KUALA LUMPUR: YTL Power International Bhd has completed the acquisition of Tuaspring Pte Ltd’s 396MW combined cycle gas turbine power plant in Singapore.
In a statement, YTL Power said the acquisition was done through its wholly-owned subsidiary, YTL PowerSeraya Pte Ltd.
The original purchase consideration of S$331.45mil, which was to be settled via a combination of cash, together with shares and shareholder loans in the holding company of YTL PowerSeraya, was reduced to a pure cash consideration of S$270mil on completion.
Managing director Datuk Yeoh Seok Hong said Tuaspring’s combined cycle power station complements the group’s existing power generation assets in Singapore, creating significant synergies across its portfolio of utility businesses.
“The Tuaspring plant is one of the most technologically advanced assets on Singapore’s power generation grid and this was a sound opportunity to acquire a well-structured, operating asset with a proven operational track record, enabling us to consolidate our power generation capacity in Singapore,” he said.
The power station was commissioned in 2016 and was originally constructed as part of a desalination project under a private-public partnership project with PUB, Singapore's National Water Agency.
The water desalination plant was subsequently taken over by PUB in 2019, whilst YTL PowerSeraya has now acquired the power station.