Report details 1MDB’s power plant power purchase terms

PETALING JAYA: 1Malaysia Development Bhd’s (1MDB) latest annual report for the financial year ended March 31, 2014, has revealed details on the salient terms for its purchase of power plants in 2012 that had paved the way for its fast-track entry into the sector.

Based on the deals it had entered into with the Usaha Tegas group and International Petroleum Investment Company PJSC (IPIC), 1MDB’s entry cost is estimated to be as high as RM4.29bil for the purchase of the Powertek and Genting power plants, which eventually led to it getting three other power plant projects in the country.