PETALING JAYA: 1Malaysia Development Bhd (1MDB) has the option to renew the power purchase agreements (PPA) for its power plants in Malaysia for three additional terms of five years each, according to the accounts of the Malaysian government backed fund for the year ended March 31, 2013.
Through Powertek Energy Sdn Bhd, 1MDB owns three plants in Malaysia while it owns another plant through Kuala Langat Power Plant (KLPP). All the power plants were acquired during a shopping spree in 2012. Powertek Energy was formerly Tanjong Power Holdings, which it bought from tycoon Ananda Krishnan in May 2012 for RM8.5bil.
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