Venture (SGX:5IG) unit, PT Batamindo Investment Cakrawala, secured financing for the development of a coal-fired power plant in Indonesia, according to a Thursday filing with the Singapore Exchange.

Shares of the developer and manager of industrial parks and resorts surged over 8% in Friday trading.

The financing comprises loans of up to $900 million from several banks, with the first tranche comprising a $450 million term loan with an eight-year tenor, guaranteed by the company.

Meanwhile, the subsidiary also signed an agreement with Broadwood Holding, which will subscribe to convertible bonds worth up to $683.6 million.