Gallant Venture (5IG) announced on Jun, 04 2026 that its wholly owned subsidiary, PT Batamindo Investment Cakrawala (PT BIC), has executed a project-financing facility agreement of up to about 1.2 billion Singapore dollars to develop a 3 × 350 MW coal-fired power plant on Pulau Setokok, Batam, Indonesia.

The syndicated loan is split into two tranches: a term loan of about 610 million Singapore dollars and a rupiah-denominated term loan equivalent to roughly 660 million Singapore dollars. PT Bank Central Asia, PT Bank Tabungan Negara (Persero) and PT Bank Rakyat Indonesia (Persero) act as original mandated lead arrangers and bookrunners, alongside other participating lenders. The loans carry an initial eight-year tenor, extendable by up to two years, and are secured by first-ranking charges over the project’s assets and supported by a corporate guarantee from Gallant Venture.

In a separate move, PT BIC signed a subscription agreement with Hong Kong-incorporated Broadwood Holding Limited for up to about 930 million Singapore dollars in four-year convertible bonds. Drawdown is available for 360 days, and the bonds may convert into PT BIC shares upon a qualified listing or an approved share sale, at a 31.88% discount to the company’s fully diluted equity valuation at that time.

Gallant Venture said proceeds from both the loan facilities and the convertible bonds will fund the construction of the Batam power plant, aligning with the group’s strategy to expand and diversify its power generation portfolio.