Paka Power Plant

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Two power plants were developed by YTL Power Generation Sdn Bhd that had a combined capacity of 1212-MW, or 808-MW (2x390-MW) at Paka and 404-MW (1x390-MW) at Pasir, respectively. IPP licenses for both plants were granted in April 1993 with construction beginning later that year. The plants went into service in 1994. The joint venture company, YTL Power Generation Bhd Sdn., was intially owned by YTL International Sdn Bhd (59.56%), Tenaga Nasional Bhd (4.4%), Employees Provident Fund (EPF)(5.9%), Bara Ak Tif (5.39%), Mayban Ventures Sdn Bhd (2.71%), JL Investment Singapore Private Ltd. (0.59%), a unit of John Laing PLC., and local shareholders (18.72%). The state-controlled Tenaga Nasional Bhd. relinquished its 4.4% stake by selling 71 million shares in December 2003 to YTL Power, and in March 2004 it sold 19.7 million more shares to EPF. Project costs were US$836.0 million for Paka and US$416 million for Pasir Gudang., or a total cost of M$2.66 billion in local currency. M$1.5 billion was raised via bond subscription with the Employment Provident Fund (EPF) and M$1.16 billion was raised via a syndicated bank loan. A 21-year power-purchase-agreement with Tenaga (TNB) that includes fuel pass through provisions was signed in March 1993. A fuel supply agreement with Petronas was also signed in March 1993. In Feb. 2000, YTL issued US$197.4 million fixed-rate bond (deal led by Deutsche Bank). None None