Malaysia: Tenaga
Nasional Bhd (TNB) has signed a 21-year power purchase agreement (PPA) with
Edra Energy Sdn Bhd to offtake electricity from a gas-fired combined cycle
electricity generating facility that the latter will construct in Alor Gajah,
Melaka.
Edra Energy is a
subsidiary of Edra Power Holdings Sdn Bhd, which previously belonged to
1Malaysia Development Bhd, under Edra Global Energy Bhd. Edra Global was
acquired by China Nuclear Power Corp for RM9.8 billion in November 2015 as 1MDB
monetised its assets to repay debts.
In a stock exchange
filing today, TNB said Edra Energy will own, operate and maintain the facility,
which will have three generating blocks, with a combined nominal capacity of
2,242.131 megawatts (MW), or 747.377MW each.
TNB said the PPA
governs the obligation of both parties to sell and purchase the generating
capacity and to the extent dispatch the electricity energy generated by the
facility.
The PPA's effective
date will kick off from the commercial operation date (COD) of the first
generating block, which is expected to be on Jan 1, 2021. The second and third
generating blocks' CODs are set to March 1 and May 1, 2021, respectively.
The PPA will have a
neutral impact on the earnings of TNB over the term of the agreement, it added.
TNB closed up two
sen or 0.15% at RM13.72, valuing it at RM77.4 billion.
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