TEKNOLOGI Tenaga Perlis Consortium Sdn Bhd is keen to be a serious player in the regional and domestic energy markets.
This is following the completion of its first RM1.5bil independent power plant (IPP) project.
Chairman Tan Sri Dr Abdul Hamid Pawanteh said the IPP in Kuala Sungai Baharu, Simpang Empat had become the companys pride and joy because of two significant achievements.
He said the project was completed in a record time of 21 months and with cost savings of about RM120mil.
He said the two achievements had boosted the confidence of the companys shareholders and encouraged possible lobbying for more energy-related infrastructure projects.
Our rapid completion and the usage of the latest technology have become benchmarks for the country's electrical industry despite the initial hiccups, he said.
The 650mw IPP, which sits on 37.5ha of coastal land, is Perlis' largest infrastructure project.
It is also the sole operating IPP for the northern region among the five IPPs in Peninsular Malaysia.
Dr Abdul Hamid, who is the former Perlis Mentri Besar, said the energy sector would offer continued demand in view of the existing economic growth pace.
The Kuala Sungai Baharu IPP has been operating at 96% capacity since March.
It is a boost to national utility giant Tenaga Nasional Bhd's (TNB) ability to offer a consistent utilisation of power for the northern region.
The IPP, which supplies to TNB's national grid, is a combined gas-fired plant using Swiss technology.
It has three Alstom GT-13E2 gas turbines, three heat recovery generator systems and one steam turbine generator.
The supply of natural gas to fire the plant is via a 25km 18-inch gas lateral pipeline connected from the Petroliam Nasional Bhd's main gas pipeline in Terengganu.
On the possible public listing of Teknologi Tenaga, Dr Abdul Hamid said this would depend on the companys shareholders but the priority now was to seek similar business ventures.
Teknologi Tenaga is owned by private investors who hold a 50% stake, Landmarks Bhd (20%), TNB (20%) and the Perlis Islamic Foundation (10%).
The company was given a licence by the government to supply electricity at 13 sen/ KWh to TNB. It has a 21-year power purchase agreement with TNB.
The debt financing for the IPP project was done through the issuance of a 15-year Al-Istisna Islamic serial bond. The bond has been accorded a AA3 rating by the Rating Agency of Malaysia Bhd.
Bumiputra-Commerce Trustee Bhd has been made the trustee company to safeguard the bondholders' interest.
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