"This short-term standby facility is secured by an increase in the charge already held by EWI over the shares and the assets of Central Energy Power in respect of the $8 million loan made by EWI to the company of 5 July 2001 and is repayable on 30 December 2002," EWC told the Australian Stock Exchange.

A one time darling of the markets due its portfolio of Australian and Asian energy projects, the company encountered financial problems due to delay in payments from the Indonesian Government for output from its Sengkang power station.

In July, EWC announced an agreement with the Commonwealth Bank to pay all outstanding debts while in Indonesia, the company reached a new Power Purchase Agreement with PLN, the Indonesian Government electrical authority.