KUALA LUMPUR, June 1 — YTL Power International Bhd has completed the acquisition of Singapore’s Tuaspring Pte Ltd’s 396MW combined cycle gas turbine power plant.
In a statement today, YTL Power said the acquisition was done through its wholly-owned subsidiary, YTL PowerSeraya Pte Ltd.
The international multi-utility group also said the original purchase consideration of S$331.45 million (RM1 billion), which was to be settled via a combination of cash, together with shares and shareholder loans in YTL PowerSeraya, was reduced to a purely cash consideration of S$270 million (approximately RM861 million) on completion.
YTL Power managing director Datuk Yeoh Seok Hong said Tuaspring’s combined cycle power station complements the group’s existing power generation assets in Singapore, creating significant synergies across the company’s portfolio of utility businesses.
“The Tuaspring plant is one of the most technologically advanced assets on Singapore’s power generation grid and this was a sound opportunity to acquire a well-structured, operating asset with a proven operational track record, enabling us to consolidate our power generation capacity in Singapore,” he said.
The power station was commissioned in 2016 and constructed as part of a desalination project under a private-public partnership project with Singapore’s Public Utilities Board. — Bernama
