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Friday, 7 July 2017

Wholly-owned subsidiary of #Edra Power own, operate and maintain a gas-fired combined cycle electricity-generating facility in Alor Gajah.

Image result for edra power website
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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