Perlis Power Plant

active

The Perlis consortium will build, own and operate the 650 MW gas-fired combined cycle power plant located in Kuala Sungai Bahru, Perlis for a period of 21 years. The license was given in Jan. 1997 and the project reached financial closure in June 2001 (funded by Islamic bonds). The underwriting group comprising Bank Islam, Bank Muamalat, Bank Utama, and CIMB have underwritten a fixed rate M$1.55bn Islamic serial bond issue. Babcock & Brown Asia Pacific is the financial advisor. The bonds are rated AA3 by Ratings Agency of Malaysia. The bonds are divided into 12 tranches starting from 4 years to up to 15 years. The turnkey contract to build the power plant was awarded to Alstom Power Asia Pacific in Oct. 2000. The consortium comprised Alpha Intercontinental (30%), Landmarks (20%), Gerbang (20%) and the two government-owned companies Tenaga Nasional (20%) and Yayasan (10%). The power generated was to be sold to Tenaga Nasional through a power purchase agreement. Commercial operations commenced in March of 2003. In July 2008, Jati Cakerawala Sdn Bhd took over a 80% stake in Teknologi Tenaga Perlis Consortium Sdn Bhd (TTPC) for RM716.8 million. Tenaga Nasional Bhd (TNB) owns the remaining 20 percent. Jati bought the shares from Alpha Intercontinental Sdn Bhd (30%), Gerbang Sutera Sdn Bhd (20%), Landmarks Hotels and Realty Sdn Bhd (20%) and Infostas Engineering Sdn Bhd(a subsidiary of Yayasan) (10%).