3B Jimah East Coal-Fired Power Plant

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The 2000MW coal-fired power plant is located in Jimah, Negeri Sembilan, Malaysia. The first phase is scheduled to come online in October 2018 with final commissioning due for May 2019. The financing will be used for the development of 2x1000MW coal-fired power plant in Jimah, Negeri Sembilan, Malaysia. The project will be developed under a 25-year build, operate and transfer concession. The sponsors had planned to finance the roughly R11bn project using sukuk bonds.. The first 1000MW phase was expected to come online at the time that the project was awarded with final commissioning scheduled for May 2019. The US$2.7billion (MYR 11.6billion) PPP project entails the design, development, construction, operation and maintenance of a 2000MW (2x1000MW) coal-fired power plant at Mukim Jimah, Port Dickson, Negeri Sembilan, Malaysia. The Energy Commission has completed the evaluation of Requests for Qualification handled in for the Open Tender. Operation is expected to start in June 2019. Malakoff Corp and Sumitomo Corp were shortlisted for the development of the plant. Baker & McKenzie advised Malakoff and Sumitomo Corp in the bidding process. Malakoff and Sumitomo's bid failed and the mandate was awarded to the consortium of 1Malaysia Development Bhd (1MDB) (70%) and Mitsui & Co (30%) on 28 Feb 2014. In February 2015, 1MDB withraw from the 3B Power Project and sold its 70% share to Tenaga National Bhd to take over the project. Borrower is Jimah East Power. Electricity generated will be sold to Tenaga National Bhd under a 25-year PPA, while the coal will be supplied by TNB Fuel Services. EPC contractors are IHI Corp, ISHI Power, Toshiba Corp, TOS Energy Malaysia, Hyundai Engineering and Hyundai Engineering & Construction. Financing comprises MYR8.98bn Islamic project bonds (Islamic financing). HSBC are CIMB are Joint Lead Arrangers, Maybank is Joint Lead Manager. Facility agent is CIMB. Financial close occurred on 19 November 2015.