The 2,400MW Bakun HEP is the largest hydropower plant in the country.
KUCHING: Sarawak Energy Bhd’s share purchase of Sarawak Hidro Sdn Bhd (SHSB) was completed today (Wednesday) with the signing and close-out of items detailed in the share sale agreement (SSA).
Following this, Sarawak Energy will assume control of SHSB, the owner and operator of the Bakun hydroelectric plant (HEP).
Sarawak Energy group chief executive officer Sharbini Suhaili announced in a press statement that the company now owned the 2,400MW Bakun HEP, the largest hydropower plant in the country.
“This will enable us to consolidate power production, and have full ownership and operations of all major electricity generation facilities in Sarawak,” he said.
He added that it was grateful to the state government for its continuing trust in Sarawak Energy to deliver the strategy to develop and consolidate Sarawak’s energy resources.
The SSA to acquire Bakun HEP for RM2.5bil was completed at Sarawak Hidro’s office in Selangor today in the presence of representatives from all parties involved.
Following the completion of the SSA, SEB Power Sdn Bhd - a wholly-owned subsidiary of Sarawak Energy - acquired 100% of shares in SHSB from the Finance Ministry (MoF) and the Federal Commissioner of Land.
MoF will maintain the current letter of undertaking and government guarantee on SHSB’s existing debts. The acquisition is being funded through a mix of Sarawak Energy’s internally generated funds and sukuk financing.
Sarawak Energy is a wholly state-owned energy development company and power utility and employs over 4,600 Sarawakians.
Sarawak Energy’s mission is to achieve sustainable growth and prosperity for the state by meeting the region’s need for reliable, renewable energy. - Bernama
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
