Genting subsidiary to build power plant in Indonesia
Genting Bhd’s subsidiary will build a US$1bil (RM3.19 bil) coal-fired power plant in Banten province, West Java, Indonesia.
In a statement to Bursa Malaysia, Genting said the 660MW project would be undertaken on a build, own, operate and transfer basis for 25 years, following which the Banten plant shall be transferred to the Indonesian state-owned electricity company, PT PLN (Persero), for a nominal sum.
The power plant is expected to commence commercial operation in 2017.
Persero had signed a 25-year power-purchase agreement with PT Lestari Banten Energi (LBE), a 95%-owned subsidiary of Lestari Listrik Pte Ltd, which is an indirect wholly-owned subsidiary of Genting.
The 5% equity in LBE is held by PT Hero Inti Pratama, Lestari Listrik's Indonesian partner for the project.Adapted from StarBiz 11 July 2012
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