Panglima Power, Teluk Gong 2

cancelled

In July 2000 Panglima Power Sdn Bhd began gained approval for a 720 MW gas-fired plant at Teluk Gong, Malacca State. The plant (TGPS2) was to be initially constructed as an open cycle power plant with a capacity of 460 MW, to then be converted to a combined cycle plant with a capacity of 720 MW. Panglima Power was to sell power to Tenaga Nasional under a 21-year power purchase agreement signed in July 2001 for US$ 3.09 cents per kWh. Panglima Power was a wholly owned subsidiary of Powertek Sdn Bhd, which was created in 1993 to construct the initial TGPS1 power plant at Teluk Gong. Powertek Sdn Bhd was initially owned by the Melaka state government (14.83%), Cergas Unggul Sdn Bhd (25.96%), Arab Malaysian Development Berhad (22.5%) and IVO Group (7.42%, Finland). Powertek was listed on the Main Board of the Bursa Malaysia Securities Berhad in 1996, but on 30 April 2003 Powertek became a wholly-owned subsidiary of Tanjong Energy Holdings Sdn Bhd (TEH) and was taken private. TEH was a wholly-owned subsidiary of Tanjong public limited company, incorporated in England and listed on both the Bursa Malaysia Securities Berhad and the London Stock Exchange. Financial closure for the initial open cycle phase was reached in 2001, while final closure for the combined cycle phase was reached on January 20 2003. The total cost for the project was expected to be US$500 million. Powertek raised RM350 million (US$92 million) through issuance of bonds and RM250 million (US$66 million) through commercial paper/medium term notes. In February 2003, Panglima Power signed a RM84 milion three-year standby loan from Arab Malaysian Merchant Bank, Aseam Bankers, CIMB, EON Bank, and UOB. The bonds are part of an overall debt issue comprising RM1,220 million worth of debentures to fund the conversion of its second phase. Construction commenced in December 2000, and was undertaken by Siemens AG. Commercial operation began in February 2002 with an initial generation capacity of 230MW followed by another 230 MW a month later, with the full combined cycle 720 MW operation commencing in March 2003. On March 2nd 2012, 1Malaysia Development Berhad (1MDB) acquired Tanjong Energy Holdings Sdn Bhd (TEHSB) for RM8.5 billion (US$2,820 million). Tanjong Energy owns equity in 13 IPPs internationally. Tanjong Energy fully acquired Poertek Berhad in April 2003. http://www.powertek.com.my/powertek/tgps2.asp http://www.1mdb.com.my/news-1/1mdb-seals-tanjong-energy-deal http://www.reuters.com/article/2012/03/07/1malaysia-tanjong-idUSL4E8E73OX20120307