KUALA LUMPUR: Malakoff Corporation Bhd, via its wholly-owned subsidiary Tanjung Bin Energy Issuer Bhd, has signed financing agreements worth RM6.5bil for the development of the new 1,000 MW supercritical coal-fired power plant.

The new power plant which is adjacent to Malakoff’s existing Tanjung Bin power plant will be financed by a combination of senior and junior debt facilities, comprising of Islamic bonds and loans denominated in Malaysian ringgit and US dollar.

The senior debt facilities for the financing include the issuance of RM3.29bil serially-amortising senior secured Islamic bond (Sukuk), a US$400mil term loan and a RM700mil term loan. The junior facility comprises equity loans of RM1.3bil.

Malakoff is Malaysia’s largest independent power producer with net generating capacity of 5,020 MW from its six power stations.

In a statement, Malakoff chief executive officer Zainal Abidin Jalil said the signing ceremony marks the commencement of Tanjung Bin’s expansion and it would strengthen the company’s position as the leading independent power producer not only in Malaysia, but also within the Asean region.

“We are indeed very pleased that this project has attracted a broad range of both domestic and foreign financial institutions for this venture, demonstrating the financial community’s confidence in Malakoff.

“This also marks the first participation of international lenders for a power project financing in Malaysia,” he added.

The new 1,000 MW power plant project was awarded to Malakoff in June last year following a competitive bidding process, overseen by the Energy Commission. — Bernama

Zainal Abidin said construction of the new project was expected to take four years, after which Malakoff would make the generating capacity available to the off taker, Tenaga Nasional Bhd, under a 25-year power purchase agreement.

The operation and maintenance for the new power plant will be provided by Teknik Janakuasa Sdn Bhd, a wholly-owned subsidiary of Malakoff, under a long-term O&M agreement, he said. — Bernama

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