The rating agency also highlighted that SPG has applied a force majeure relief under Clause 20.3 of the power purchase agreement (PPA) with Tenaga Nasional Bhd (TNB)(pic), which has a 51% stake in the company.
PETALING JAYA: The engineering, procurement and construction (EPC) contractor at Southern Power Generation Sdn Bhd’s (SPG) power plant in Pasir Gudang has declared a force majeure, Malaysian Rating Corp Bhd (MARC) has cautioned.
In its update issued yesterday, it highlighted the potential impact of the force majeure declaration by the EPC contractor on the two x720MW combined cycle gas-fired power plant project.
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