China-owned Edra Global Energy will build, own and operate an
power plant in Alor Gajah, Malacca, a Bursa Malaysia filing revealed.
State investment firm 1MDB had last May sold the power asset to
China General Nuclear Power Corporation and its subsidiaries for RM9.83 billion
cash.
According to a Tenaga Nasional Berhad (TNB) filing to the bourse
yesterday, Edra Energy Sdn Bhd will construct, own, operate and maintain a
gas-fired combined cycle electricity-generating facility in Alor Gajah.
The filing was to announce that TNB had signed a 21-year power
purchase agreement with Edra Energy Sdn Bhd, a wholly-owned subsidiary of Edra
Power Holdings Sdn Bhd.
The plant will have a total nominal capacity of 2,242.131
megawatts, generated from three blocks.
TNB said commercial operation is expected on Jan 1, 2021 with the
second block generation on March 1 and the third block genertion on May 1 that
year. The agreement covers the period after Jan 1, 2021, TNB said.
1MDB's sale of assets to China came under scrutiny over concerns
of the superpower's control over sensitive assets key to national security.
Last year, China Railway Engineering Corp bought a 40 percent
stake in 1MDB's Bandar Malaysia development in Kuala Lumpur for RM$12.4 billion.
Additionally, China Communications Constrction Co was last October
awarded a contract to build a 620-kilometre East Coast Rail (ECRL) worth RM55
billion.
Export-Import Bank of China is financing the ECRL project.
Last month, Malaysia and China said it will set up a high-level
committee to oversee issue sof security and defence in both countries.
Defence Minister Hishammuddin Hussein said the committee will
discuss security issues pertaining to North Korea, the South China Sea and
terrorism, as well as emphasise on training and strategic affairs.
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